Group statement of cash flows

For the year ended 31 March 2009
  Notes 2009
£m
2008
£m
Operating activities  
Operating (loss)/profit before financing costs   (413.5) 27.1
Adjustments for non-cash items 20 443.7 6.5
Decrease/(increase) in receivables   17.0 (1.0)
Increase/(decrease) in payables   1.3 (5.1)
Cash generated from operations   48.5 27.5
Interest received   0.3 0.6
Interest paid   (23.8) (32.7)
Tax paid   (0.3) (28.7)
Cash flows from operating activities   24.7 (33.3)
Investing activities  
Purchase of interests in joint ventures   (138.8)
Distributions from joint ventures   36.0 10.7
Purchase and development of property   (29.7) (74.4)
Purchase of fixed assets   (0.1) (0.1)
Purchase of own shares   (0.9)
Sale of properties   11.3 132.6
Cash flow from investing activities   17.5 (70.9)
Financing activities  
Redemption of loans   (2.9)
Borrowings (repaid)/drawn   (47.0) 35.0
Funds from joint venture   32.6 89.2
Purchase of minority interest   (0.1)
Equity dividends paid   (21.1) (20.6)
Cash flows (utilised)/generated from financing activities   (35.6) 100.7
Net increase/(decrease) in cash and cash equivalents   6.6 (3.5)
Cash and cash equivalents at 1 April   0.7 4.2
Cash and cash equivalents at balance sheet date   7.3 0.7