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Consolidated Cash Flow Statement year ended 31 December 2005

Consolidated Cash Flow Statement year ended 31 December 2005
All figures in millions Notes 2005 2004 2003
Cash flows from operating activities
Cash generated from operations 29 875 705 531
Interest paid   (101) (98) (87)
Tax paid   (65) (45) (44)
Net cash generated from operating activities   709 562 400
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired 27 (246) (41) (60)
Acquisition of joint ventures and associates   (7) (10) (5)
Purchase of property, plant and equipment (PPE)   (76) (101) (79)
Proceeds from sale of PPE 29 3 4 8
Purchase of intangible assets   (24) (24) (26)
Investment in pre-publication   (222) (181) (173)
Purchase of other financial assets   (2) (1) (3)
Disposal of subsidiaries, net of cash disposed 28 376 7 (3)
Disposal of joint ventures and associates   54 24 57
Disposal of other financial assets   17
Interest received   29 13 11
Dividends received from joint ventures and associates   14 12 10
Net cash used in investing activities   (101) (281) (263)
Cash flows from financing activities
Proceeds from issue of ordinary shares 25 4 4 5
Purchase of treasury shares   (21) (10) (1)
Proceeds from borrowings   414 235
Short-term investments (acquired)/repaid   (5) 1
Other borrowings   59 (13)
Repayments of borrowings   (79) (524) (159)
Finance lease principal payments   (3) (2) (3)
Dividends paid to Company’s shareholders 10 (205) (195) (188)
Dividends paid to minority interests   (17) (2) (19)
Net cash used in financing activities   (321) (261) (142)
Effects of exchange rate changes on cash and cash equivalents   13 (4) 45
Net increase in cash and cash equivalents   300 16 40
Cash and cash equivalents at beginning of year   544 528 488
Cash and cash equivalents at end of year 20 844 544 528

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