Notes to the financial statements

	Year ended 31 March 2009 £m	Year ended 31 March 2008 £m
Profit before tax	281	275
Operating exceptional items	–	11
Share of operating profits of associates after tax	(7)	(5)
Amortisation and impairment of intangible assets arising on consolidation	63	44
Amortisation and impairment of intangible assets arising from development expenditure	18	14
Depreciation of property, plant and equipment	23	22
Other amortisation and impairments	3	1
Share-based payments	8	6
Profit on disposal of available-for-sale investments	(4)	–
Net finance expense	24	6
Operating cash flows before movements in working capital	409	374
Decrease/(increase) in trade and other receivables	55	(59)
(Decrease)/increase in trade and other payables	(8)	58
Net receipts in respect of financial assets held at fair value	(1)	1
Cash generated by operations before exceptional items	455	374
Operating exceptional items paid	–	(11)
Cash generated by operations	455	363
Interest received	15	16
Interest paid	(34)	(21)
Tax paid	(82)	(90)
Net cash flow from operating activities	354	268

The movement in trade and other receivables and trade and other payables excludes the impact of the gross-up of matched principal trades as permitted by IAS7 “Cash Flow Statements”. Excluding the impact of the gross up, the net debtor for matched principal transactions and deposits for securities borrowed/loaned was £23m (2008 – £30m).

(b) Net cash and cash equivalents

Net cash and cash equivalents comprise cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Net cash and cash equivalents comprise the following amounts:

	As at 31 March 2009 £m	As at 31 March 2008 £m
Cash and cash equivalents included in current assets	433	384
Short-term bank overdrafts	(14)	(19)
Net cash and cash equivalents	419	365

(c) Net debt

Net debt comprises cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, bank overdrafts and other debt.

	As at 31 March 2009 £m	As at 31 March 2008 £m
Gross debt (note 21)	(545)	(424)
Cash and cash equivalents	419	365
Net debt	(126)	(59)