Consolidated Cash Flow Statement

for the year ended 31 March

	Notes	2005 € m	2004 € m
Cash generated from operations	26	481	561
Interest income and similar items		20	5
Interest paid and similar items		(20)	(32)
Other investment income		37	14
Dividends from associated undertaking		235	239
Taxation paid		(79)	(68)
Net cash inflow from operating activities		674	719
Investing activities
Acquisition of property, plant and equipment		(160)	(124)
Proceeds from disposal of property, plant and equipment		41	14
Acquisition of intangible assets		(8)	(10)
Proceeds from disposal of intangible assets		-	2
Acquisition of subsidiary undertakings and minority interests, net of cash acquired	27	(1)	(7)
Proceeds from disposal of preference shares of associated undertaking	16	828	-
Proceeds from the partial indirect disposal of effective interest in BAT	13	179	-
Proceeds from sale of assets held for resale		-	55
Acquisition of other long-term assets		(23)	(36)
Proceeds from disposal of other long-term assets		19	18
Net cash generated from/(used in) investing activities		875	(88)
Net cash inflow before financing activities		1 549	631
Financing activities
Proceeds from long-term borrowings		-	303
Repayments of long-term borrowings		(253)	(317)
Dividend paid on Richemont SA participation reserve		(219)	(176)
Buy-back of treasury units and call option premium		(25)	(123)
Proceeds from sale of treasury units		69	25
Other		(4)	1
Net cash used in financing activities		(432)	(287)
Net cash inflow after financing activities		1 117	344
Effects of exchange rate movements		30	29
Net increase in cash and cash equivalents		1 147	373
Cash and cash equivalents at beginning of year		(371)	(744)
Cash and cash equivalents at end of year	28	776	(371)