GROUP CASH FLOW STATEMENT

for the year to 30 June 2007


	Notes	2007 £m	2006 £m
Net cash inflow from operating activities	a	31.2	31.3

Allocations to clubs and Constituent Bodies		(19.3)	(19.6)
Returns on investments and servicing of finance
Interest received		1.1	2.1
Interest paid		(0.1)	(0.3)
Dividends paid by subsidiary undertakings to minority shareholders		(1.6)	(2.9)
Net cash outflow for returns on investments and servicing of finance		(0.6)	(1.1)

Taxation		0.2	(3.4)

Capital expenditure and financial investment
Purchase of tangible fixed assets		(40.2)	(43.0)
Loans advanced to clubs		(1.1)	(2.0)
Loans repaid by clubs		0.3	0.2
Net cash outflow from capital expenditure and financial investment		(41.0)	(44.8)

Financing
Debentures issued		5.2	21.6
Drawdown of term loan		11.0	–
Finance lease drawdown		–	0.4
Finance lease repayments		(0.2)	(0.2)
Net cash inflow for financing		16.0	21.8
Decrease in cash in the period		(13.5)	(15.8)

Reconciliation of net cash flow to movement in net debt
Decrease in cash in the period		(13.5)	(15.8)
Issue of debentures		(2.5)	(21.4)
Drawdown of term loan		(11.0)	–
Redemption of loan		(0.1)	(0.6)
Commencement of finance leases		–	(0.4)
Repayment of finance leases		0.2	0.2
Change in net debt		(26.9)	(38.0)
Net debt at beginning of year		(51.4)	(13.4)
Net debt at end of year	b	(78.3)	(51.4)