National Grid 2004 Annual Report Download - page 21

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Annual Report and Accounts 2003/04_Transco plc 19
12 months 12 months
ended ended
31 Mar 2004 31 Mar 2003
Notes £m £m
Net cash inflow from operating activities before exceptional items 22(a) 1,623 1,454
Expenditure relating to exceptional items (136) (135)
Net cash inflow from operating activities 1,487 1,319
Returns on investments and servicing of finance
Interest received and similar income 55 17
Interest paid and similar charges (313) (326)
Net cash outflow for returns on investments and servicing of finance (258) (309)
Taxation
Corporation tax paid (59) (62)
Capital expenditure
Payments to acquire tangible fixed assets (513) (617)
Receipts from disposal of tangible fixed assets 20 12
Net cash outflow for capital expenditure (493) (605)
Acquisitions and disposals
Receipts from disposal of investments –1
Equity dividends paid (70) (337)
Net cash inflow before management of liquid resources and financing 607 7
Management of liquid resources
Increase in short–term deposits (68) (4)
Net cash outflow from management of liquid resources 22(b)(c) (68) (4)
Financing
Decrease in borrowings 22(b)(c) (229) (8)
Loan to parent undertaking (303) (165)
Funding of special pension contribution –193
Net cash (outflow)/inflow from financing (532) 20
Net increase in cash and overdrafts 23(b)(c) 723
Group Cash Flow Statement