Holiday Inn 2007 Annual Report Download - page 52

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50 IHG Annual Report and Financial Statements 2007
Group financial statements continued
GROUP CASH FLOW STATEMENT
2007 2006
For the year ended 31 December 2007 £m £m
Profit for the year 231 405
Adjustments for:
Net financial expense 45 11
Income tax charge/(credit) 15 (41)
Exceptional operating items before depreciation (31) (27)
Gain on disposal of assets, net of tax (16) (117)
Depreciation and amortisation 58 64
Equity-settled share-based cost, net of payments 24 14
Other non-cash items (2) –
Operating cash flow before movements in working capital 324 309
Increase in trade and other receivables (15) (31)
Increase in trade and other payables 26 10
Retirement benefit contributions, net of charge (33) –
Cash flow from operations 302 288
Interest paid (42) (33)
Interest received 924
Tax paid on operating activities (37) (43)
Net cash from operating activities 232 236
Cash flow from investing activities
Purchases of property, plant and equipment (57) (87)
Purchases of intangible assets (20) (23)
Purchases of associates and other financial assets (16) (8)
Acquisition of subsidiary, net of cash acquired –(6)
Disposal of assets, net of costs and cash disposed of 49 620
Proceeds from associates and other financial assets 57 124
Tax paid on disposals (32) (6)
Net cash from investing activities (19) 614
Cash flow from financing activities
Proceeds from the issue of share capital 16 20
Purchase of own shares (81) (260)
Purchase of own shares by employee share trusts (69) (47)
Proceeds on release of own shares by employee share trusts 10 19
Dividends paid to shareholders (773) (561)
Dividends paid to minority interests –(1)
Increase/(decrease) in borrowings 553 (172)
Net cash from financing activities (344) (1,002)
Net movement in cash and cash equivalents in the year (131) (152)
Cash and cash equivalents at beginning of the year 179 324
Exchange rate effects 47
Cash and cash equivalents at end of the year 52 179
Notes on pages 52 to 88 form an integral part of these financial statements.