BT 2010 Annual Report Download - page 101

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FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS
99BT GROUP PLC ANNUAL REPORT & FORM 20-F
2010 2009a2008a
Year ended 31 March Note £m £m £m
Cash flow from operating activities
Profit (loss) before taxationb1,007 (244) 1,976
Depreciation and amortisation 3,039 2,890 2,889
Loss on sale of associates and group undertakings 10 13 1
Net finance expense 1,158 620 378
Other non cash charges 77 596 60
Share of (profits) losses of associates and joint ventures (54) (75) 11
Decrease in inventories 14 11 23
Decrease (increase) in trade and other receivables 524 1,063 (498)
(Decrease) increase in trade and other payables (708) (379) 451
(Decrease) increase in provisions and other liabilitiesd(591) 439 (104)
Cash generated from operationsb4,476 4,934 5,187
Income taxes paid (76) (232) (222)
Income tax repayment for prior years 425 4 521
Net cash inflow from operating activities 4,825 4,706 5,486
Cash flow from investing activities
Interest received 16 19 111
Dividends received from associates and joint ventures 3 6 2
Proceeds on disposal of property, plant and equipment 29 44 62
Proceeds on disposal of businesses 2––
Proceeds on disposal of associates and joint ventures – – 13
Proceeds on disposal of non current financial assets – – 1
Proceeds on disposal of current financial assetsc8,739 6,316 4,779
Acquisition of subsidiaries, net of cash acquired (70) (227) (377)
Purchases of property, plant and equipment and software (2,509) (3,082) (3,315)
Purchases of non current financial assets – – (2)
Purchases of current financial assetsc(8,985) (6,030) (4,938)
Net cash outflow from investing activities (2,775) (2,954) (3,664)
Cash flow from financing activities
Equity dividends paid (265) (1,221) (1,236)
Dividends paid to minority interests – (1) –
Interest paid (956) (956) (842)
Repayment of borrowings (307) (863) (913)
Repayment of finance lease liabilities (24) (16) (284)
Net proceeds (repayment) of issued commercial paper (697) 606 (681)
New bank loans raised 522 795 3,939
Proceeds from finance leases 9––
Repurchase of ordinary shares – (334) (1,498)
Proceeds on issue of treasury shares 4 125 85
Net cash used in financing activities (1,714) (1,865) (1,430)
Effect of exchange rate changes on cash and cash equivalents (7) 54 25
Net increase (decrease) in cash and cash equivalents 329 (59) 417
Cash and cash equivalents at the start of the year 1,115 1,174 757
Cash and cash equivalents at the end of the year 10 1,444 1,115 1,174
aRestated. See page 94.
bThe reconciliation from the loss before taxation of £244m for 2009 to the cash generated from operations of £4,934m for 2009 includes BT Global Services contract and financial review charges of
£1,639m, which were non cash charges.
cPrimarily consists of investment in and redemption of amounts held in liquidity funds.
dIncludes pension deficit payment of £525m (2009: £nil, 2008: £320m).
GROUP CASH FLOW STATEMENT
ADDITIONAL INFORMATION FINANCIAL STATEMENTS REPORT OF THE DIRECTORS REVIEW OF THE YEAR OVERVIEW