Group cash flow statement
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| 52 weeks ended 27 February 2016 | Notes | 52 weeks 2016 £m |
53 weeks 2015 £m |
|---|---|---|---|
| Cash flows from operating activities | |||
| Operating profit/ (loss) of continuing operations | 1,046 | (5,750) | |
| Operating profit/ (loss) of discontinued operations | 128 | (52) | |
| Depreciation and amortisation | 1,334 | 1,552 | |
| Loss arising on sale of property, plant and equipment and intangible assets | 164 | 49 | |
| Loss arising on sale of subsidiaries and other investments | – | 41 | |
| Profit arising on sale of joint ventures and associates | (1) | – | |
| Impairment of goodwill | 18 | 116 | |
| Net reversal of impairment of other investments | (7) | – | |
| Impairment of loans/ investments in joint ventures and associates | 1 | 712 | |
| Net impairment charge of property, plant and equipment and intangible assets | 182 | 4,171 | |
| Adjustment for non-cash element of pensions charge | 26 | (395) | 68 |
| Additional contribution into pension schemes | 26 | (223) | (13) |
| Share-based payments | 283 | 105 | |
| Tesco Bank non-cash items included in operating profit | 72 | 58 | |
| Decrease in inventories | 251 | 577 | |
| Decrease in development stock | 99 | 59 | |
| Decrease in trade and other receivables | 20 | 32 | |
| Increase/ (decrease) in trade and other payables | 260 | (449) | |
| (Decrease)/ increase in provisions | (280) | 926 | |
| Tesco Bank increase in loans and advances to customers | (868) | (846) | |
| Tesco Bank increase in trade and other receivables | (78) | (60) | |
| Tesco Bank increase in customer and bank deposits, trade and other payables | 463 | 186 | |
| Tesco Bank decrease in provisions | (35) | (15) | |
| (Increase)/ decrease in working capital | (168) | 410 | |
| Cash generated from operations | 2,434 | 1,467 | |
| Interest paid | (426) | (613) | |
| Corporation tax received/ (paid) | 118 | (370) | |
| Net cash generated from operating activities | 2,126 | 484 | |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment, investment property and non-current assets classified as held for sale | (871) | (1,989) | |
| Purchase of intangible assets | (167) | (329) | |
| Disposal of subsidiaries, net of cash disposed | 3,237 | (157) | |
| Acquisition of subsidiaries, net of cash acquired | 30 | (325) | (86) |
| Proceeds from sale of joint ventures and associates | 192 | – | |
| Proceeds from sale of property, plant and equipment, investment property, intangible assets and non-current assets classified as held for sale | 350 | 244 | |
| Net (increase)/ decrease in loans to joint ventures and associates | (1) | 21 | |
| Investments in joint ventures and associates | (77) | (382) | |
| Net (investments in)/ proceeds from sale of short-term investments | (2,894) | 423 | |
| Net (investments in)/ proceeds from sale of other investments | (103) | 48 | |
| Dividends received from joint ventures and associates | 41 | 88 | |
| Interest received | 3 | 104 | |
| Net cash used in investing activities | (615) | (2,015) | |
| Cash flows from financing activities | |||
| Proceeds from issue of ordinary share capital | 27 | 1 | 15 |
| Increase in borrowings | 586 | 4,889 | |
| Repayment of borrowings | (1,328) | (3,185) | |
| Net cash flows from derivative financial instruments | 154 | (6) | |
| Repayments of obligations under finance leases | (17) | (3) | |
| Rights issue to non-controlling interests | – | 18 | |
| Dividends paid to equity owners | 8 | – | (914) |
| Net cash (used in)/ from financing activities | (604) | 814 | |
| Net increase/ (decrease) in cash and cash equivalents | 907 | (717) | |
| Cash and cash equivalents at beginning of the year | 2,174 | 2,813 | |
| Effect of foreign exchange rate changes | 1 | 78 | |
| Cash and cash equivalents including cash held in disposal groups at the end of the year | 3,082 | 2,174 | |
| Cash held in disposal groups | 7 | – | (9) |
| Cash and cash equivalents at the end of the year | 18 | 3,082 | 2,165 |
The notes on pages 90 to 141 form part of these financial statements.
