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| 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) | ||
