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Notes to the Consolidated Financial Statements


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29 Cash generated from operations

29 Cash generated from operations
All figures in millions 2005 2004 2003
Net profit 644 284 275
Adjustments for:
Tax 125 70 84
Depreciation 80 84 85
Amortisation of purchased intangible assets 11 5 4
Amortisation of other intangible assets 18 20 28
Amortisation of pre-publication investment 192 168 158
Loss on sale of property, plant and equipment - 4 2
(Profit)/loss on sale of other financial assets - (16) 1
Net finance costs 70 76 90
Share of results of joint ventures and associates (14) (10) (4)
(Profit)/loss on sale of subsidiaries and associates (346) 3 (8)
Net foreign exchange losses/(gains) from transactions 39 (15) (51)
Share-based payments 23 25 29
Inventories (17) (12) 10
Trade and other receivables (4) (18) (92)
Trade and other payables 71 61 (50)
Provisions (17) (24) (30)
Cash generated from operations 875 705 531
 
Dividends from joint ventures and associates 14 12 10
Purchase of property, plant and equipment (76) (101) (79)
Purchase of intangibles (24) (24) (26)
Capital element of finance leases (3) (2) (3)
Sale of property, plant and equipment 3 4 8
Investment in pre-publication (222) (181) (173)
Add back: Cash received relating to acquired deferred income - - 42
Add back: Non-operating property, plant and equipment 1 1 -
Add back: Integration costs 2 4 8
Operating cash flow 570 418 318
Operating tax paid (65) (55) (34)
Operating finance charges paid (65) (85) (76)
Operating free cash flow 440 278 208
Non operating tax received/(paid) - 10 (10)
Non-operating finance charges paid (7) - -
Integration costs (2) (4) (8)
Total free cash flow 431 284 190
Dividends paid (including to minorities) (222) (197) (207)
Net movement of funds from operations 209 87 (17)
In the cash flow statement, proceeds from sale of property, plant and equipment comprise:
All figures in millions 2005 2004 2003
Net book amount 3 8 10
Loss on sale of property, plant and equipment - (4) (2)
Proceeds from sale of property, plant and equipment 3 4 8
Non-cash transactions
The principal non-cash transactions are movements in finance
lease obligations
- (1) (1)

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