Cash flow
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 | ||
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Notes |
2009 £m |
2008 (2) £m |
2009 (2) £m |
| Net cash generated from operations | |
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| 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 |
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| Cash flows from investing activities | |
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| 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 |
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| Cash flows from financing activities | |
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| 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 |
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| (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 | |
- Cash and cash equivalents for the purposes of the cash flow statement includes overdrafts.
- 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.
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Six months ended 30 September | Year to 31 March |
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2009 | 2008 | 2009 |
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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 |