Year ended 31 July 2004 £m Year ended 31 July 2003 £m Reconciliation of operating profit to net cash inflow from operating activities     Operating profit 292.4 379.7 Exceptional items 30.9   Operating profit before exceptional items 323.3 379.7 Goodwill amortisation 39.0 44.1 Depreciation 72.1 88.9 Retirement benefits (22.9) (4.6) Increase in stocks (2.4) (1.6) Increase in debtors (78.8) (55.8) Increase in creditors 52.6 15.8 Net cash inflow from normal operating activities 382.9 466.5 Exceptional restructuring expenditure (23.0) (22.8) Net cash inflow from operating activities 359.9 443.7       Cash-flow statement     Net cash inflow from operating activities 359.9 443.7 Returns on investments and servicing of finance 10.5 (26.1) Tax paid (61.5) (60.8) Capital expenditure (less asset sale proceeds) (53.9) (86.3)   255.0 270.5 Acquisitions and disposals 291.4 (92.0) Equity dividends paid (145.6) (142.5) Management of liquid resources (383.7) 2.3 Financing 21.2 (68.7) Increase/(decrease) in cash 38.3 (30.4) Reconciliation to net debt     Net debt at 1 August (715.1) (725.2) Increase/(decrease) in cash 38.3 (30.4) Increase/(decrease) in short-term deposits 383.7 (2.3) (Increase)/decrease in other borrowings (10.9) 73.4 Loan note repayments 2.9 1.2 Term debt acquired with acquisitions   (13.1) Exchange gain/(loss) 28.4 (18.7) Net debt at 31 July (272.7) (715.1)