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Consolidated cash flow statement
    2004 2003 (restated)
For the year ended 30 September 2004 Notes £m £m
Net cash inflow/(outflow) from operating activities (see below)   56.7 (37.3)
Dividends from joint venture   52.0
Returns on investments and servicing of finance      
Interest received   3.3 2.9
Interest paid
– normal
  (42.2) (14.0)
– Exceptional   (5.4)
Dividends received   0.2 0.2
    (44.1) (10.9)
Taxation      
UK corporation tax paid   (24.1) (11.8)
Capital expenditure and financial investment      
Purchase of fixed asset investments   (4.5)
Purchase of tangible fixed assets   (29.8) (0.5)
Sale of fixed asset investments   1.2
Sale of tangible fixed assets   41.1 2.1
    8.0 1.6
Acquisitions and disposals      
Purchase of subsidiaries 26 (2.3) (25.9)
Costs on purchase of subsidiaries   (0.3)
Cash acquired on purchase of subsidiaries 26 0.2 74.9
    (2.1) 48.7
Equity dividends paid   (4.2) (3.6)
Cash (outflow)/inflow before financing   (9.8) 38.7
Financing      
New loans raised 24 726.1 64.0
Repayment of loans 24 (743.7) (30.2)
Purchase of shares   (0.6) (1.4)
Issue of shares 20 0.1 0.1
Net cash (outflow)/inflow from financing   (18.1) 32.5
(Decrease)/increase in cash in the year 23 (27.9) 71.2

Reconciliation of group operating profit to Net cash inflow/(outflow) from operating activities
  2004 2003
  £m £m
Operating profit 93.2 47.3
Depreciation 0.4 0.2
Movement in provisions for liabilities and charges (0.2)
Amortisation of goodwill (6.1) (0.2)
Increase in debtors (2.0) (1.6)
Increase/(decrease) in creditors 1.7 (13.6)
Increase in stocks (30.3) (69.4)
Net cash inflow/(outflow) from operating activities 56.7 (37.3)
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