Statements of cash flows
| Group 2007 £m |
Group 2006 £m |
Company 2007 £m |
Company 2006 £m |
||
|---|---|---|---|---|---|
| Cash flows from operating activities | |||||
| Operating profit | 52.0 | 927.7 | 639.9 | 405.5 | |
| Adjustments for non-cash items: | |||||
| Unrealised net revaluation gains on investment property | 316.5 | (558.5) | – | – | |
| Unrealised gains on transfer of trading property | – | (33.1) | – | – | |
| Profit on sale of investment property | (37.4) | (28.0) | – | – | |
| Depreciation and amortisation | 0.3 | 0.2 | – | – | |
| Amortisation of lease incentives and other direct costs | (1.6) | 10.3 | – | – | |
| Cash flows from operations before changes | |||||
| in working capital | 329.8 | 318.6 | 639.9 | 405.5 | |
| Change in trade and other receivables | (6.4) | (10.9) | (596.8) | (870.3) | |
| Change in trading property | 8.5 | 9.7 | – | – | |
| Change in current asset investments | (39.2) | 3.0 | – | – | |
| Change in trade and other payables | (65.1) | (0.5) | 13.7 | (3.5) | |
| Cash generated from operations | 227.6 | 319.9 | 56.8 | (468.3) | |
| Interest paid | (222.0) | (198.6) | (5.7) | (11.0) | |
| Interest received | 9.8 | 2.9 | 66.3 | 34.0 | |
| Tax paid | (12.9) | (6.6) | – | – | |
| Cash flows from operating activities | 2.5 | 117.6 | 117.4 | (445.3) | |
| Cash flows from investing activities | |||||
| Purchase and development of property | (575.5) | (653.9) | – | – | |
| Sale of property | 459.2 | 127.3 | – | – | |
| Purchase of subsidiary companies | (80.0) | – | – | – | |
| Sale of investments and other fixed assets | – | – | – | 15.0 | |
| Sale of interests in joint ventures and subsidiary companies | – | – | 8.2 | 186.3 | |
| Cash flows from investing activities | (196.3) | (526.6) | 8.2 | 201.3 | |
| Cash flows from financing activities | |||||
| Issue and repurchase of shares | (3.1) | 341.4 | (3.1) | 341.4 | |
| Borrowings drawn | 382.6 | 902.0 | – | – | |
| Borrowings repaid | (197.0) | (486.0) | – | – | |
| Equity dividends paid | (122.1) | (97.4) | (122.1) | (97.4) | |
| Cash flows from financing activities | 60.4 | 660.0 | (125.2) | 244.0 | |
| Net (decrease)/increase in cash and cash equivalents | (133.4) | 251.0 | 0.4 | – | |
| Cash and cash equivalents at 1 January | 321.8 | 70.8 | – | – | |
| Cash and cash equivalents at 31 December | 188.4 | 321.8 | 0.4 | – | |
Notes form part of these consolidated financial statements.