Group cash flow

12 months to 31st March 2004
£m		 2005
£m
Operating profit 550 501
Working capital (47) (118)
Capital expenditure (194) (304)
Depreciation 134 146
Operating cash flow 443 225
Disposal of fixed assets 150 21
Other items 0 (14)
Business cash flow 593 232

Notes

Group cash flow in the year was £232 million. This is down on last year reflecting an increase in capital expenditure and an increase in the group's working capital. Last year's cash flow also benefited from property disposals which were not repeated this year.

Provided by Investis