Holiday Inn 2005 Annual Report Download - page 38

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financial statements
36 InterContinental Hotels Group 2005
GROUP CASH FLOW STATEMENT
2005 2004
for the year ended 31 December 2005 £m £m
Profit for the year 515 410
Adjustments for:
Net financial expenses 33 33
Income tax charge/(credit) 80 (127)
Gain on disposal of assets, net of tax (311) (19)
Other operating income and expenses 22 49
Depreciation and amortisation 130 173
Equity settled share-based cost, net of payments 12 12
Other gains and losses –4
Operating cash flow before movements in working capital 481 535
Decrease in inventories –1
Increase in receivables –(13)
(Decrease)/increase in provisions and other payables (32) 50
Decrease in employee benefit obligation (26) (58)
Cash flow from operations 423 515
Interest paid (59) (91)
Interest received 29 72
Tax paid (91) (35)
Net cash from operating activities 302 461
Cash flow from investing activities
Purchases of property, plant and equipment – Hotels (121) (175)
Purchases of associates and other financial assets – Hotels (15) (12)
Disposal of assets, net of cash disposed of – Hotels 1,816 101
Proceeds from other financial assets – Hotels 10 5
Purchases of property, plant and equipment – Soft Drinks (47) (70)
Disposal of business, net of cash disposed of – Soft Drinks 220 –
Net cash from investing activities 1,863 (151)
Cash flow from financing activities
Proceeds from the issue of share capital 10 16
Purchase of own shares (207) (257)
Payment to shareholders as a result of the capital reorganisation on 27 June 2005 (996) –
Purchase of own shares by employee share trusts (29) (33)
Proceeds on release of own shares by employee share trusts 16 16
Dividends paid to shareholders (81) (600)
Dividends paid to minority interests (177) (26)
(Decrease)/increase in borrowings (442) 258
Costs associated with new facilities –(5)
Financial expense on early settlement of debt –(17)
Net cash from financing activities (1,906) (648)
Net movement in cash and cash equivalents in the year 259 (338)
Cash and cash equivalents at beginning of the year 72 411
Exchange rate effects (7) (1)
Cash and cash equivalents at end of the year 324 72
Notes on pages 38 to 75 form an integral part of these financial statements.