Pro forma translated Cash Flow 2003/04 to 2007/08
Financial Statements: Five Year History US GAAP
Cash Flow
| |
2007/08
Full Year
$m |
2006/07
Full Year
$m |
2005/06
Full Year
$m |
2004/05
Full Year
$m |
2003/04
Full Year
$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 trade receivables |
(56.2) |
(93.3) |
(75.9) |
(73.8) |
(42.9) |
| Increase in other receivables |
(5.2) |
(11.4) |
(14.3) |
(6.8) |
(3.8) |
| Decrease/(increase) in other current assets |
0.7 |
1.3 |
0.2 |
(2.2) |
(5.5) |
| (Decrease)/increase in trade liabilities |
(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) |
| Net cash from operating activities |
142.7 |
201.8 |
205.9 |
197.8 |
208.0 |
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 |
(112.5) |
49.6 |
(92.6) |
(45.6) |
143.3 |
| Effect of exchange rate changes on cash and cash equivalents |
1.9 |
9.8 |
(8.0) |
6.1 |
13.8 |
| 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
| |
2007/08
Full Year
$m |
2006/07
Full Year
$m |
2005/06
Full Year
$m |
2004/05
Full Year
$m |
2003/04
Full Year
$m |
| Net debt at beginning of period |
(233.2) |
(174.5) |
(157.9) |
(145.3) |
(229.7) |
| (Decrease)/increase in cash and cash equivalents |
(112.5) |
49.6 |
(92.6) |
(45.6) |
143.3 |
| (Decrease)/increase in borrowings due in less than one year |
(31.1) |
(7.0) |
83.9 |
27.0 |
(71.6) |
| Increase in borrowings due in more than one year |
- |
(129.0) |
- |
- |
- |
| Exchange |
2.2 |
27.7 |
(7.9) |
6.0 |
12.7 |
| Net debt at end of period |
(374.6) |
(233.2) |
(174.5) |
(157.9) |
(145.3) |
