| |
|
|
|
|
|
|
|
|
|
|
|
|
7. RECONCILIATION OF NET CASH INFLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW
|
| 1996/97 |
|
|
|
|
|
|
|
|
1997/98 |
1996/97 |
|
| 12 months |
|
|
|
|
|
|
|
|
6 months |
6 months |
|
| £m |
|
|
|
|
|
|
|
|
£m |
£m |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 647 |
|
Net cash inflow from operating activities |
|
|
|
|
|
|
237 |
268 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| (115) |
|
Capital expenditure net of sale of tangible assets |
|
|
|
|
|
|
(59) |
(48) |
|
| 48 |
|
Acquisition provision expenditure |
|
|
|
|
|
|
10 |
14 |
|
| (4) |
|
Net decrease/(increase) in trade loans |
|
|
|
|
|
|
3 |
(4) |
|
| 12 |
|
Dividends received from associated undertakings |
|
|
|
|
|
|
6 |
6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 588 |
|
Operating cash net of fixed assets |
|
|
|
|
|
|
197 |
236 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| (129) |
|
Taxation paid |
|
|
|
|
|
|
(60) |
(45) |
|
| (105) |
|
Net interest paid |
|
|
|
|
|
|
(62) |
(62) |
|
| (250) |
|
Dividends paid |
|
|
|
|
|
|
(187) |
(150) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 104 |
|
Free cash flow (before acquisitions and disposals) |
|
|
|
|
|
|
(112) |
(21) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Cash at |
Borrowings |
Loan capital |
Loan capital |
|
|
| |
|
|
|
|
|
bank and |
due within |
due within |
due after |
Net |
|
| |
|
|
|
|
|
in hand |
one year |
one year |
one year |
Debt |
|
| 8. NET DEBT |
|
|
|
|
|
£m |
£m |
£m |
£m |
£m |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| At 31 August 1997 |
|
|
|
|
|
232 |
(307) |
(2) |
(1,065) |
(1,142) |
|
| (Decrease)/increase in cash in the period |
|
|
|
|
|
(6) |
11 |
0 |
0 |
5 |
|
| Increase in loan capital in the period |
|
|
|
|
|
0 |
0 |
(72) |
(39) |
(111) |
|
| Cash outflow from increase in liquid resources |
|
|
|
|
|
(33) |
0 |
0 |
0 |
(33) |
|
| Non cash movements on recourse finance |
|
|
|
|
|
0 |
9 |
0 |
0 |
9 |
|
| Exchange adjustments |
|
|
|
|
|
(6) |
11 |
0 |
7 |
12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| At 28 February 1998 |
|
|
|
|
|
187 |
(276) |
(74) |
(1,097) |
(1,260) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| At 28 February 1997 |
|
|
|
|
|
284 |
(349) |
(94) |
(1,069) |
(1,228) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 9. ORDINARY DIVIDEND |
| |
|
|
|
|
|
|
|
|
|
|
|
|
The board has declared an interim dividend of 9.73p per share (1997: 9.44p) to be paid as a Foreign Income Dividend on 24 July 1998 to shareholders on the register at the close of business on 15 May 1998. The ex-dividend date for the ordinary shares is 11 May 1998.
Shareholders will not be offered the scrip dividend alternative in respect of this dividend payment. The directors propose to offer shareholders a dividend reinvestment plan, with details to be advised in a letter to shareholders from the Chairman on 8 May 1998.
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 10. FINANCIAL CALENDAR |
| |
|
|
|
|
|
|
|
|
|
|
|
| Final results announced |
|
|
|
|
27 October 1998 |
|
|
|
|
|
|
| Final dividend |
- |
ex-dividend date |
|
|
2 November 1998 |
|
|
|
|
|
|
| |
- |
record date |
|
|
6 November 1998 |
|
|
|
|
|
|
| Report and Accounts issued |
|
|
|
|
December 1998 |
|
|
|
|
|
|
| Annual General Meeting |
|
|
|
|
12 January 1999 |
|
|
|
|
|
|
| Ordinary dividends payable |
|
|
Interim |
|
24 July 1998 |
|
|
|
|
|
|
| |
|
|
Final |
|
19 February 1999 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
