Group cash flow statement
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| Notes | 52 weeks 2018 £m |
52 weeks 2017 £m |
|
|---|---|---|---|
| Cash flows generated from/(used in) operating activities | |||
| Operating profit/(loss) of continuing operations | 1,837 | 1,017 | |
| Operating profit/(loss) of discontinued operations | – | (117) | |
| Depreciation and amortisation | 1,295 | 1,304 | |
| (Profit)/loss arising on sale of property, plant and equipment and intangible assets | (66) | (78) | |
| (Profit)/loss arising on sale of subsidiaries and other investments | (165) | 3 | |
| (Profit)/loss arising on sale of joint ventures and associates | (23) | (5) | |
| Impairment loss on goodwill | – | 46 | |
| Net impairment loss/(reversal) on other investments | (22) | (12) | |
| Net impairment loss/(reversal) on property, plant and equipment, intangible assets and investment property | (167) | (5) | |
| Adjustment for non-cash element of pensions charge | 27 | 4 | 7 |
| Additional contribution into pension schemes | 27 | (245) | (248) |
| Share-based payments | 113 | 15 | |
| Tesco Bank fair value movements included in operating profit | 156 | 98 | |
| Retail (increase)/decrease in inventories | 55 | 124 | |
| Retail (increase)/decrease in development stock | 21 | 16 | |
| Retail (increase)/decrease in trade and other receivables | (1) | (74) | |
| Retail increase/(decrease) in trade and other payables | 278 | 510 | |
| Retail increase/(decrease) in provisions | 132 | 11 | |
| Retail (increase)/decrease in working capital | 485 | 587 | |
| Tesco Bank (increase)/decrease in loans and advances to customers | (1,738) | (1,529) | |
| Tesco Bank (increase)/decrease in trade and other receivables | 30 | (24) | |
| Tesco Bank increase/(decrease) in customer and bank deposits, trade and other payables | 1,821 | 1,474 | |
| Tesco Bank increase/(decrease) in provisions | (6) | 25 | |
| Tesco Bank (increase)/decrease in working capital | 107 | (54) | |
| Cash generated from/(used in) operations | 3,309 | 2,558 | |
| Interest paid | (351) | (522) | |
| Corporation tax (paid)/received | (176) | (47) | |
| Net cash generated from/(used in) operating activities | 2,782 | 1,989 | |
| Cash flows generated from/(used in) investing activities | |||
| Proceeds from sale of property, plant and equipment, investment property, intangible assets and non-current assets classified as held for sale | 253 | 512 | |
| Purchase of property, plant and equipment, investment property and non-current assets classified as held for sale | (1,440) | (1,205) | |
| Purchase of intangible assets | (197) | (169) | |
| Disposal of subsidiaries, net of cash disposed | 66 | 205 | |
| Acquisition of subsidiaries, net of cash acquired | 31 | (27) | (25) |
| Proceeds from sale of joint ventures and associates | 23 | – | |
| Net (increase)/decrease in loans to joint ventures and associates | – | 15 | |
| Investments in joint ventures and associates | (21) | – | |
| Net (investments in)/proceeds from sale of short-term investments | 1,697 | 736 | |
| Net (investments in)/proceeds from sale of other investments | 236 | 141 | |
| Dividends received from joint ventures and associates | 26 | 28 | |
| Interest received | 50 | 41 | |
| Net cash generated from/(used in) investing activities | 666 | 279 | |
| Cash flows generated from/(used in) financing activities | |||
| Proceeds from issue of ordinary share capital | 28 | 11 | 1 |
| Increase in borrowings | 313 | 185 | |
| Repayment of borrowings | (3,721) | (2,036) | |
| Net cash flows from derivative financial instruments | 253 | 475 | |
| Repayments of obligations under finance leases | (10) | (12) | |
| Dividends paid to equity owners | 8 | (82) | – |
| Net cash generated from/(used in) financing activities | (3,236) | (1,387) | |
| Net increase/(decrease) in cash and cash equivalents | 212 | 881 | |
| Cash and cash equivalents at the beginning of the year | 3,832 | 3,082 | |
| Effect of foreign exchange rate changes | 15 | (131) | |
| Cash and cash equivalents including cash held in disposal group at the end of the year | 4,059 | 3,832 | |
| Cash held in disposal group | 7 | – | (11) |
| Cash and cash equivalents at the end of the year | 18 | 4,059 | 3,821 |
The notes on pages 79 to 131 form part of these financial statements.
