| 2003 £m |
2002 £m | |
| Operating profit | 174.0 | 177.3 |
| Depreciation charge | 71.3 | 74.7 |
| Amortisation and impairment of intangible assets | 63.5 | 55.5 |
| (Increase)/decrease in stocks and work in progress | (1.8) | 3.0 |
| Increase in debtors | (23.7) | (32.4) |
| Increase/(decrease) in creditors and other provisions | 29.1 | (13.5) |
| Net cash inflow from operating activities | 312.4 | 264.6 |
The cash inflow noted above includes a cash outflow of £Nil (2002 £2.6 million) in respect of operating exceptional items.
| 2003 | 2002 | ||
| Note | £m | £m | |
| Returns on investments and servicing of finance | |||
| Interest received | 7.5 | 2.5 | |
| Interest paid | (62.4) | (64.3) | |
| Interest element of finance lease rental payments | (2.6) | (2.2) | |
| Bond issue costs | (0.2) | – | |
| Premium on repurchase of exchangeable bonds | – | (1.3) | |
| Dividends received from other investments | 5.0 | 5.2 | |
| Dividends paid to minority shareholders | (4.8) | (4.6) | |
| (57.5) | (64.7) | ||
| Taxation | |||
| Tax paid | (33.8) | (36.6) | |
| Tax repaid | 8.1 | 11.7 | |
| (25.7) | (24.9) | ||
| Capital expenditure and financial investment (net) | |||
| Purchase of tangible fixed assets | (93.7) | (89.8) | |
| Purchase of investments | (4.8) | (13.2) | |
| Disposal of tangible fixed assets | 4.8 | 17.7 | |
| Disposal of investments | 0.3 | 0.9 | |
| (93.4) | (84.4) | ||
| Acquisitions and disposals | |||
| Purchase of businesses | 18 | (44.4) | (84.9) |
| Purchase of radio licences | 18 | (3.3) | (5.0) |
| Cash acquired with subsidiaries | 2.2 | – | |
| Investments in joint ventures and associates | (12.5) | (13.2) | |
| Disposal of businesses | 18 | 6.5 | 1.9 |
| Disposal of associates | 0.2 | ||
| (51.5) | (101.0) | ||
| Financing | |||
| Issue of bonds | 173.9 | – | |
| Issue of share capital | 0.6 | 0.3 | |
| Loans taken out | – | 28.0 | |
| Repurchase of exchangeable bonds | (61.2) | (12.3) | |
| Repayment of other borrowings | (204.4) | – | |
| Repayment of loan by associates | 1.5 | 0.4 | |
| Treasury hedging activities | (3.2) | (6.5) | |
| Cash received on sale and lease back | 13.1 | – | |
| Capital element of finance lease rental payments | (5.6) | (6.8) | |
| Net cash inflow from financing | (85.3) | 3.1 | |
View the Analysis of Net Debt.
The table will open in a new window.
| 2003 | 2002 | ||
| Note | £m | £m | |
| Acquisitions | |||
| Cash consideration including acquisition expenses | 35 | 37.4 | 72.8 |
| Cash paid in respect of consideration deferred from prior years | 7.0 | 12.1 | |
| Cash consideration including acquisition expenses – radio licences | 3.3 | – | |
| 47.7 | 84.9 | ||
Cash paid in respect of consideration deferred from prior years was mainly in respect of the business to business information and careers division.
| 2003 | 2002 | ||
| Note | £m | £m | |
| Disposals | |||
| Cash consideration including disposal costs | 36 | 6.5 | 1.9 |
The impact of operating cash flows from acquisitions and disposals made in the year was not material.