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118 Vodafone Group Plc Annual Report 2006
Notes to the Consolidated Financial Statements
continued
32. Reconciliation of net cash flows to operating activities 2006 2005
£m £m
(Loss)/profit for the financial year from continuing operations (17,233) 5,416
(Loss)/profit for the financial year from discontinued operations (4,588) 1,102
Adjustments for(1):
Tax on profit 2,520 1,433
Depreciation and amortisation 5,834 5,517
Loss on disposal of property, plant and equipment 88 162
Non operating income and expense 2(6)
Other income and expense (15) –
Investment income (353) (303)
Financing costs 1,123 900
Impairment losses 28,415 475
Share of result in associated undertakings (2,428) (1,980)
Operating cash flows before movements in working capital 13,365 12,716
Decrease in inventory 23 17
Decrease/(increase) in trade and other receivables 54 (321)
Increase in payables 81 145
Cash generated by operations 13,523 12,557
Tax paid (1,682) (1,578)
Net cash flows from operating activities 11,841 10,979
Note:
(1) Adjustments include amounts relating to continuing and discontinued operations.
33. Directors and key management compensation
Directors
Aggregate emoluments of the directors of the Company were as follows:
2006 2005
£m £m
Salaries and fees 66
Incentive schemes 54
Benefits 21
13 11
The aggregate gross pre-tax gain made on the exercise of share options in the year ended 31 March 2006 by directors who served during the year was less than £1 million (2005:
£3 million).
Further details of directors’ emoluments can be found in “Board’s Report to Shareholders on Directors’ Remuneration – Remuneration for the year to 31 March 2006” on pages
61 to 69.
Key management compensation
Aggregate compensation for key management, being the directors and members of the Group Executive Committee, were as follows:
2006 2005
£m £m
Short term employee benefits 26 18
Post-employment benefits:
Defined benefit schemes 22
Defined contribution schemes 21
Share-based payments 16 22
46 43