| Year ended 31 March 2009 £m |
Year ended 31 March 2008 £m |
|
| Cash flows from investing activities | ||
|---|---|---|
| Dividends received from subsidiaries | 76 | – |
| Investments in subsidiaries | – | (104) |
| Net cash flows from investing activities | 76 | (104) |
| Cash flows from financing activities | ||
| Proceeds from issue of ordinary shares | – | 1 |
| Proceeds from exercise of share options | 1 | 6 |
| Equity dividend paid | (106) | (83) |
| Net payments to acquire Treasury Shares | (7) | (9) |
| Loans to employee share trusts to acquire own shares | (22) | (8) |
| Net payments to subsidiaries | (32) | (42) |
| Interest paid | (20) | – |
| Net funds from borrowing, net of fees | 110 | 239 |
| Net cash flows from financing activities | (76) | 104 |
| Net movement in cash and cash equivalents | – | – |
| Net cash and cash equivalents at beginning of year – as restated (note 1(a)) | – | – |
| Net cash and cash equivalents at end of year – as restated (note 1 (a)) | – | – |
The comparative results have been restated to exclude the cash held by the employee share trusts which was previously consolidated into the results of the Company (note 1(a)).