Holiday Inn 2006 Annual Report Download - page 48

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Group financial statements
Group cash flow statement
2006 2005
for the year ended 31 December 2006 £m £m
Profit for the year 405 515
Adjustments for:
Net financial expense 11 33
Income tax (credit)/charge (41) 80
Gain on disposal of assets, net of tax (117) (311)
Other operating income and expenses (27) 22
Depreciation and amortisation 64 130
Equity settled share-based cost, net of payments 14 12
Operating cash flow before movements in working capital 309 481
Increase in receivables (31) –
Increase/(decrease) in provisions and other payables 10 (32)
Employee benefit contributions, net of cost –(26)
Cash flow from operations 288 423
Interest paid (33) (59)
Interest received 24 29
Tax paid (49) (91)
Net cash from operating activities 230 302
Cash flow from investing activities
Purchases of property, plant and equipment – Hotels (87) (107)
Purchases of intangible assets – Hotels (23) (19)
Purchases of other financial assets – Hotels (8) (10)
Acquisition of subsidiary, net of cash acquired (6) –
Disposal of assets, net of cash disposed of – Hotels 620 1,816
Proceeds from other financial assets – Hotels 124 10
Purchases of property, plant and equipment – Soft Drinks –(47)
Disposal of business, net of cash disposed of – Soft Drinks –220
Net cash from investing activities 620 1,863
Cash flow from financing activities
Proceeds from the issue of share capital 20 10
Purchase of own shares (260) (207)
Payment to shareholders as a result of the capital reorganisation on 27 June 2005 –(996)
Purchase of own shares by employee share trusts (47) (29)
Proceeds on release of own shares by employee share trusts 19 16
Dividends paid to shareholders (561) (81)
Dividends paid to minority interests (1) (177)
Decrease in borrowings (172) (442)
Net cash from financing activities (1,002) (1,906)
Net movement in cash and cash equivalents in the year (152) 259
Cash and cash equivalents at beginning of the year 324 72
Exchange rate effects 7(7)
Cash and cash equivalents at end of the year 179 324
Notes on pages 48 to 83 form an integral part of these financial statements.
46 IHG Annual report and financial statements 2006