Vodafone 2014 Annual Report Download - page 140
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19. Reconciliation of net cash ow from operating activities
The table below shows how our prot for the year translates into cash ows generated from our operating activities.
2014
Restated
2013
Restated
2012
£m £m £m
Prot for the nancial year 59,420 657 6,994
Adjustments for:
Share-based payments 92 124 133
Depreciation and amortisation 7,560 6,661 6,721
Loss on disposal of property, plant and equipment 85 77 51
Share of result of equity accounted associates and joint ventures (3,469) (6,997) (5,996)
Impairment losses 6,600 7,700 4,050
Other income and expense1(45,979) (468) (3,705)
Non-operating income and expense 149 (10) 162
Investment income (346) (305) (456)
Financing costs 1,527 1,652 1,791
Income tax (income)/expense (14,873) 2,226 1,994
Decrease/(increase) in inventory 456 (8)
Decrease/(increase) in trade and other receivables 526 (199) (664)
Increase in trade and other payables 851 320 849
Cash generated by operations 12,147 11,494 11,916
Tax paid (5,920) (2,670) (1,619)
Net cash ow from operating activities 6,227 8,824 10,297
Note:
1 Includes a net gain on disposal of Verizon Wireless of £44,996 million..
20. Cash and cash equivalents
The majority of the Group’s cash is held in bank deposits, money market funds or in repurchase agreements which
have a maturity of three months or less to enable us to meet our short-term liquidity requirements.
Accounting policies
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible
to a known amount of cash and are subject to an insignicant risk of changes in value.
2014
Restated
2013
£m £m
Cash at bank and in hand 1,498 1,304
Money market funds 3,648 3,494
Repurchase agreements 4,799 2,550
Short-term securitised investments 189 183
Cash and cash equivalents as presented in the statement of nancial position 10,134 7,531
Bank overdrafts (22) (25)
Cash and cash equivalents as presented in the statement of cash ows 10,112 7,506
Cash and cash equivalents are held by the Group on a short-term basis with all having an original maturity of three months or less. The carrying
amount approximates their fair value.
Notes to the consolidated nancial statements (continued)
Vodafone Group Plc
Annual Report 2014138