Consolidated Cash Flow Statement

for the period ended 30 June 2008

Year ended 31 March 2008 Audited £m		Three months ended 30 June 2008 Unaudited £m	Three months ended 30 June 2007 Unaudited £m
536	Rental income received from tenants	117	131
32	Fees and other income received	17	21
(91)	Operating expenses paid to suppliers and employees	(21)	(30)
477	Cash generated from operations	113	122
(373)	Interest paid	(53)	(93)
19	Interest received	2	4
(3)	UK corporation tax paid	(1)	(2)
(1)	Foreign tax paid
47	Distributions received: funds and joint ventures	6	32
16	Songbird Estates		16
182	Net cash inflow from operating activities	67	79
	Cash flows from investing activities
(119)	Purchase of investment properties		(98)
(523)	Development and other capital expenditure	(155)	(110)
1,460	Sale of investment properties	684	742
(291)	REIT conversion charge paid	(6)
2	Sale of investments		2
32	Indirect taxes in respect of investing activities		(20)
272	Establishment of BL Sainsbury Superstores Joint Venture
(90)	Investment in and loans to funds and joint ventures	(4)	(35)
88	Capital distributions received: funds and joint ventures	2	40
30	Songbird Estates		30
(4)	Purchase of subsidiary companies (net of cash acquired)
857	Net cash inflow from investing activities	521	551
	Cash flows from financing activities
7	Issue of ordinary shares	1	2
(151)	Purchase of own shares		(12)
(161)	Dividends paid	(45)	(34)
	Movement in other financial liabilities	55
(686)	Decrease in bank and other borrowings	(264)	(397)
(991)	Net cash outflow from financing activities	(253)	(441)
48	Net increase in cash and cash equivalents	335	189
191	Opening cash and cash equivalents	239	191
239	Closing cash and cash equivalents	574	380
	Cash and cash equivalents consists of:
244	Cash and short-term deposits	581	389
(5)	Overdrafts	(7)	(9)
239		574	380

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