The following financial statements for Blackstone plc are a slightly simplified set of published accounts. Blackstone plc is an engineering business that developed a new range of products in 2013. These products now account for 60 per cent of its sales revenue.

Notes:

1. The expense and the cash outflow for interest payable are equal for each year.

2. The movements in property, plant and equipment during the year are:

3. Intangible assets represent the amounts paid for the goodwill of another engineering business acquired during the year.

4. Proceeds from the sale of non-current assets in the year ended 31 March 2018 amounted to £54 million.

5. £300 million was paid in dividends on ordinary shares in 2017, and £400 million in 2018.

Required:

Prepare a statement of cash flows for Blackstone plc for the year ended 31 March 2018.

A loss (deficit) on disposal of non-current assets is simply an additional amount of depreciation and should be dealt with as such in preparing the statement of cash flows.

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Income statement for the years ended 31 March 2017 £m Revenue Cost of sales Gross profit Operating expenses Operating profit Interest payable Profit before taxation Taxation Profit for the year Notes 1 7,003 (3,748) 3,255 (2,205) 1,050 (216) 834 (210) 624 2018 £m 11,205 (5,809) 5,396 (3,087) 2,309 (456) 1,853 (390) 1,463