Consolidated cash flow statement
for the year ended 31 December 2004

		2004		2003
	Note	£million		£million
Net cash inflow from operating activities	25a	13.1		18.3
Returns on investments and servicing of finance
Interest received		1.4		2.0
Interest paid		(4.1	)	(3.6	)
		(2.7	)	(1.6	)
Taxation		4.5		(1.3	)
Capital expenditure and financial investment
Purchase of fixed assets (less grants received)		(22.0	)	(21.0	)
Disposal of fixed assets		0.2		0.4
Disposal of properties – exceptional		5.6		1.1
		(16.2	)	(19.5	)
Acquisitions and disposals
Acquisition of businesses		(36.3	)	(0.3	)
Cash outflow before use of liquid resources and financing		(37.6	)	(4.4	)
Financing
Redemption of B shares		(9.2	)	(9.5	)
(Decrease)/increase in borrowings repayable within one year		(0.8	)	0.2
Increase/(decrease) in borrowings repayable after one year		35.8		(7.0	)
Capital element of finance lease payments		(0.2	)	(0.2	)
		(12.0	)	(20.9	)
Management of liquid resources
Repayment of cash deposits		–		14.5
Decrease in cash in the year	25c	(12.0	)	(6.4	)