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Consolidated statement of cash flows - GBP (£)
£ in Millions
 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities      
Profit for the year £ 3,338 £ 2,799 £ 1,454
Taxation 1,049 907 589
Share of after tax results of associates and joint ventures (417) (334) (282)
Net finance charges 422 373 353
Non-operating items 17 (14) 23
Operating profit 4,409 3,731 2,137
Increase in inventories (740) (443) (366)
(Increase)/decrease in trade and other receivables (378) (446) 523
Increase/(decrease) in trade and other payables and provisions 939 1,220 (485)
Net (increase)/decrease in working capital (179) 331 (328)
Depreciation, amortisation and impairment 828 447 1,839
Dividends received 190 290 4
Post employment payments less amounts included in operating profit (89) (30) (109)
Other items 53 88 (14)
Adjustments to reconcile profit (loss), Total 982 795 1,720
Cash generated from operations 5,212 4,857 3,529
Interest received 110 89 185
Interest paid (438) (440) (493)
Taxation paid (949) (852) (901)
Interest and income taxes paid (received), classified as operating activities (1,277) (1,203) (1,209)
Net cash inflow from operating activities 3,935 3,654 2,320
Cash flows from investing activities      
Disposal of property, plant and equipment and computer software 17 13 14
Purchase of property, plant and equipment and computer software (1,097) (626) (700)
Movements in loans and other investments (72) (4) 0
Sale of businesses and brands 82 14 11
Acquisition of businesses (271) (488) (130)
Net cash outflow from investing activities (1,341) (1,091) (805)
Cash flows from financing activities      
Share buyback programme (2,284) (109) (1,282)
Proceeds from issue of share capital 0 0 1
Net sale of own shares for share schemes 18 49 54
Purchase of treasury shares in respect of subsidiaries (15) 0 0
Dividends paid to non-controlling interests (81) (77) (111)
Proceeds from bonds 2,263 1,031 5,188
Repayment of bonds (1,521) (1,247) (820)
Purchase of shares of non-controlling interests 0 (42) (62)
Cash inflow from other borrowings [1] 503 34 497
Cash outflow from other borrowings [1] (424) (787) (782)
Equity dividends paid (1,718) (1,646) (1,646)
Net cash (outflow)/inflow from financing activities (3,259) (2,794) 1,037
Net (decrease)/increase in net cash and cash equivalents (665) (231) 2,552
Exchange differences 239 (285) (120)
Net cash and cash equivalents at beginning of the year 2,637 3,153 721
Net cash and cash equivalents at end of the year 2,211 2,637 3,153
Net cash and cash equivalents consist of:      
Cash and cash equivalents 2,285 2,749 3,323
Bank overdrafts £ (74) £ (112) £ (170)
[1] (1)     For the years ended 30 June 2021 and 30 June 2020, the previously reported line item of “Net movements in other borrowings” has been replaced with “Cash inflow from other borrowings” and “Cash outflow from other borrowings” to gross up the amounts shown above within these lines which had previously been shown net.