Consolidated cash flow statement
For the year ended 31 December 2004

Consolidated cash flow statement for the year ended 31 December 2004
	Notes	2004 £m	2003 £m
Net cash inflow from operating activities	24	64.3	64.8

Returns on investments and servicing of finance
Interest received		0.4	0.5
Interest paid		(14.2)	(9.4)
		(13.8)	(8.9)

Taxation		(7.7)	(2.5)

Capital expenditure and financial investment
Purchase of tangible fixed assets		(16.5)	(15.7)
Sale of tangible fixed assets		0.7	1.3
Sale of shares held by employee benefit trust		0.2	0.3
		(15.6)	(14.1)

Acquisitions and disposals
Acquisition of subsidiary undertakings	20	(10.4)	(7.8)
Bank overdraft acquired with subsidiary undertakings		-	(0.4)
Purchase of intangible assets		(0.1)	-
		(10.5)	(8.2)

Equity dividends paid		(16.3)	(15.5)
Cash inflow before financing		0.4	15.6

Financing
Issue of shares		0.7	0.8
Repayment of loans		(0.8)	(162.2)
New loans		2.3	140.2
		2.2	(21.2)

Increase/(decrease) in cash in the year	25	2.6	(5.6)

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