BT 2016 Annual Report Download - page 163

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169
Overview The Strategic Report Governance Financial statements Additional information
Group cash flow statement
Year ended 31 March Note
2016
£m
2015
£m
2014
£m
Cash flow from operating activities
Profit before taxation 3,029 2,645 2,312
(Profit) loss on disposal of interest in associates and joint ventures –(25) 4
Share of post tax (profit) loss of associates and joint ventures (6) 1 3
Net finance expense 712 859 826
Operating profit 3,735 3,480 3,145
Other non-cash charges (credits) 40 (19) 39
Loss on disposal of businesses – 1 –
Depreciation and amortisation 2,630 2,538 2,695
(Increase) decrease in inventories –(13) 16
Increase in programme rights (44) (40) (142)
Increase in trade and other receivables (131) (97) (102)
Increase (decrease) in trade and other payables 78 (37) (174)
Decrease in other liabilitiesa(810) (727) (234)
(Decrease) increase in provisions (63) 19 (100)
Cash generated from operations 5,435 5,105 5,143
Income taxes paid (256) (309) (347)
Net cash inflow from operating activities 5,179 4,796 4,796
Cash flow from investing activities
Interest received 10 10 6
Dividends received from associates and joint ventures 17 – –
Acquisition of subsidiariesb14 (3,371) (6) (21)
Proceeds on disposal of subsidiariesb, associates and joint ventures – 26 2
Acquisition of joint ventures (8) (10) (3)
Proceeds on disposal of current financial assetsc8,918 8,124 7,531
Purchases of current financial assetsc(8,252) (9,898) (8,773)
Proceeds on disposal of non-current asset investments –84
Proceeds on disposal of property, plant and equipment 7100 10
Purchases of property, plant and equipment and software (2,466) (2,418) (2,356)
Net cash outflow from investing activities (5,145) (4,064) (3,600)
Cash flow from financing activities
Equity dividends paid (1,075) (924) (778)
Interest paid (558) (590) (614)
Repayment of borrowingsd(1,283) (1,166) (339)
Net repayment of commercial paper –(338) (420)
Proceeds from bank loans and bonds 3,023 812 1,195
Cash flows from derivatives related to net debt 79 297 (209)
Drawdown on acquisition facility 3,200 – –
Repayment of acquisition facility (3,019) – –
Repayment of EE revolving credit facility (100) – –
Proceeds from issue of own shares 90 1,201 75
Repurchase of ordinary share capital (315) (320) (302)
Net cash inflow (outflow) from financing activities 42 (1,028) (1,392)
Net increase (decrease) in cash and cash equivalents 76 (296) (196)
Opening cash and cash equivalentse407 684 919
Net increase (decrease) in cash and cash equivalents 76 (296) (196)
Effect of exchange rate changes (24) 19 (39)
Closing cash and cash equivalentse24 459 407 684
a Includes pension deficit payments of £880m (2014/15: £876m, 2013/14: £325m).
b Acquisitions and disposals of subsidiaries are shown net of cash acquired or disposed of.
c Primarily consists of investment in and redemption of amounts held in liquidity funds.
d Repayment of borrowings includes the impact of hedging and repayment of lease liabilities.
e Net of bank overdrafts of £38m (2014/15: £27m, 2013/14: £11m).