BT 2014 Annual Report Download - page 129

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126 Financial statements
Group cash Ʈow statement
Year ended 31 March Note
2014
£m
2013
£m
2012
£m
Cash Ʈow from operating activities
Prot before taxationa 2,312 2,315 2,120
Loss (prot) on disposal of interest in associates and joint ventures 4 (130) –
Share of post tax loss (prot) of associates and joint ventures 3 (9) (10)
Net nance expensea 826 772 779
Operating prota3,145 2,948 2,889
Other non-cash charges 39 56 106
(Prot) loss on disposal of businesses – (7) 19
Depreciation and amortisation 2,695 2,843 2,972
Decrease in inventories 16 3 12
(Increase) decrease in trade and other receivables (259) 454 28
Decrease in trade and other payables (159) (459) (65)
Decrease in other liabilitiesb(234) (281) (1,891)
Decrease in provisions (100) (198) (112)
Cash generated from operationsc5,143 5,359 3,958
Income taxes paid (347) (64) (400)
Net cash inƮow from operating activities 4,796 5,295 3,558
Cash Ʈow from investing activities
Interest received 698
Dividends received from associates and joint ventures 1 3 4
Proceeds on disposal of interest in associates and joint ventures 2 270 7
Proceeds on disposal of businesses, net of cash and bank overdrafts – 17 13
Acquisition of joint ventures (3) (5) –
Acquisition of subsidiaries, net of cash acquired (21) (60) (5)
Proceeds on disposal of current nancial assetsd7,531 8,856 8,329
Purchases of current nancial assetsd(8,773) (8,875) (8,845)
Proceeds on sale of non-current nancial assets 3 1 1
Proceeds on disposal of property, plant and equipment 10 43 18
Purchases of property, plant and equipment and software (2,356) (2,481) (2,578)
Purchases of telecommunications licences – (202) –
Net cash outƮow from investing activities (3,600) (2,424) (3,048)
Cash Ʈow from Ƭnancing activities
Equity dividends paid (778) (683) (590)
Interest paid (614) (701) (693)
Repayment of borrowingse(321) (1,663) (26)
Repayment of nance lease liabilities (18) (15) (2)
Net (repayment of) proceeds from commercial paper (420) 153 522
Proceeds from bank loans and bonds 1,195 798 –
Cash ows from derivatives related to net debt (209) 33 258
Proceeds from issue of own shares 75 109 21
Repurchase of ordinary share capital (302) (302) –
Net cash used in Ƭnancing activities (1,392) (2,271) (510)
Net (decrease) increase in cash and cash equivalents (196) 600 –
Opening cash and cash equivalents 919 323 325
Net (decrease) increase in cash and cash equivalents (196) 600 –
Eect of exchange rate changes (39) (4) (2)
Closing cash and cash equivalents 23 684 919 323
a Restated, see note 1.
b Includes pension deƬcit payments of £325m 201213: £325m, 201112: £2,000m).
c Includes cash Ʈows relating to T9 programme rights.
d Primarily consists of investment in and redemption of amounts held in liTuidity funds.
e Repayment of borrowings includes the impact of hedging.