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wwwwww..mmaarrkkssaannddssppeenncceerr..ccoomm//aannnnuuaallrreeppoorrtt22000077MARKS AND SPENCER GROUP PLC 9955
Executive Team Your Board Financial
Review Governance Financials
Shareholder
Information
IFRS IFRS1IFRS1UK GAAP UK GAAP
2007 2006 2005 2004 2003
£m £m £m £m £m
Balance sheet
Non-current assets
Intangible non-current assets 194.1 163.5 165.4 – –
Property, plant and equipment (including investment properties) 4,069.6 3,614.3 3,624.8 3,497.6 3,435.1
Trade and other receivables 247.0 242.8 211.2 1,779.3 1,559.5
Joint venture and other financial assets 12.3 12.3 9.0 10.0 29.7
Deferred tax assets 11.6 83.9 73.0 203.5 277.1
Non-current assets 4,534.6 4,116.8 4,083.4 5,490.4 5,301.4
Current assets 846.4 1,142.1 832.3 2,086.7 1,686.8
Total assets 5,381.0 5,258.9 4,915.7 7,577.1 6,988.2
Current liabilities (1,606.2) (2,017.0) (1,237.4) (1,919.9) (1,769.4)
Non-current liabilities
Retirement benefit deficit (283.3) (794.9) (676.0) (669.5) (1,278.2)
Other non-current liabilities (1,843.3) (1,243.3) (2,044.7) (2,533.7) (1,832.3)
Total liabilities (3,732.8) (4,055.2) (3,958.1) (5,123.1) (4,879.9)
Net assets 1,648.2 1,203.7 957.6 2,454.0 2,108.3
1Non-current deferred tax assets have been restated by £48.4m in 2005 and 2006 due to a change in accounting policy (see note 25).
IFRS IFRS IFRS UK GAAP UK GAAP
2007 2006 2005 2004 2003
52 weeks 52 weeks 52 weeks 53 weeks 52 weeks
£m £m £m £m £m
Cash flow
Cash flows from operating activities
Generated from operating activities 1,443.3 1,197.5 1,601.8 666.5 1,168.7
Taxation paid (150.8) (101.5) (166.7) (220.4) (216.9)
Cash flows from operating activities 1,292.5 1,096.0 1,435.1 446.1 951.8
Cash flows from investing activities
Acquisitions and disposals 48.8 – 351.1 51.3 (38.8)
Capital expenditure and financial investment (712.8) (266.3) (113.5) (317.4) (326.7)
Dividends received from joint venture –– – – 8.0
Interest received 13.2 12.9 15.4 14.4 11.9
Cash flows from investing activities (650.8) (253.4) 253.0 (251.7) (345.6)
Cash flows from financing activities
Interest paid1(145.0) (142.8) (116.5) (61.2) (51.3)
Non-equity dividend paid –– (2.8) (3.0) (6.8)
Other debt financing (479.2) (420.0) 757.1 413.6 (431.4)
Equity dividends paid (260.6) (204.1) (236.9) (247.1) (225.4)
Other equity financing 9.2 55.8 (2,265.1) (66.6) (280.9)
Cash flows from financing activities (875.6) (711.1) (1,864.2) 35.7 (995.8)
Net cash (outflow)/inflow from activities (233.9) 131.5 (176.1) 230.1 (389.6)
12007 includes £21.6m of exceptional finance costs.