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| 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 |
