| 1997/98 |
|
|
1998/99 |
1997/98 |
| 12 months |
|
|
6 months |
6 months |
| £m |
|
|
£m |
£m |
| |
|
|
|
|
| 612 |
|
Operating profit |
240 |
365 |
| 87 |
|
Exceptional operating costs |
96 |
- |
| 112 |
|
Depreciation |
55 |
58 |
| (15) |
|
Release of provision for uneconomic beer supply |
- |
(15) |
| 15 |
|
(Increase)/decrease in stocks |
(14) |
(28) |
| (67) |
|
(Increase)/decrease in debtors |
(17) |
4 |
| (10) |
|
Decrease in creditors |
(90) |
(122) |
| (28) |
|
Expenditure against provisions for:
acquisition |
(12) |
(10) |
| (12) |
|
reorganisation and restructuring costs |
(1) |
(10) |
| (24) |
|
Other items |
(16) |
(5) |
| |
|
|
|
|
| 670 |
|
Net cash inflow from operating activities |
241 |
237 |
7. RECONCILIATION OF NET CASH INFLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW
| 1997/98 |
|
|
1998/99 |
1997/98 |
| 12 months |
|
|
6 months |
6 months |
| £m |
|
|
£m |
£m |
| |
|
|
|
|
| 670 |
|
Net cash inflow from operating activities |
241 |
237 |
| |
|
|
|
|
| (147) |
|
Capital expenditure net of sale of tangible assets |
(74) |
(59) |
| 28 |
|
Acquisition provision expenditure |
12 |
10 |
| 2 |
|
Net decrease in franchise loans |
2 |
3 |
| 12 |
|
Dividends received from associated undertakings |
5 |
6 |
| |
|
|
|
|
| 565 |
|
Operating cash net of fixed assets |
186 |
197 |
| |
|
|
|
|
| (141) |
|
Taxation paid |
(82) |
(60) |
| (105) |
|
Net interest paid (excludes premiums arising on repayment of debt) |
(65) |
(62) |
| (258) |
|
Dividends paid
- ordinary shareholders |
(163) |
(156) |
| (8) |
|
- minorities (excluding once-off dividends) |
(2) |
(5) |
| |
|
|
|
|
| 53 |
|
Free cash flow (before acquisitions and disposals) |
(126) |
(86) |
8. NET DEBT
| |
Cash at |
Borrowings |
Loan capital |
Loan capital |
|
|
| |
bank and |
due within |
due within |
due after |
28 February |
28 February |
| |
in hand |
one year |
one year |
one year |
1999 |
1998 |
| |
£m |
£m |
£m |
£m |
£m |
£m |
| At beginning of the period |
117 |
(309) |
(351) |
(858) |
(1,401) |
(1,142) |
| Increase/(decrease) in cash |
71 |
(36) |
- |
- |
35 |
5 |
| Increase/(decrease) in liquid resources |
80 |
- |
- |
- |
80 |
(33) |
| (Increase)/decrease in loan capital |
- |
- |
(34) |
253 |
219 |
(111) |
| Non cash movements on recourse finance |
- |
(6) |
- |
- |
(6) |
9 |
| Exchange adjustments |
2 |
(25) |
- |
(22) |
(45) |
12 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| At the end of the period |
270 |
(376) |
(385) |
(627) |
(1,118) |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| At 28 February 1998 |
187 |
(276) |
(74) |
(1,097) |
|
(1,260) |
9. ORDINARY DIVIDEND
| The board has declared an interim dividend of 15.0p per share (1998:9.73p), which was paid as a foreign income dividend on 1 April 1999. |
| |
|
|
|
|
|
|
10. FINANCIAL CALENDAR
| Final results announced - 26 October 1999 |
|
|
|
|
|
|
| Report and Accounts issued - December 1999 |
|
|
|
|
|
|
