News Releases issued to the Stock Exchange
1 May 2001

Interim results for the six months to 28 Febuary 2001

Highlights Group Cash Flow Information
Key Achievements/ Performance Indicators Notes 1 - 7, Notes 8 - 12
Review Review Report (Auditors)
Group Profit & Loss Account Investor Information
Group Balance Sheet City Presentation

NOTES 8 - 12

Notes to the accounts              
               
               
               
8. Detailed analysis of gross cash flows              
               
        2000/01   1999/00
12 months         6 months   6 months
£m         £m   £m
               
    Returns on investment and servicing of finance          
4   Interest received     2   2
(81)   Interest paid     (49)   (50)
(4)   Dividends paid to minority shareholders     (2)   (2)
               
               
(81)         (49)   (50)
               
               
The comparatives for interest received and interest paid have been restated to eliminate the grossing up of cash flows.
               
    Taxation paid          
77   UK taxation     (1)   46
(56)   Overseas taxation     (31)   (12)
               
               
21         (32)   34
               
               
               
    Capital expenditure and financial investment          
(87)   Purchase of tangible fixed assets     (38)   (29)
115   Sale of tangible fixed assets     15   25
-   Purchase of intangible fixed assets     (23)   -
-   Net decrease in trade investments     2   -
-   Net decrease in franchise loans     -   2
(39)   Purchase of ordinary share capital for employee trusts     -   (32)
               
               
(11)         (44)   (34)
               
               
               
   

 

Acquisitions and disposals

          
(103)  

Purchase of subsidiary undertakings

     (268)   (100)
-   Overdrafts acquired with subsidiary undertakings     (96)   -
(162)   Disposal of UK Retail     -   (161)
(25)   Cash and overdrafts disposed of with subsidiary undertakings     -   (23)
73   Sale of associated undertakings     1   1
               
               
(217)         (363)   (283)
               
               
9. Reconciliation of net cash inflow                  
from operating activities to free cash flow                  
                   
1999/00         2000/01  1999/00   
12 months        6 months  6 months   
£m         £m   £m  
                   
372   Net cash inflow from operating activities    179   116       
28   Capital expenditure net of sale of tangible assets       (23)   (4)  
-   Net decrease in franchise loans     -     2      
8   Dividends received from associated undertakings       3 3     
                   
                   
408   Operating cash net of fixed assets      159   117      
21   Taxation paid       (32)   34    
(77)   Net interest paid       (47)   (48)  
-   Dividends paid - ordinary shareholders       (116)   -    
(4)   - minorities       (2)   (2)  
                   
                   
348   Free cash flow      (38)   101    
                   
                   
                   
                   
10. Net debt                  
                   
      Cash at Borrowings Loan capital Loan capital 6 months ended
      bank and due within due within due after 28 February   29 February
      in hand one year one year one year 2001   2000
      £m £m £m £m £m   £m
                   
At the beginning of the period     112 (558) - (806) (1,252)   (1,315)
Increase/(decrease) in cash     15 (101) - - (86)   (163)
Increase/(decrease) in liquid resources     6 - - - 6   (58)
(Increase)/decrease in loan capital     - - (990) 648 (342)   7
Exchange adjustments     (2) (7) (4) (17) (30)   38
                   
                   
At the end of the period     131 (666) (994) (175) (1,704)   (1,491)
                   
                   
                   
                   
11. Ordinary dividends                  
                   
The board has declared an interim dividend of 4.5p per ordinary share (2000 : 4.0p) payable on 27 July 2001.
                   
                   
12. Financial calendar                  
                   
Ex dividend date for interim dividend     20 June 2001          
Record date for interim dividend     22 June 2001          
Interim dividend payable     27 July 2001          
Final results announced     30 October 2001          
Report and Accounts issued     November 2001