GPG Report & Accounts 2003 - Guinness Peat Group plc

44 • GUINNESS PEAT GROUP PLC • ANNUAL REPORTNotes to Financial Statements – continued30. Notes to the Consolidated Cashflow Statement - continuedf) Acquisitions and disposalsYear ended 31 December 2003 2002£000 £000Net receipts from sale of shares in subsidiary undertakings (see note 34) 16,633 10,291Net receipts from sale of business 23,391 –Cash held by subsidiaries sold – (1,366)Net payments arising from the purchase of subsidiary undertakings (see note 32) (1,694) (23,117)Cash held by subsidiaries acquired (net of bank overdrafts) 35 4,276Net payments arising from the purchase of associated undertakings (see note 33) (8,943) (2,210)Net payments arising from the purchase of joint venture undertakings (see note 33) – (7,103)Net receipts from sale of shares in associated undertakings 1,187 –30,611 (19,229)g) Equity dividends paidBalance payable as at 1 January (6,219) (5,393)Dividends payable re additional shares issued (2) (33)Less: shares issued in lieu of cash dividend 4,105 3,502(2,116) (1,924)h) Management of liquid resourcesCash placed on short term deposit (168,546) (21,586)Withdrawals from short term deposits 10,607 107,452(157,939) 85,866i) FinancingIssue of ordinary shares by Company 156 1,255Issue of ordinary shares to minority shareholders in subsidiaries – 415Expenses of share buy-back and share issues (380) –NET PROCEEDS FROM ISSUE OF ORDINARY SHARES (224) 1,670New loans raised (including Capital Notes) 148,918 25,020Capital Note and CLN issue expenses (2,520) –Loans repaid (47,476) (69,375)INCREASE/(DECREASE) IN DEBT 98,922 (44,355)NET CASH INFLOW/(OUTFLOW) FROM FINANCING 98,698 (42,685)j) Analysis of net fundsExchange and1 January other non-cash 31 December2003 Cash flow movements 2003£000 £000 £000 £000Cash at bank and in hand 113,827 163,689 11,947 289,463Bank overdrafts (509) 568 (59) –Less: liquid resources (57,125) (157,939) (10,603) (225,667)“FRS1” cash 56,193 6,318 1,285 63,796Debt due within 1 year (8,758) 5,777 (3,820) (6,801)Debt due after 1 year (89,162) (104,699) (1,200) (195,061)(97,920) (98,922) (5,020) (201,862)Liquid resources 57,125 157,939 10,603 225,667NET FUNDS 15,398 65,335 6,868 87,601Liquid resources comprise cash deposits with an original maturity of more than 24 hours.