Guinness Peat Group plc

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Notes to Financial Statements - Guinness Peat Group plc

20 GUINNESS PEAT GROUP PLC • ANNUAL REPORTConsolidated Cash Flow StatementYear ended 31 December 2004 2003Notes £m £mNet cash inflow from operating activities 30a) 196.0 102.3Dividends received from associates and joint ventures 30b) 2.7 5.6Returns on investments and servicing of finance 30c) (35.0) (13.2)Taxation paid 30d) (19.3) (6.0)Capital expenditure and financial investment 30e) (35.5) (51.7)Acquisitions and disposals 30f ) 10.7 30.6Equity dividends paid 30g) (2.3) (2.1)Cash inflow before management of liquidresources and financing 117.3 65.5Management of liquid resources 30h) 71.6 (157.9)Financing:Issue of ordinary shares, net of buy back expenses 30i) 3.9 (0.2)(Decrease)/increase in debt 30i) (133.3) 98.9INCREASE IN CASH FOR THE YEAR 59.5 6.3RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET (DEFICIT)/FUNDSIncrease in cash for the year 59.5 6.3Cash (inflow)/outflow from decrease/increase in liquid resources (71.6) 157.9Cash outflow/(inflow) from decrease/increase in debt 133.3 (98.9)Change in net funds resulting from cash flows 30j) 121.2 65.3Debt acquired with subsidiaries (415.6) –Currency translation differences (6.3) 4.3Other non-cash movements (see note below) 5.0 2.6Movement in net (debt)/funds for the year 30j) (295.7) 72.2Net funds as at 1 January 87.6 15.4NET (DEBT)/FUNDS AS AT 31 DECEMBER 30j) (208.1) 87.6Significant non-cash transactions:On 5 July 2004, the Group redeemed the fourth 10p principal amount of the remaining convertible subordinated loan notes through thepayment of £1.0m in cash, with the balance of £5.0m being satisfied by the issue of Ordinary Shares.Notes on pages 21 to 56 form part of these financial statements

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