Consolidated Cash Flow Statement

	Note	Year ended 31 March 2009 £m	Year ended 31 March 2008 £m
Cash flows from operating activities	32(a)	354	268
Cash flows from investing activities
Dividends received from associates		4	4
Other equity dividends received		1	3
Payments to acquire property, plant and equipment		(36)	(19)
Intangible development expenditure		(28)	(24)
Receipts from sale of property, plant and equipment		1	1
Net receipts from disposal of available-for-sale investments		4	–
Acquisition of interests in businesses net of cash acquired		(197)	(196)
Acquisition of associates and joint ventures		(3)	(8)
Net cash flows from investing activities		(254)	(239)
Cash flows from financing activities
Dividends paid to minority interests		(16)	(13)
Equity dividend paid		(106)	(83)
Payments to acquire Treasury Shares		(9)	(9)
Payments to acquire own shares for employee benefit trusts		(22)	(13)
Proceeds from issue of ordinary shares		13	7
Payments in relation to net investment hedges		(32)	–
Repayment of borrowings		(144)	(183)
Funds received from borrowing, net of fees		264	327
Net cash flows from financing activities		(52)	33
Exchange adjustments		6	3
Net increase in cash and cash equivalents		54	65
Net cash and cash equivalents at beginning of the year		365	300
Net cash and cash equivalents at end of the year	32(b)	419	365
Net cash and cash equivalents consists of:
Cash and cash equivalents		433	384
Bank overdrafts	21	(14)	(19)
Net cash and cash equivalents at end of the year	32(b)	419	365

Approved by the board on 19 May 2009 and signed on its behalf by:

Michael Spencer
Group Chief Executive Officer

Matthew Lester
Group Finance Director