Carphone Warehouse 2004 Annual Report Download - page 47

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The Carphone Warehouse Group PLC Annual Report 2004
45
27Analysis of cash flows
2004 2003
£’000 £’000
a) Returns on investments and servicing of finance
Interest received 2,120 4,936
Interest paid (6,978) (7,506)
Net cash outflow from returns on investments and servicing of finance (4,858) (2,570)
b) Taxation
Corporation tax (paid) received (2,350) 1,059
Net cash (outflow) inflow from taxation (2,350) 1,059
c) Capital expenditure and financial investment
Payments to acquire fixed asset investments (257) (36)
Payments to acquire tangible fixed assets (100,305) (39,411)
Receipts from sale of short-term investments 15,471 54,572
Receipts from sale of tangible fixed assets 846 3,119
Net cash (outflow) inflow from capital expenditure and financial investment (84,245) 18,244
d) Acquisitions and disposals
Purchase of subsidiary undertakings (74,135) (32,557)
Net cash (overdrafts) acquired with subsidiary undertakings 15,085 (5,335)
Net cash outflow from acquisitions and disposals (59,050) (37,892)
e) Financing
Net receipts from issuing shares 928 102
Increase (decrease) in loans 95,668 (42,725)
Net cash inflow (outflow) from financing 96,596 (42,623)
f) Analysis of changes in net funds (debt)
At 29 March Cash Currency At 27 March
2003 flows translation 2004
£’000 £’000 £’000 £’000
Cash at bank and in hand 46,977 26,192 (356) 72,813
Overdrafts (11,592) 10,329 88 (1,175)
35,385 36,521 (268) 71,638
Debt due within one year (2,731) (12,402) 34 (15,099)
Debt due after more than one year (29,832) (83,266) 5,182 (107,916)
Net funds (debt) 2,822 (59,147) 4,948 (51,377)
g) Reconciliation of net cash inflow to movements in net funds (debt)
2004 2003
£’000 £’000
Increase in cash in the period 36,521 13,896
Cash (inflow) outflow from (increase) decrease in loans (95,668) 42,725
Change in net (debt) funds (59,147) 56,621
Loans acquired with subsidiary undertakings –(24,136)
Currency translation 4,948 (14,989)
Movement in net (debt) funds in the period (54,199) 17,496
Net funds (debt) brought forward 2,822 (14,674)
Net (debt) funds carried forward (51,377) 2,822
h) Acquisitions
Companies acquired in the period contributed £8.7m to the Group’s net operating cashflows, received £0.3m in respect of net returns
on investments and servicing of finance, and utilised £0.5m for capital expenditure.
28 Commitments under operating leases
The Group’s annual commitments under non-cancellable operating leases, all of which relate to land and buildings, are as follows:
2004 2003
£’000 £’000
Operating leases which expire:
Within one year 7,558 6,138
In two to five years 13,948 14,983
After five years 29,325 27,345
50,831 48,466