Cash flow statements
for the year ended 31st December 2009
| Group | Company | ||||
|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | ||
| Note | £m | £m | £m | £m | |
| Operating activities | |||||
| Cash received from tenants | 125.4 | 109.6 | – | – | |
| Development income received | – | 14.1 | – | – | |
| Direct property expenses | (10.2) | (22.8) | – | – | |
| Cash paid to and on behalf of employees | (11.4) | (10.3) | (11.4) | (9.9) | |
| Other administrative expenses | (5.7) | (5.9) | (4.7) | (4.8) | |
| Interest received | 1.6 | 2.9 | 0.9 | 0.2 | |
| Interest paid | (40.7) | (48.5) | (13.1) | (22.9) | |
| Other income | 1.0 | – | 0.7 | – | |
| Disposal of trading property | 6.5 | – | – | – | |
| Tax paid in respect of operating activities | (0.1) | (0.8) | – | – | |
| Net cash from/(used in) operating activities | 66.4 | 38.3 | (27.6) | (37.4) | |
| Investing activities | |||||
| Acquisition of investment properties | (10.2) | (31.9) | – | – | |
| Capital expenditure on investment properties | (94.6) | (72.9) | – | – | |
| Disposal of investment properties | 195.5 | 72.6 | – | – | |
| Purchase of property, plant and equipment | (0.4) | (0.2) | (0.4) | (0.1) | |
| Disposal of property, plant and equipment | – | 0.2 | – | 0.1 | |
| Distributions received from joint ventures | 0.5 | – | – | – | |
| Sale of investment in subsidiary undertaking | – | – | 0.9 | – | |
| Advances to minority interest holder | – | (4.2) | – | – | |
| Purchase of minority interest | – | (0.4) | – | – | |
| REIT conversion charge | – | (53.6) | – | (53.6) | |
| Tax received/(paid) in respect of investing activities | 6.6 | (8.1) | 8.0 | (8.1) | |
| Net cash from/(used in) investing activities | 97.4 | (98.5) | 8.5 | (61.7) | |
| Financing activities | |||||
| Net movement in intercompany loans | – | – | 178.6 | 66.0 | |
| Net movement in revolving bank loans | (134.0) | 86.2 | (140.0) | 55.0 | |
| Repayment of non-revolving bank loans | – | (28.0) | – | – | |
| Drawdown of non-revolving bank loans | 1.9 | 56.8 | 1.9 | 28.8 | |
| Repayment of loan notes | (1.9) | (28.8) | (1.9) | (28.8) | |
| Net proceeds of share issues | 29 | 0.7 | – | 0.7 | – |
| Dividends paid to minority interest holder | – | (1.0) | – | – | |
| Dividends paid | 32 | (24.3) | (22.5) | (24.3) | (22.5) |
| Net cash (used in)/from financing activities | (157.6) | 62.7 | 15.0 | 98.5 | |
| Increase/(decrease) in cash and cash equivalents in the year | 6.2 | 2.5 | (4.1) | (0.6) | |
| Cash and cash equivalents at the beginning of the year | 6.9 | 4.4 | (1.3) | (0.7) | |
| Cash and cash equivalents at the end of the year | 33 | 13.1 | 6.9 | (5.4) | (1.3) |
The notes that form part of these financial statements can be found here.