Holiday Inn 2013 Annual Report Download - page 112
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Group statement of cash flows
For the year ended 31 December 2013
2013
$m
2012
(restated1)
$m
20112
(restated1)
$m
Profit for the year 374 538 465
Adjustments for:
Net financial expenses 73 54 62
Income tax charge 226 978
Depreciation and amortisation 85 94 99
Impairment –(23) (20)
Other exceptional operating items (5) 27 (37)
Equity-settled share-based cost 22 22 25
Dividends from associates and joint ventures 51 1
Other items 2(3) (1)
Operating cash flow before movements in working capital 782 719 672
Increase in trade and other receivables (9) (50) (11)
Net change in loyalty programme liability and System Fund surplus 61 57 66
Increase/(decrease) in other trade and other payables 826 (20)
Utilisation of provisions (3) (12) (19)
Retirement benefit contributions, net of cost (18) (95) (33)
Cash flows relating to exceptional operating items (33) (6) (32)
Cash flow from operations 788 639 623
Interest paid (74) (50) (56)
Interest received 22 1
Tax paid on operating activities (92) (119) (89)
Net cash from operating activities 624 472 479
Cash flow from investing activities
Purchase of property, plant and equipment (159) (44) (55)
Purchase of intangible assets (86) (84) (48)
Investment in other financial assets (154) (2) (50)
Investment in associates and joint ventures (10) (3) (41)
Disposal of hotel assets, net of costs 460 4142
Proceeds from other financial assets 109 415
Distribution from associate on sale of hotel 17 – –
Proceeds from other associates and joint ventures 3––
Tax paid on disposals (5) (3) (1)
Net cash from investing activities 175 (128) (38)
Cash flow from financing activities
Proceeds from the issue of share capital 510 8
Purchase of own shares (283) (107) –
Purchase of own shares by employee share trusts (44) (84) (75)
Dividends paid to shareholders (533) (679) (148)
Dividend paid to non-controlling interests (1) – –
Transaction costs relating to shareholder returns –(2) –
Issue of long-term bonds –632 –
Decrease in other borrowings (1) (99) (119)
Net cash from financing activities (857) (329) (334)
Net movement in cash and cash equivalents in the year (58) 15 107
Cash and cash equivalents at beginning of the year 195 182 78
Exchange rate effects (3) (2) (3)
Cash and cash equivalents at end of the year 134 195 182
1 Restated for the adoption of IAS I9R ‘Employee Benefits’ (see page 111).
2 See note on ‘Comparatives for 2011’ on page 111.
Notes on pages 111 to 153 form an integral part of these Financial Statements.
110 IHG Annual Report and Form 20-F 2013
Group Financial Statements continued