Consolidated statement of cash flows

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Year to 31 March

 

Notes

2011
£m

2010
£m

Cash flows from operating activities

 

 

 

Profit/(loss) before tax from continuing operations

 

245

(116)

Adjustments for:

 

 

 

– depreciation of property, plant and equipment

6

91

99

– exceptional items

7

5

298

– amortisation of intangible assets

6

18

20

– share-based payments charge

9

9

4

– finance income

10

(3)

(2)

– finance expense

10

61

74

Changes in working capital

32

(101)

186

Cash generated from continuing operations

 

325

563

Interest paid

 

(49)

(61)

Income tax paid

 

(31)

(30)

Cash (used in)/generated from discontinued operations

12

(100)

115

Net cash generated from operating activities

 

145

587

 

 

 

 

Cash flows from investing activities

 

 

 

Proceeds on disposal of property, plant and equipment

 

37

Interest received

 

3

2

Purchase of available-for-sale financial assets

18

(5)

(3)

Acquisitions of subsidiaries, net of cash acquired

37

(21)

Disposal of businesses, net of cash disposed

37

280

(26)

Purchase of property, plant and equipment

 

(58)

(60)

Purchase of intangible assets and other non-current assets

 

(12)

(5)

Net cash used in investing activities in discontinued operations

12

(5)

(18)

Net cash generated from/(used in) investing activities

 

240

(131)

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from issuance of ordinary shares

 

2

2

Repurchase of ordinary shares

 

(6)

Cash inflow from additional borrowings

 

198

Cash outflow from repayment of borrowings

 

(129)

(417)

Cash outflow from repayment of capital element of finance leases

 

(2)

(3)

Dividends paid to the Company’s equity holders

14

(70)

(103)

Net cash used in financing activities in discontinued operations

12

(18)

(47)

Net cash used in financing activities

 

(217)

(376)

 

 

 

 

Net increase in cash and cash equivalents

34

168

80

 

 

 

 

Cash and cash equivalents

 

 

 

Balance at beginning of year

 

504

434

Effect of changes in foreign exchange rates

 

(18)

(10)

Net increase in cash and cash equivalents

 

168

80

Balance at end of year

33

654

504

The notes form part of these Group financial statements.