Annual report and financial statements 2008

Consolidated cash flow information

	Notes	52 weeks ended 29 March 2008 £m	52 weeks ended 31 March 2007 £m
Consolidated cash flow statement
Cash flows from operating activities
Cash generated from operations
– continuing	29A	1,236.0	1,442.6
– discontinued	29B	–	0.7
Tax paid		(166.2)	(150.8)
Net cash inflow from operating activities		1,069.8	1,292.5
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired	25	(46.4)	–
Disposal of subsidiary, net of cash disposed		–	48.8
Capital expenditure and financial investment	29C	(924.6)	(712.8)
Interest received		4.8	13.2
Net cash outflow from investing activities		(966.2)	(650.8)
Cash flows from financing activities
Interest paid		(88.9)	(123.4)
Exceptional interest paid		–	(21.6)
Other debt financing	29D	954.5	(479.2)
Equity dividends paid		(343.6)	(260.6)
Other equity financing	29E	(556.2)	9.2
Net cash outflow from financing activities		(34.2)	(875.6)
Net cash inflow/(outflow) from activities		69.4	(233.9)
Effects of exchange rate changes		1.5	(1.5)
Opening net cash		47.0	282.4
Closing net cash	30A	117.9	47.0

	52 weeks ended 29 March 2008 £m	52 weeks ended 31 March 2007 £m
Reconciliation of net cash flow to movement in net debt
Opening net debt	(1,949.5)	(1,729.3)
Net cash inflow/(outflow) from activities	69.4	(233.9)
(Decrease)/increase in current financial assets	(2.8)	2.6
(Increase)/decrease in debt financing	(954.5)	479.2
Debt financing net of liquid resources disposed with subsidiary	–	(16.8)
Debt financing net of liquid resources acquired with subsidiaries	(29.6)	–
Fair value movement on derivatives	–	67.0
Partnership liability to the Marks & Spencer UK Pension Scheme (non-cash)	(199.0)	(495.6)
Exchange and other non-cash movements	(28.9)	(22.7)
Movement in net debt	(1,145.4)	(220.2)
Closing net debt	(3,094.9)	(1,949.5)