Marks and Spencer 2008 Annual Report Download - page 61

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Consolidated cash flow information
marksandspencer.com/annualreport08 MARKS AND SPENCER GROUP PLC 59
About us
Key performance
indicators Business review Financial review Governance Financial statements
Shareholder
information
52 weeks 52 weeks
ended ended
29 March 31 March
2008 2007
Notes £m £m
Consolidated cash flow statement
Cash flows from operating activities
Cash generated from operations
– continuing 29A 1,236.0 1,442.6
– discontinued 29B –0.7
Tax paid (166.2) (150.8)
Net cash inflow from operating activities 1,069.8 1,292.5
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired 25 (46.4) –
Disposal of subsidiary, net of cash disposed –48.8
Capital expenditure and financial investment 29C (924.6) (712.8)
Interest received 4.8 13.2
Net cash outflow from investing activities (966.2) (650.8)
Cash flows from financing activities
Interest paid (88.9) (123.4)
Exceptional interest paid –(21.6)
Other debt financing 29D 954.5 (479.2)
Equity dividends paid (343.6) (260.6)
Other equity financing 29E (556.2) 9.2
Net cash outflow from financing activities (34.2) (875.6)
Net cash inflow/(outflow) from activities 69.4 (233.9)
Effects of exchange rate changes 1.5 (1.5)
Opening net cash 47.0 282.4
Closing net cash 30A 117.9 47.0
52 weeks 52 weeks
ended ended
29 March 31 March
2008 2007
£m £m
Reconciliation of net cash flow to movement in net debt
Opening net debt (1,949.5) (1,729.3)
Net cash inflow/(outflow) from activities 69.4 (233.9)
(Decrease)/increase in current financial assets (2.8) 2.6
(Increase)/decrease in debt financing (954.5) 479.2
Debt financing net of liquid resources disposed with subsidiary –(16.8)
Debt financing net of liquid resources acquired with subsidiaries (29.6) –
Fair value movement on derivatives –67.0
Partnership liability to the Marks & Spencer UK Pension Scheme (non-cash) (199.0) (495.6)
Exchange and other non-cash movements (28.9) (22.7)
Movement in net debt (1,145.4) (220.2)
Closing net debt (3,094.9) (1,949.5)