Group Cash Flow Statement

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Year ended 31 December Notes 2008
£m		   2007
£m
  1. On 15 December 2008 the Group raised £2,164 million of proceeds, net of £65 million of issue costs through a Rights Issue. Details of the Rights Issue are provided in notes 5, 29 and 30.
  2. Cash and cash equivalents are stated net of overdrafts of £35 million (2007: £30 million).
Operating cash flows before movements in working capital   2,397   2,494
(Increase)/decrease in inventories   (143)   38
(Increase)/decrease in trade and other receivables   (1,377)   181
Increase in trade and other payables   425   44
Cash generated from continuing operations   1,302   2,757
Income taxes paid   (374)   (341)
Net petroleum revenue tax paid   (533)   (60)
Interest received   23   27
Interest paid   (47)   (3)
Payments relating to exceptional charges   (74)   (90)
Net cash flow from continuing operating activities 32 297   2,290
Net cash flow from discontinued operating activities 32 –   67
Net cash flow from operating activities   297   2,357
Purchase of interests in subsidiary undertakings and businesses net of cash and cash equivalents acquired 35 (395)   (262)
Purchase of intangible assets 6 (184)   (185)
Disposal of intangible assets   12   14
Purchase of property, plant and equipment 6 (626)   (563)
Disposal of property, plant and equipment   11   76
Investments in joint ventures and associates   –   (45)
Repayments of loans to joint ventures and associates   19   –
Interest received   63   63
Net purchase of available-for-sale financial assets   (22)   (2)
Net cash flow from continuing investing activities   (1,122)   (904)
Net cash flow from discontinued investing activities   –   (60)
Net cash flow from investing activities   (1,122)   (964)
Issue of ordinary share capital (i)   2,202   22
Purchase of treasury shares   (3)   (2)
Interest paid in respect of finance leases   (23)   (110)
Other net interest paid   (274)   (114)
Net interest paid   (297)   (224)
Cash inflow from additional debt   1,513   256
Cash outflow from payment of capital element of finance leases   (20)   (383)
Cash outflow from repayment of other debt   (175)   (107)
Net cash flow from increase/(decrease) in debt   1,318   (234)
Realised net foreign exchange loss on cash settlement of derivative contracts   (117)   (8)
Equity dividends paid   (500)   (417)
Net cash flow from continuing financing activities   2,603   (863)
Net cash flow from discontinued financing activities   –   (25)
Net cash flow from financing activities   2,603   (888)
Net increase in cash and cash equivalents   1,778   505
Cash and cash equivalents at 1 January (ii)   1,100   592
Effect of foreign exchange rate changes   26   3
Cash and cash equivalents at 31 December (ii) 23 2,904   1,100

The notes form part of these Financial Statements.

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