1997	1996
All figures £ millions	Total	Continuing	Discontinued	Total
A) Reconciliation of operating profit to net cash inflow from operating activities
Operating profit	323.2	147.6	33.7	181.3
Depreciation charges	65.2	56.8	6.4	63.2
Share of profit of partnerships and associated undertakings	(41.8)	(53.1)	-	(53.1)
Dividends from partnerships and associated undertakings	39.5	33.5	-	33.5
Decrease in stocks	4.8	4.6	1.9	6.5
(Incraese)/ decrease in debtors	(138.6)	21.8	(1.0)	20.8
(Decrease)/ increase in creditors	(4.3)	59.9	1.0	60.9
(Decrease)/ increase in operating provisions	(3.5)	1.6	(3.5)	(1.9)
Exchange adjustments	(5.9)	(7.7)	-	(7.7)
Other	5.6	(10.6)	(1.7)	(12.3)
Net cash inflow from operating activities*	244.2	254.4	36.8	291.2
Purchase of fixed assets and finance leases	(111.1)	(85.9)	(5.0)	(90.9)
Sale of operating tangible fixed assets	14.1	6.5	0.4	6.9
Other	11.6	10.0	1.8	11.8
Operating cash flow	158.8	185.0	34.0	219.0

Note: *Net cash inflow for 1997 includes a £9.4m outflow relating to exceptional items charged in 1997 and a £11.4m outflow relating to exceptional items charged in prior years.

All figures in £ millions	Cash at bank and in hand	Over- drafts	Sub- total	Current asset investments	Debt due within one year	Debt due after one year	Total
B) Analysis of net debt
At 31 December 1996	138.8	(68.6)	70.2	160.2	(105.6)	(555.2)	(430.4)
Exchange differences	(8.1)	(11.3)	(19.4)	0.2	(0.9)	(1.9)	(22.0)
Acquired qith subsidiary*	-	-	-	-	(53.6)	(66.4)	(120.0)
Transfers	-	-	-	-	(7.9)	7.9	-
Net cash flow	13.0	57.4	70.4	(89.3)	(122.6)	6.8	(134.7)
At 31 December 1997	143.7	(22.5)	121.2	71.1	(290.6)	(608.8)	(707.1)
At 31 December 1995	155.5	(50.7)	104.8	516.5	(210.3)	(474.4)	(63.4)
Exchange differences	(8.2)	6.8	(1.4)	(4.9)	19.6	23.2	36.5
Net cash flow	(8.5)	(24.7)	(33.2)	351.4)	85.1	(104.0)	(403.5)
At 31 December 1996	138.8	(68.6)	70.2	160.2	(105.6)	(555.2)	(430.4)

Note: *Excluding cash and overdrafts.

 

	1997	1996
All figures in £ millions
C) Reconciliation of net cash flow to movement in net debt
Decrease/ (increase) in net debt from net cash flow	70.4	(33.2)
(Increase) in debt from management of liquid resources	(89.3)	(351.4)
(Increase) in debt from other borrowings	(115.8)	(18.9)
Acquired with subsidiary	(120.0)	-
Exchange differences	(22.0)	36.5
Movement in debt in the year	(276.7)	(367.0)
Net debt at beginning of year	(430.4)	(63.4)
Net debt at end of year	(707.1)	(430.4)

D) Tax paid includes £3.5m of credits (1996: £30.1m) relating to items excluded from operating profit.