© Rolls-Royce Group plc 2004
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| 2003 m |
2002 m |
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| Net cash inflow from operating activities | A | 673 | 611 | |||
| Dividends received from joint ventures | 11 | 12 | ||||
| Returns on investments and servicing of finance | B | (56) | (84) | |||
| Taxation paid | (43) | (41) | ||||
| Capital expenditure and financial investment | C | (196) | (381) | |||
| Acquisitions and disposals | D | (16) | (20) | |||
| Equity dividends paid | (88) | (109) | ||||
| Cash inflow/(outflow) before use of liquid resources and financing | 285 | (12) | ||||
| Management of liquid resources | E | (90) | 217 | |||
| Financing | F | (19) | (81) | |||
| Increase in cash | 176 | 124 | ||||
Reconciliation of net cash flow to movement in net funds |
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| Increase in cash | 176 | 124 | ||||
| Cash outflow/(inflow) from increase/(decrease) in liquid resources | 90 | (217) | ||||
| Cash outflow from decrease in borrowings | 20 | 82 | ||||
| Change in net funds resulting from cash flows | 286 | (11) | ||||
| Borrowings of businesses disposed/(acquired) | 33 | (52) | ||||
| Finance lease additions | (10) | (32) | ||||
| Zero-coupon bonds 2005/2007 (9.0% interest accretion) | (4) | (5) | ||||
| Exchange adjustments | (33) | 6 | ||||
| Movement in net funds | 272 | (94) | ||||
| Net debt at January 1 | (595) | (501) | ||||
| Net debt at December 31 | (323) | (595) | ||||
| Analysis of net debt | At January 1, 2003 m |
Cash flow m |
Business disposal m |
Exchange adjustments m |
Other non-cash changes m |
At December 31, 2003 m |
| Cash at bank and in hand | 634 | 184 | 33 | (57) | — | 794 |
| Overdrafts | (13) | (8) | — | 1 | — | (20) |
| Short-term deposits and investments | 84 | 90 | — | — | — | 174 |
| Other borrowings due within one year | (248) | 243 | — | 2 | (56) | (59) |
| Borrowings due after one year | (961) | (238) | — | 19 | 52 | (1,128) |
| Finance leases | (91) | 15 | — | 2 | (10) | (84) |
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(595) | 286 | 33 | (33) | (14) | (323) |
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| 2003 m |
2002 m |
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| Reconciliation of operating profit to operating cash flows | |||
| Operating profit | 223 | 168 | |
| Amortisation of intangible assets (note 9) | 63 | 74 | |
| Depreciation of tangible fixed assets (note 3) | 223 | 236 | |
| Increase/(decrease) in provisions for liabilities and charges | 3 | (125) | |
| Decrease in stocks | 191 | 19 | |
| (Increase)/decrease in debtors | (188) | 27 | |
| Increase in creditors | 158 | 212 | |
| A Net cash inflow from operating activities | 673 | 611 | |
Returns on investments and servicing of finance |
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| Interest received | 28 | 23 | |
| Interest paid | (79) | (101) | |
| Interest element of finance lease payments | (5) | (6) | |
| B Net cash outflow for returns on investments and servicing of finance | (56) | (84) | |
Capital expenditure and financial investment |
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| Disposals/(additions) to unlisted investments | 7 | (44) | |
| Additions to intangible assets | (37) | (50) | |
| Purchases of tangible fixed assets | (182) | (314) | |
| Disposals of tangible fixed assets | 16 | 27 | |
| C Net cash outflow for capital expenditure and financial investment | (196) | (381) | |
Acquisitions and disposals |
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| Acquisitions of businesses (note 31) | (9) | (28) | |
| Disposals of businesses (note 32) | 1 | 14 | |
| Investments in joint ventures | (8) | (6) | |
| D Net cash outflow for acquisitions and disposals | (16) | (20) | |
Management of liquid resources |
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| (Increase)/decrease in short-term deposits | (91) | 218 | |
| Decrease/(increase) in government securities and corporate bonds | 1 | (1) | |
| E Net cash (outflow)/inflow from management of liquid resources | (90) | 217 | |
Financing |
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| Borrowings due within one year – repayment of loans | (245) | (201) | |
| – increase in loans | 2 | 46 | |
| Borrowings due after one year – repayment of loans | (58) | (48) | |
| – increase in loans | 296 | 151 | |
| Capital element of finance lease payments | (15) | (30) | |
| Net cash outflow from decrease in borrowings | (20) | (82) | |
| Issue of ordinary shares | 1 | 1 | |
| F Net cash outflow from financing | (19) | (81) | |