for the financial year ended 31st December 2009
|
|
2009
€m |
2008
€m |
| Notes |
|
|
|
|
Cash flows from operating activities |
|
|
|
Profit before tax |
732 |
1,628 |
|
Finance costs (net) |
297 |
343 |
|
Group share of associates' profit after tax |
(48) |
(61) |
|
Profit on disposal of non-current assets |
(26) |
(69) |
|
Group operating profit |
955 |
1,841 |
| 13 |
Depreciation charge (including impairments) |
794 |
781 |
| 7 |
Share-based payment expense |
28 |
24 |
| 14 |
Amortisation of intangible assets (including impairments) |
54 |
43 |
| 29 |
Amortisation of capital grants |
(2) |
(3) |
|
Other non-cash movements |
(37) |
(15) |
| 26 |
Net movement on provisions |
(41) |
(28) |
| 20 |
Decrease/(increase) in working capital |
783 |
(57) |
|
Cash generated from operations |
2,534 |
2,586 |
|
Interest paid (including finance leases) |
(294) |
(371) |
|
Irish corporation tax paid |
(2) |
(18) |
|
Overseas corporation tax paid |
(102) |
(304) |
|
Net cash inflow from operating activities |
2,136 |
1,893 |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
Inflows |
|
|
| 16 |
Proceeds from disposal of non-current assets |
103 |
168 |
|
Interest received |
31 |
51 |
| 29 |
Capital grants received |
- |
4 |
|
Dividends received from associates |
38 |
42 |
|
|
172 |
265 |
|
Outflows |
|
|
| 13 |
Purchase of property, plant and equipment |
(532) |
(1,039) |
| 32 |
Acquisition of subsidiaries and joint ventures |
(174) |
(777) |
| 15 |
Investments in and advances to associates |
(235) |
(156) |
| 15 |
Advances to joint ventures and purchase of trade investments |
(9) |
(50) |
| 20 |
Increase in finance-related receivables |
(115) |
- |
| 20 |
Deferred and contingent acquisition consideration paid |
(37) |
(34) |
|
|
(1,102) |
(2,056) |
|
Net cash outflow from investing activities |
(930) |
(1,791) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
Inflows
| |
|
| 30 |
Proceeds from issue of shares (net) |
1,237 |
6 |
|
Proceeds from exercise of share options |
60 |
31 |
| 25 |
Decrease in liquid investments |
65 |
175 |
|
Increase in interest-bearing loans, borrowings and finance leases |
757 |
1,382 |
| 25 |
Net cash inflow arising from derivative financial instruments |
16 |
- |
|
|
2,135 |
1,594 |
|
Outflows |
|
|
|
Treasury/own shares purchased |
(2) |
(414) |
|
Repayment of interest-bearing loans, borrowings and finance leases |
(2,501) |
(1,024) |
| 25 |
Net cash outflow arising from derivative financial instruments |
- |
(100) |
| 11 |
Dividends paid to equity holders of the Company |
(238) |
(347) |
| 11 |
Dividends paid to minority interests |
(7) |
(5) |
|
|
(2,748) |
(1,890) |
|
Net cash outflow from financing activities |
(613) |
(296) |
|
|
|
|
|
Increase/(decrease) in cash and cash equivalents |
593 |
(194) |
|
|
|
|
|
Reconciliation of opening to closing cash and cash equivalents |
|
|
| 25 |
Cash and cash equivalents at 1st January |
799 |
1,006 |
| 25 |
Translation adjustment |
(20) |
(13) |
|
Increase/(decrease) in cash and cash equivalents |
593 |
(194) |
| 25 |
Cash and cash equivalents at 31st December |
1,372 |
799 |
|
|
|
|
|
A reconciliation of cash and cash equivalents to net debt is presented in note 25 to the financial statements. |
|
K. McGowan, M. Lee, Directors |
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