Pro forma translated Cash Flow fiscal 2004 to fiscal 2008
Financial Statements: Five Year History US GAAP
Cash Flow| | Fiscal 2008
$m | Fiscal 2007
$m | Fiscal 2006
$m | Fiscal 2005
$m | Fiscal 2004
$m |
|---|
| Cash flows from operating activities: | | | | | |
|---|
| Net income | 219.8 | 252.7 | 238.0 | 255.8 | 214.0 |
|---|
| Adjustments for: | | | | | |
|---|
| Depreciation of property, plant and equipment | 109.2 | 96.0 | 81.0 | 77.4 | 66.0 |
|---|
| Amortisation of intangible assets | 4.7 | 2.4 | 2.2 | 0.2 | - |
|---|
| Pension expense | (2.0) | 2.3 | (1.5) | (0.5) | 2.2 |
|---|
| Share-based payments expense | (3.4) | 17.2 | 0.2 | - | (6.7) |
|---|
| Deferred taxation | 6.9 | (1.9) | (12.4) | 43.5 | 13.1 |
|---|
| Other non-cash movements | (3.0) | (1.5) | 1.0 | 8.7 | 3.4 |
|---|
| Loss on disposal of property, plant and equipment | 1.4 | 0.8 | - | - | - |
|---|
| Increase in inventories | (96.8) | (118.1) | (131.0) | (97.3) | (75.4) |
|---|
| Increase in accounts receivable | (56.2) | (93.3) | (75.9) | (73.8) | (42.9) |
|---|
| Increase in other receivables | (5.2) | (11.4) | (14.3) | (6.8) | (3.8) |
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| Decrease/(increase) in other current assets | 0.7 | 1.3 | 0.2 | (2.2) | (5.5) |
|---|
| (Decrease)/increase in accounts payable | (31.7) | (1.7) | 36.7 | (24.3) | 2.2 |
|---|
| Increase in other liabilities | 7.7 | 1.4 | 69.0 | 20.6 | 28.3 |
|---|
| Increase in deferred income | 9.6 | 49.2 | 0.5 | 21.4 | 25.7 |
|---|
| (Decrease)/increase in income taxes | (19.0) | 6.4 | 12.2 | (24.9) | (12.6) |
|---|
| Cash effect of exchange rates on currency swaps | (1.9) | (2.5) | (5.2) | - | 3.6 |
|---|
| Net cash from operating activities | 140.8 | 199.3 | 200.7 | 197.8 | 211.6 |
|---|
Investing activities: | | | | | |
|---|
| Purchase of property, plant and equipment | (129.1) | (116.9) | (126.7) | (131.1) | (85.5) |
|---|
| Purchase of intangible assets | (11.3) | (7.5) | (9.9) | - | - |
|---|
| Proceeds from sale of property, plant and equipment | 1.0 | 0.6 | 13.5 | 0.4 | 0.3 |
|---|
| Net cash flows from investing activities | (139.4) | (123.8) | (123.1) | (130.7) | (85.2) |
|---|
Financing activities: | | | | | |
|---|
| Dividends paid | (123.9) | (108.7) | (94.9) | (81.5) | (61.7) |
|---|
| Proceeds from issue of common stock | 6.0 | 7.7 | 7.0 | 13.6 | 10.6 |
|---|
| Purchase of own shares | (29.0) | (63.4) | (3.6) | (17.7) | - |
|---|
| Proceeds from short-term borrowings | 31.1 | 7.0 | - | - | 71.6 |
|---|
| Repayment of short-term borrowings | - | - | (83.9) | (12.0) | - |
|---|
| Proceeds from long-term debt | - | 380.0 | - | - | - |
|---|
| Repayment of long-term debt | - | (251.0) | - | (15.0) | - |
|---|
| Net cash flows from financing activities | (115.8) | (28.4) | (175.4) | (112.6) | 20.5 |
|---|
Cash and cash equivalents at beginning of period | 152.3 | 92.9 | 193.5 | 233.0 | 75.9 |
|---|
| (Decrease)/increase in cash and cash equivalents | (114.4) | 47.1 | (97.8) | (45.6) | 146.9 |
|---|
| Effect of exchange rate changes on cash and cash equivalents | 3.8 | 12.3 | (2.8) | 6.1 | 10.2 |
|---|
| Cash and cash equivalents at end of period | 41.7 | 152.3 | 92.9 | 193.5 | 233.0 |
|---|
Reconciliation of net cash flow to movement in net debt| | Fiscal 2008
$m | Fiscal 2007
$m | Fiscal 2006
$m | Fiscal 2005
$m | Fiscal 2004
$m |
|---|
| Net debt at beginning of period | (233.2) | (174.5) | (157.9) | (145.3) | (229.7) |
|---|
| (Decrease)/increase in cash and cash equivalents | (114.4) | 47.1 | (97.8) | (45.6) | 146.9 |
|---|
| (Decrease)/increase in borrowings due in less than one year | (31.1) | (7.0) | 83.9 | 12.0 | (71.6) |
|---|
| (Increase)/decrease in borrowings due in more than one year | - | (129.0) | - | 15.0 | - |
|---|
| Exchange | 4.1 | 30.2 | (2.7) | 6.0 | 9.1 |
|---|
| Net debt at end of period | (374.6) | (233.2) | (174.5) | (157.9) | (145.3) |
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