Holiday Inn 2012 Annual Report Download - page 91

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OVERVIEW BUSINESS REVIEW GOVERNANCE
GROUP FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS OTHER INFORMATION
Group statement of financial position and Group statement of cash flows 89
Group statement of cash flows
2012 2011
For the year ended 31 December 2012 $m $m
Profit for the year 545 460
Adjustments for:
Net financial expenses 54 62
Income tax charge 11 72
Depreciation and amortisation 94 99
Impairment (23) (20)
Other exceptional operating items 27 (15)
Equity-settled share-based cost 22 25
Other items (2) –
Operating cash flow before movements in working capital 728 683
Increase in trade and other receivables (50) (11)
Net change in loyalty programme liability and System Fund surplus 57 66
Increase/(decrease) in other trade and other payables 26 (20)
Utilisation of provisions (12) (19)
Retirement benefit contributions, net of cost (104) (44)
Cash flows relating to exceptional operating items (6) (32)
Cash flow from operations 639 623
Interest paid (50) (56)
Interest received 2 1
Tax paid on operating activities (119) (89)
Net cash from operating activities 472 479
Cash flow from investing activities
Purchase of property, plant and equipment (44) (55)
Purchase of intangible assets (84) (48)
Investment in other financial assets (2) (50)
Investment in associates and joint ventures (3) (41)
Disposal of assets, net of costs 4 142
Proceeds from other financial assets 4 15
Tax paid on disposals (3) (1)
Net cash from investing activities (128) (38)
Cash flow from financing activities
Proceeds from the issue of share capital 10 8
Purchase of own shares (107) –
Purchase of own shares by employee share trusts (84) (75)
Dividends paid to shareholders (679) (148)
Transaction costs relating to shareholder returns (2) –
Issue of long-term bonds 632 –
Decrease in other borrowings (99) (119)
Net cash from financing activities (329) (334)
Net movement in cash and cash equivalents in the year 15 107
Cash and cash equivalents at beginning of the year 182 78
Exchange rate effects (2) (3)
Cash and cash equivalents at end of the year 195 182
Notes on pages 90 to 128 form an integral part of these Financial Statements.