Consolidated statement of cash flows
For the year ended 31 December 2007
| |
in millions of Euro |
| |
Operating activities |
|
|
| |
Profit for the year |
236 |
186 |
| |
|
|
|
| |
Adjustments for: |
|
|
| 8.11 |
Share of result of associates |
1 |
1 |
| 8.5 |
Finance costs |
36 |
32 |
| 8.6 |
Income tax expense |
125 |
75 |
| |
Gain on disposal of subsidiary |
-1 |
-5 |
| 8.3 |
Depreciation and amortisation |
39 |
36 |
| 8.3 |
Share based payment expense |
6 |
7 |
| |
Other non cash items |
13 |
11 |
| 8.18 |
Increase in provisions |
33 |
5 |
| |
Operating cash flows before movements in working capital |
488 |
348 |
| |
Increase in trade and other receivables |
-161 |
-131 |
| |
Increase in trade and other liabilities |
86 |
98 |
| |
Cash generated from operations |
413 |
315 |
| |
Interest paid |
-34 |
-28 |
| |
Income taxes paid |
-119 |
-81 |
| |
Net cash from operating activities |
260 |
206 |
| |
|
|
|
|
Investing activities |
|
|
| 8.9 | 8.10 |
Purchase of property, equipment and software |
-51 |
-53 |
| 9 |
Acquisition of subsidiaries |
-126 |
-157 |
| |
Disposal of subsidiaries |
2 |
6 |
| |
Acquisition of associates |
-1 |
-1 |
| |
Disposal of associates |
1 |
1 |
| |
Dividends from associates |
|
1 |
| |
Originated loans |
-7 |
-6 |
| |
Net cash used in investing activities |
-182 |
-209 |
| |
|
|
|
| |
Financing activities |
|
|
| |
Dividends paid |
-56 |
-45 |
| |
Movement in long-term borrowings |
32 |
58 |
| |
Redemption preference shares B |
-3 |
|
| |
Proceeds on issue of shares |
26 |
14 |
| |
Increase/decrease in bank overdrafts |
-49 |
12 |
| |
Net cash from/used in financing activities |
-50 |
39 |
| |
|
|
|
| |
Net increase in cash and cash equivalents |
28 |
36 |
| |
|
|
|
| |
Cash and cash equivalents at 1 January |
187 |
154 |
| |
Effect of exchange rate changes |
-7 |
-3 |
| |
Cash and cash equivalents at 31 December |
208 |
187 |