Consolidated cash flow statement
For the year ended 31 March 2009
| Notes | Year to 31.3.2009 £m |
Year to 31.3.2008 £m |
|
| Operating activities | |||
| Reconciliation of profit before interest to net cash flows | |||
| from operating activities | |||
| Profit on ordinary activities before interest | 273.6 | 277.8 | |
| Depreciation | 100.7 | 98.3 | |
| Other non-cash charges and credits | (4.3) | (5.0) | |
| Net credit for provisions, less payments | (0.3) | (0.1) | |
| Difference between pension contributions paid and amounts recognised | |||
| in the income statement | 7.9 | 15.3 | |
| Decrease in inventories | 0.2 | 0.3 | |
| Increase in trade and other receivables | (8.6) | (1.0) | |
| Decrease in trade and other payables | (0.3) | (3.8) | |
| Cash generated from operations | 368.9 | 381.8 | |
| Advanced contributions in respect of retirement benefits | – | (22.6) | |
| Interest paid | (120.6) | (131.3) | |
| Income taxes paid | (29.6) | (26.3) | |
| Net cash flows from operating activities | 218.7 | 201.6 | |
| Investing activities | |||
| Interest received | 12.0 | 18.2 | |
| Capital grants received | 11.2 | 20.5 | |
| Proceeds on disposal of property, plant and equipment | 1.2 | 1.8 | |
| Dividends received from jointly controlled entities | 0.8 | 0.5 | |
| Short term cash deposits | (160.6) | – | |
| Maturity of investments | 1.7 | 1.8 | |
| Purchase of property, plant and equipment | (231.8) | (236.8) | |
| Net cash flows from investing activities | (365.5) | (194.0) | |
| Financing activities | |||
| New borrowings | 141.4 | 31.4 | |
| Purchase of treasury shares | (1.7) | – | |
| Dividends paid to minority interests | (0.1) | (0.2) | |
| Dividends paid to equity shareholders | (64.0) | (59.7) | |
| Repayment of borrowings | (95.9) | (22.1) | |
| Payment of principal under hire purchase contracts and finance leases | (7.0) | (6.4) | |
| Net cash flows from financing activities | (27.3) | (57.0) | |
| Decrease in cash and cash equivalents | (174.1) | (49.4) | |
| Cash and cash equivalents at start of year | 15 | 266.4 | 315.8 |
| Cash and cash equivalents at end of year | 15 | 92.3 | 266.4 |
| Cash and cash equivalents at end of year | 15 | 92.3 | 266.4 |
| Short term cash deposits | 15 | 160.6 | – |
| Total cash and cash equivalents and short term cash deposits | 252.9 | 266.4 | |