Experian 2008 Annual Report Download - page 121

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119Experian Annual Report 2008
Introduction
2 – 5
Business review
6 – 37
Governance
38 – 64
Financial statements
Group financial statements
Financial statements
Group financial statements
33. Notes to the Group cash flow statement
2008 2007
US$m US$m
(a) Cash generated from operations
Profit after tax 452 326
Adjustments for:
Tax expense 97 68
Share of post-tax profits of associates (50) (67)
Net financing costs 155 146
Operating profit 654 473
Loss on sale of property, plant and equipment 3 10
Depreciation and amortisation 422 303
Goodwill adjustment 2 14
Charge in respect of equity incentive plans 66 91
Exceptional items included in working capital 9 46
Increase in inventories – (1)
Increase in receivables (73) (72)
Increase in payables 87 82
Difference between pension contributions paid and amounts recognised in Group income statement (5) (4)
Cash generated from operations 1,165 942
(b) Interest paid
Interest paid on bonds, bank loans and overdrafts 167 133
Interest element of finance lease rental payments 2 –
Total interest paid 169 133
(c) Acquisition of subsidiaries
Purchase of subsidiary undertakings (including acquisition expenses) (note 34) (1,726) (82)
Net cash acquired with subsidiary undertakings (note 34) 60 8
Deferred consideration settled on acquisitions made in previous years (54) (44)
Net cash outflow for acquisition of subsidiaries (1,720) (118)
(d) Disposal of subsidiaries
Receipt of deferred consideration in respect of home shopping and Reality – 258
Sale of other businesses 6 –
Cash inflow from disposal of subsidiaries 6 258
(e) Financing
Debt due within one year:
Repayment of borrowings (746) (42)
New borrowings 29 –
Debt due after more than one year:
Repayment of borrowings – (1,381)
New borrowings 1,409 –
Net cash flow from debt financing 692 (1,423)
(f) Analysis of cash and cash equivalents
Cash at bank and in hand 148 364
Short-term investments 3 543
Cash and cash equivalents per Group balance sheet 151 907
Overdrafts (4) (273)
Cash and cash equivalents per Group cash flow statement 147 634
(g) Major non-cash transactions
Other than those obligations acquired in connection with the purchase of Serasa, the Group did not enter into any new finance lease
arrangements during the year (2007: US$nil). Finance lease obligations of Serasa at the date of acquisition in June 2007 were US$19m.