Cash flow statements
–for the year ended 31 March 2009
| Group | Company | ||||
| Notes | 2009 £m |
2008 £m |
2009 £m |
2008 £m |
|
| Net cash generated from operations | |||||
| Cash generated from operations | 39 | 651.3 | 696.5 | (395.4) | 433.2 |
| Interest paid | (283.6) | (338.3) | (53.9) | (26.6) | |
| Interest received | 10.4 | 10.7 | 20.0 | 14.7 | |
| Employer contributions to pension scheme | 33 | (4.2) | (2.0) | – | – |
| Corporation tax (paid)/received | (6.7) | (367.7) | 9.6 | 8.3 | |
| Net cash inflow/(outflow) from operations | 367.2 | (0.8) | (419.7) | 429.6 | |
| Cash flows from investing activities | |||||
| Investment property development expenditure | (208.6) | (415.3) | – | – | |
| Acquisition of investment properties | (85.3) | (722.6) | – | – | |
| Other investment property related expenditure | (174.1) | (80.0) | – | – | |
| Acquisition of properties by Trillium | (0.8) | (158.3) | – | – | |
| Capital expenditure by Trillium | (46.5) | (35.0) | – | – | |
| Capital expenditure on properties | (515.3) | (1,411.2) | – | – | |
| Disposal of non-current investment properties | 792.7 | 1,047.0 | – | – | |
| Disposal of non-current operating properties | 30.3 | 33.7 | – | – | |
| Net proceeds/(expenditure) on properties | 307.7 | (330.5) | – | – | |
| Net expenditure on non-property related non-current assets | (0.6) | (15.4) | – | – | |
| Net cash inflow/(outflow) from capital expenditure | 307.1 | (345.9) | – | – | |
| Receivable finance leases acquired | – | (82.1) | – | – | |
| Receipts in respect of receivable finance leases | 11.7 | 0.8 | – | – | |
| Receipts from the disposal of discontinued activities | – | 424.9 | – | – | |
| Loans advanced to third parties | 19 | (50.0) | – | – | – |
| Investment in joint ventures | (21.1) | – | – | – | |
| Net loans to joint ventures and cash contributed | (117.5) | (75.3) | – | – | |
| Distributions from joint ventures | 21.6 | 75.1 | – | – | |
| Acquisition of PPP investments | – | (8.2) | – | – | |
| Net cash received from disposal group | 113.5 | 296.5 | – | – | |
| Cash proceeds from disposal of Trillium (net of cash divested) | 42 | 392.7 | – | – | – |
| Acquisitions of Group undertakings (net of cash acquired) | – | (158.5) | – | – | |
| Net cash received from investing activities | 658.0 | 127.3 | – | – | |
| Cash flows from financing activities | |||||
| Proceeds from Rights Issue | 36 | 755.7 | – | 755.7 | – |
| Issue of shares arising from exercise of share options | 36 | 2.0 | 5.2 | 2.0 | 5.2 |
| Purchase of own share capital | – | (87.6) | – | – | |
| Increase in debt | 30 | 120.6 | 260.6 | – | – |
| Increase in monies held in restricted accounts and deposits | 25 | (29.9) | – | – | – |
| Decrease in finance leases payable | (9.4) | (2.0) | – | – | |
| Dividends paid to ordinary shareholders | 9 | (302.4) | (308.4) | (302.4) | (308.4) |
| Net cash inflow/(outflow) from financing activities | 536.6 | (132.2) | 455.3 | (303.2) | |
| Increase/(decrease) in cash and cash equivalents for the year1 | 1,561.8 | (5.7) | 35.6 | 126.4 | |
| Cash and cash equivalents at the beginning of the year1 | 25 | 47.0 | 52.7 | 69.5 | (56.9) |
| Cash and cash equivalents at the end of the year1 | 25 | 1,608.8 | 47.0 | 105.1 | 69.5 |
- Cash and cash equivalents for the purposes of the cash flow statement excludes monies held in restricted accounts and deposits and includes overdrafts. The Group cash flow includes the cash flows relating to the Trillium discontinued operations up to the date of disposal on 12 January 2009. Further details are included in 42.
| Group | Company | ||||
| Notes | 2009 £m |
2008 £m |
2009 £m |
2008 £m |
|
| Cash and cash equivalents (cash flow statements) | 25 | 1,608.8 | 47.0 | 105.1 | 69.5 |
| Overdrafts | 0.3 | 1.4 | – | – | |
| Monies held in restricted accounts and deposits | 25 | 29.9 | – | – | – |
| Cash and cash equivalents (balance sheet) | 1,639.0 | 48.4 | 105.1 | 69.5 |