Consolidated cash flow statement
Consolidated cash flow statement for the year ending 31 March 2026
| Note | 2026 £m | 2025* £m | |
|---|---|---|---|
Operating activities |
|
|
|
Group deficit before taxation |
| (103) | (123) |
Depreciation, amortisation and impairment |
| 463 | 455 |
Difference between pension charge and cash contribution |
| 12 | (34) |
Fair value impact of derivatives associated with loans |
| (1) | – |
Fair value impact of other derivatives |
| (3) | (7) |
Loss/(gain) on disposal of tangible and intangible fixed assets |
| 8 | (11) |
Loss/(gain) on disposal/deemed disposal of associates and joint ventures | 1 | (1) | |
Other gains and losses |
| 9 | (2) |
Share of results of associates and joint ventures | 13 | (5) | |
Financing income (excluding fair value swaps) |
| (96) | (56) |
Financing costs (excluding fair value swaps) |
| 90 | 81 |
Increase in programme-related assets and inventories |
| (146) | (10) |
Increase in receivables and contract assets |
| (47) | (8) |
(Decrease)/increase in payables and contract liabilities |
| (105) | 5 |
(Decrease)/increase in provisions |
| (29) | 25 |
Cash generated from operations |
| 66 | 309 |
Tax received |
| 14 | 83 |
Net cash from operations |
| 80 | 392 |
Investing activities |
|
|
|
Interest received |
| 16 | 28 |
Financing income relating to swap transactions |
| 19 | 18 |
Dividends received from associates and joint ventures | – | 9 | |
Proceeds from disposal of property, plant and equipment |
| – | 79 |
Proceeds from disposal of associates and joint ventures |
| – | 33 |
Acquisition of interests in associates and joint ventures |
| – | (2) |
Acquisition of subsidiary net of cash acquired |
| (1) | (6) |
Purchases of other intangible assets |
| (200) | (241) |
Purchases of property, plant and equipment |
| (50) | (84) |
Net cash used in investing activities |
| (216) | (166) |
Financing activities |
|
|
|
Interest paid | (35) | (29) | |
Proceeds from increase in borrowings |
| 145 | 292 |
Repayments of borrowings | (2) | (376) | |
Proceeds from settlement of interest rate swap |
| – | 1 |
Payment of obligations under leases |
| (190) | (193) |
Net cash used in financing activities |
| (82) | (305) |
Net decrease in cash and cash equivalents |
| (218) | (79) |
Cash and cash equivalents at beginning of the year | 477 | 559 | |
Effect of foreign exchange rate changes on cash and cash equivalents |
| (2) | (3) |
Cash and cash equivalents at the end of the year | 257 | 477 |
*The comparatives have been restated to reclassify interest on lease receivables from interest received to the movement on receivables within cash generated from operations.
