Consolidated Cash Flow Statement

for the period ended 30 September 2007

Year ended 31 March		Three months ended 30 September		Six months ended 30 September
2007* Audited £m		2007 Unaudited £m	2006* Unaudited £m	2007 Unaudited £m	2006* Unaudited £m
568	Rental income received from tenants	123	126	254	260
36	Fees and other income received	4	10	25	30
(110)	Operating expenses paid to suppliers and employees	(23)	(34)	(53)	(55)
494	Cash generated from operations	104	102	226	235

(334)	Interest paid	(87)	(100)	(180)	(158)
11	Interest received	6	4	10	8
	UK corporation tax (paid) received		(2)	(2)	7
(2)	Foreign tax paid	(1)		(1)
32	Distributions received: funds and joint ventures	6	7	38	23
18	Distributions received: Songbird Estates			16	18
219	Net cash inflow from operating activities	28	11	107	133

	Cash flows from investing activities
(309)	Purchase of investment properties	(20)	(44)	(118)	(81)
(346)	Development and other capital expenditure	(107)	(70)	(217)	(156)
711	Sale of investment properties	381	239	1,123	285
	REIT conversion charge paid	(291)		(291)
(8)	Purchase of investments
10	Sale of investments			2
(15)	Indirect taxes in respect of investing activities	52	5	32	(1)
(203)	Investment in and loans to funds and joint ventures	(50)	(8)	(85)	(106)
80	Capital distributions received: funds and joint ventures	10	80	50	85
33	Capital distributions received: Songbird Estates			30
6	Sale of shares and loans repaid by funds and joint ventures
(13)	Purchase of subsidiary companies (net of cash acquired)		4	4
(54)	Net cash (outflow) inflow from investing activities	(25)	206	526	30

	Cash flows from financing activities
10	Issue of ordinary shares	1	2	3	2
(16)	Purchase of ESOP shares		(9)	(12)	(13)
	Purchase of Treasury shares	(125)		(125)
(91)	Dividends paid	(43)	(61)	(77)	(61)
840	Issue of Meadowhall Finance PLC securitised debt
(897)	Redemption of MSC (Funding) PLC securitised debt
263	Issue of British Land debentures		221		221
(240)	Amounts paid on exchange of British Land debentures		(201)		(201)
(20)	Redemption of British Land debentures		(20)		(20)
(305)	Repayment of debt acquired with subsidiary companies		(296)		(296)
354	Increase (decrease) in bank and other borrowings	234	142	(163)	272
(102)	Net cash inflow (outflow) from financing activities	67	(222)	(374)	(96)

63	Net increase (decrease) in cash and cash equivalents	70	(5)	259	67
128	Opening cash and cash equivalents	380	200	191	128
191	Closing cash and cash equivalents	450	195	450	195

	Cash and cash equivalents consists of:
198	Cash and short-term deposits	453	195	453	195
(7)	Overdrafts	(3)		(3)
191		450	195	450	195

* Re-presented under the direct method (note 11).

Go to the next page: 24 (chapter: Consolidated Income Statement)

Back to the top of the page