Unaudited consolidated statement of cash flows for the six months ended 30 September 2009

Statement of cash flows Six months ended 30 September Year to 31 March


Notes
2009
£m
2008 (2)
£m
2009 (2)
£m
Net cash generated from operations

Cash generated from operations 16 217.2 247.8 651.3
Interest paid (131.7) (150.3) (283.6)
Interest received 11.2 4.8 10.4
Employer contributions to pension scheme (2.0) (3.0) (4.2)
Corporation tax paid
(11.3) (3.3) (6.7)
Net cash inflow from operations
83.4 96.0 367.2



Cash flows from investing activities

Investment property development expenditure
(111.3) (126.9) (208.6)
Acquisition of investment properties
(34.2) (32.4) (85.3)
Other investment property related expenditure
(67.4) (174.1)
Acquisition of properties by Trillium
(0.8) (0.8)
Capital expenditure by Trillium
(17.9) (46.5)
Capital expenditure on properties
(145.5) (245.4) (515.3)
Disposal of investment properties
511.6 212.5 792.7
Disposal of operating properties
30.5 30.3
Net proceeds/(expenditure) on properties
366.1 (2.4) 307.7
Net expenditure on other fixed assets
(0.8) (4.7) (0.6)
Net cash inflow/(outflow) from capital expenditure
365.3 (7.1) 307.1
Receivable finance leases acquired
(20.7)
Receipts in respect of receivable finance leases
3.5 1.2 11.7
Receipts from the disposal of discontinued operations
103.0
Loans advanced to third parties (50.0)
Investment in joint ventures (1.9) (21.1)
Divestment of joint ventures 209.8
Net loans (to)/from joint ventures and cash contributed (39.1) 149.5 (117.5)
Distributions from joint ventures 2.9 13.7 21.6
Net cash received from disposal group 1.4 113.5
Cash proceeds from disposal of Trillium (net of cash divested) 392.7
Net cash received from investing activities
540.5 241.0 658.0


Cash flows from financing activities

Proceeds from Rights Issue 755.7
Issue of shares arising from exercise of share options 1.7 2.0
Proceeds from new loans (net of finance fees) 363.0 403.4 1,732.6
Repayment of loans (1,780.1) (603.8) (1,612.0)
Termination of interest-rate swaps (74.5)
Increase in monies held in restricted accounts and deposits (89.1) (29.9)
Decrease in finance leases payable (2.9) (1.1) (9.4)
Dividends paid to owners of the company (129.8) (148.8) (302.4)
Distributions paid to minority interests (0.4)
Net cash (outflow)/inflow from financing activities
(1,713.8) (348.6) 536.6



(Decrease)/increase in cash and cash equivalents for the period(1)
(1,089.9) (11.6) 1,561.8
Cash and cash equivalents at the beginning of the period(1)
1,608.8 47.0 47.0
Cash and cash equivalents at the end of the period(1) 518.9 35.4 1,608.8
  1. Cash and cash equivalents for the purposes of the cash flow statement includes overdrafts.
  2. The Group cash flow statements for the six months ended 30 September 2008 and the year ended 31 March 2009 include the cash flows relating to the Trillium discontinued operations.


Six months ended 30 September Year to
31 March


2009 2008 2009

Notes £m £m £m
Cash and cash equivalents (cash flow statement)
518.9 35.4 1,608.8
Overdrafts 15 0.3
Cash and cash equivalents (balance sheet)
518.9 35.4 1,609.1
 
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