Marks and Spencer 2003 Annual Report Download - page 30

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28 Marks and Spencer Gro up p.l.c.
Consolidated cash flow information
FOR THE PERIOD ENDED 29 MARCH 2003
52 weeks 52 weeks
ended ended
29 March 30 March
2003 2002
Cash flow statement Notes £m £m
Cash inflow from operating activities 27 1,168.7 1,093.7
Dividend received from joint venture 8.0 –
Returns on investments and servicing of finance
Interest received 11.9 38.8
Interest paid (51.3) (2.0)
Non-equity dividends paid (6.8) –
Net cash (outflow)/inflow from returns on investments and servicing of finance (46.2) 36.8
Taxation
UK corporation tax paid (212.0) (172.0)
Overseas tax paid (4.9) (7.4)
Cash outflow for taxation (216.9) (179.4)
Capital expenditure and financial investment
Purchase of tangible fixed assets (324.5) (285.7)
Sale of tangible fixed assets 25.0 455.6
Purchase of fixed asset investments (2.9) (2.9)
Sale of fixed asset investments 7.2 9.0
Net cash (outflow)/inflow for capital expenditure and financial investment (295.2) 176.0
Acquisitions and disposals
Closure of operations (10.8) 122.2
Sale of subsidiaries (30.2) 139.4
Repayment of loan by joint venture 2.2 –
Cash (outflow)/inflow from acquisitions and disposals (38.8) 261.6
Equity dividends paid (225.4) (256.7)
Cash inflow before management of liquid resources and financing 354.2 1,132.0
Management of liquid resources and financing
Management of liquid resources 28B (46.9) (29.1)
Financing 28C (711.5) (730.2)
(758.4) (759.3)
(Decrease)/increase in cash (404.2) 372.7
2003 2002
Reconciliation of net cash flow to movement in net debt £m £m
(Decrease)/increase in cash (404.2) 372.7
Cash outflow from increase in liquid resources 28B 46.9 29.1
Cash outflow/(inflow) from decrease/(increase) in debt financing 28C 431.4 (1,031.7)
Exchange and other movements 1.5 0.7
Movement in net debt 75.6 (629.2)
Opening net debt (1,907.0) (1,277.8)
Closing net debt (1,831.4) (1,907.0)