Marks and Spencer 2000 Annual Report Download - page 43

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41 Annual Report and Financial Statements 2000
27. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES THE GROUP
2000 1999
£m £m
Operating profit 471.0 512.0
Exceptional operating charges (see note 4A) 72.0 88.5
Operating profit before exceptional charges 543.0 600.5
Depreciation (excluding £64.0m impairment provision last year) 261.6 236.4
Decrease/(increase) in stocks 40.3 (7.6)
Increase in customer advances (206.2) (363.0)
Decrease/(increase) in other debtors 0.9 (8.0)
Increase in creditors 51.1 14.6
Net cash inflow before exceptional items 690.7 472.9
Exceptional operating cash outflow (see note 28A) (49.2) (0.6)
Net cash inflow from operating activities 641.5 472.3
28. ANALYSIS OF CASH FLOWS GIVEN IN THE CASH FLOW STATEM ENT THE GROUP
2000 1999
£m £m
A Exceptional operating cash flows
UK redundancy costs paid (44.7) (0.6)
European restructuring costs paid (4.5) –
Exceptional operating cash outflow (49.2) (0.6)
B Returns on investments and servicing of finance
Interest received 17.8 29.8
Interest paid (2.0) –
Dividends paid to minorities (0.6) (0.8)
Net cash inflow from returns on investments and servicing of finance 15.2 29.0
C Taxation
UK corporation tax paid (143.5) (337.2)
Overseas tax paid (2.2) (8.7)
Cash outflow for taxation (145.7) (345.9)
D Capital expenditure and financial investment
Purchase of tangible fixed assets (447.5) (663.0)
Sale of tangible fixed assets 266.0 25.5
Purchase of fixed asset investments (1.9) –
Sale of fixed asset investments 16.4 9.4
Net cash outflow for capital expenditure and financial investment (167.0) (628.1)
E Acquisitions and disposals
Closure of Canadian operations (15.4) –
Repayment of loan by joint venture 0.5 1.0
Acquisition of minority interest (6.2) –
Cash (outflow)/ inflow for acquisitions and disposals (21.1) 1.0
F Management of liquid resources
Decrease in cash deposits treated as liquid resources 18.4 140.2
Net purchase of government securities (5.0) (14.2)
Net purchase of listed investments (12.9) (0.7)
Net sale of unlisted investments 31.0 55.3
Net increase in short-term deposits (194.0) –
Cash (outflow)/ inflow from (increase)/ decrease in liquid resources (162.5) 180.6