Tesco 2000 Annual Report Download - page 41

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TESCO PLC
39
NOTE 31 Reconciliation of operating profit to net cash inflow from operating activities
2000 1999
£m £m
Operating profit 1,030 934
Depreciation and goodwill amortisation 435 406
Increase in goods held for resale (47) (69)
(Increase)/decrease in development property (40) 13
Increase in debtors (45) (12)
Increase in trade creditors 156 81
Increase/(decrease) in other creditors 24 (32)
Decrease/(increase) in working capital 48 (19)
Net cash inflow from operating activities 1,513 1,321
NOTE 32 Acquisitions
Effective 1 May 1999,Tesco acquired a 51% controlling interest in a newly incorporated company, Samsung Tesco Co. Limited for a cash
consideration of £81m and incurred fees of £4m.
Subsequently the company paid £57m to increase its holding in Samsung Tesco Co. Limited to 81% on 30 June 1999. Net assets amounted
to £138m. A subsequent fair value adjustment revised this to £136m. The impact of this acquisition on the results for the year was immaterial.
NOTE 33 Analysis of changes in net debt
At 27 Feb Other non Exchange At 26 Feb
1999 Cash flow cash changes movements 2000
£m £m £m £m £m
Cash at bank and in hand 127 (34) – (5) 88
Overdrafts (31) (4) – – (35)
96 (38) – (5) 53
Money market investments and deposits 201 68 – (11) 258
Bank and other loans (780) (19) (4) 6 (797)
Finance leases (19) 4 – – (15)
Debt due within one year (799) (15) (4) 6 (812)
Bank and other loans (1,210) (303) – 5 (1,508)
Finance leases (8) (13) (30) – (51)
Debt due after one year (1,218) (316) (30) 5 (1,559)
(1,720) (301) (34) (5) (2,060)