Group statement of cash flows
| Notes | 2009 £m |
2008 £m |
|
| Operating activities | |||
| Operating (loss)/profit before financing costs | (413.5) | 27.1 | |
| Adjustments for non-cash items | 20 | 443.7 | 6.5 |
| Decrease/(increase) in receivables | 17.0 | (1.0) | |
| Increase/(decrease) in payables | 1.3 | (5.1) | |
| Cash generated from operations | 48.5 | 27.5 | |
| Interest received | 0.3 | 0.6 | |
| Interest paid | (23.8) | (32.7) | |
| Tax paid | (0.3) | (28.7) | |
| Cash flows from operating activities | 24.7 | (33.3) | |
| Investing activities | |||
| Purchase of interests in joint ventures | – | (138.8) | |
| Distributions from joint ventures | 36.0 | 10.7 | |
| Purchase and development of property | (29.7) | (74.4) | |
| Purchase of fixed assets | (0.1) | (0.1) | |
| Purchase of own shares | – | (0.9) | |
| Sale of properties | 11.3 | 132.6 | |
| Cash flow from investing activities | 17.5 | (70.9) | |
| Financing activities | |||
| Redemption of loans | – | (2.9) | |
| Borrowings (repaid)/drawn | (47.0) | 35.0 | |
| Funds from joint venture | 32.6 | 89.2 | |
| Purchase of minority interest | (0.1) | – | |
| Equity dividends paid | (21.1) | (20.6) | |
| Cash flows (utilised)/generated from financing activities | (35.6) | 100.7 | |
| Net increase/(decrease) in cash and cash equivalents | 6.6 | (3.5) | |
| Cash and cash equivalents at 1 April | 0.7 | 4.2 | |
| Cash and cash equivalents at balance sheet date | 7.3 | 0.7 | |
