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Consolidated Cash Flow Statement
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Six months
ended 30 June
2006
£m |
Six months
ended 30 June
2005
£m |
Year ended
31 December
2005
£m |
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Cash flows from operating activities |
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Reconciliation of profit to operating cash flows |
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Profit for the period |
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58.4 |
352.5 |
477.5 |
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Add back: |
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 Taxation |
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15.4 |
14.8 |
25.8 |
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Depreciation |
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3.9 |
6.0 |
10.4 |
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Amortisation |
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7.2 |
4.6 |
11.4 |
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Interest income |
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(8.5) |
(16.0) |
(28.2) |
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Interest expense |
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3.1 |
9.5 |
15.5 |
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Financing costs – pension schemes |
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- |
1.3 |
2.5 |
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Net financing costs – other than interest |
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20.5 |
(23.5) |
19.1 |
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Share in profits from joint ventures and associates |
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(1.7) |
(11.0) |
(13.2) |
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Income from other investments |
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- |
(0.5) |
(3.0) |
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Profit on disposals |
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(13.3) |
(267.4) |
(417.0) |
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Non-recurring reorganisation and restructuring charges |
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- |
5.2 |
37.2 |
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Other non-cash items |
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3.5 |
1.2 |
4.1 |
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88.5 |
76.7 |
142.1 |
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Payments against provisions |
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(20.2) |
(7.4) |
(19.9) |
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Additional pension contributions |
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(6.1) |
(9.3) |
(17.2) |
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Decrease / (increase) in inventories |
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1.3 |
(9.1) |
(6.2) |
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(Increase) / decrease in trade and other receivables |
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(41.4) |
10.1 |
(17.1) |
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Increase / (decrease) in trade and other payables |
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17.7 |
(10.4) |
18.4 |
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Cash generated from operations |
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39.8 |
50.6 |
100.1 |
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Interest received |
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8.3 |
14.6 |
19.9 |
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Interest paid |
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(9.5) |
(11.3) |
(16.4) |
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Taxation paid |
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(3.0) |
(7.4) |
(17.4) |
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Dividends received from joint ventures and associates |
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0.7 |
2.8 |
2.8 |
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Income from other investments |
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- |
0.5 |
3.0 |
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Net cash flows from operating activities |
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36.3 |
49.8 |
92.0 |
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Cash flows from investing activities |
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Acquisition of interests in subsidiaries, net of cash acquired |
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(51.6) |
(69.3) |
(115.6) |
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Sale of subsidiary undertakings and businesses |
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16.7 |
432.9 |
437.4 |
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Purchase of property and equipment |
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(5.2) |
(4.7) |
(9.7) |
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Proceeds from the sale of property and equipment |
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15.8 |
- |
6.3 |
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Sale/(purchase) of interests in associated companies and joint ventures |
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- |
- |
300.3 |
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Purchase of other investments |
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(0.6) |
- |
- |
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Proceeds from sale of investments |
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- |
42.8 |
42.8 |
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Net cash flows from investing activities |
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(24.9) |
401.7 |
661.5 |
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Cash flows from financing activities |
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Proceeds from the issuance of ordinary share capital |
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23.9 |
7.3 |
18.2 |
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Return of capital to shareholders (including costs) |
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(74.5) |
(6.6) |
(16.8) |
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Dividends paid to shareholders |
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(32.2) |
(326.6) |
(337.8) |
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Dividends paid to minority interests |
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(0.8) |
(0.9) |
(1.9) |
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Investment in own shares – ESOP |
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(11.0) |
(2.4) |
(7.4) |
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Repurchase of bonds |
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(68.1) |
- |
(273.2) |
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Net cash flows from financing activities |
|
(162.7) |
(329.2) |
(618.9) |
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Net (decrease) / increase in cash and cash equivalents |
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(151.3) |
122.3 |
134.6 |
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Net foreign exchange difference |
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0.7 |
(4.6) |
11.4 |
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Cash and cash equivalents at beginning of period |
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482.6 |
336.6 |
336.6 |
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Cash and cash equivalents at end of period |
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332.0 |
454.3 |
482.6 |
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Cash at bank and in hand |
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313.7 |
412.8 |
99.0 |
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Short-term liquid funds |
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32.4 |
46.7 |
390.4 |
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Bank overdraft |
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(14.1) |
(5.2) |
(6.8) |
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Cash and cash equivalents at end of period |
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332.0 |
454.3 |
482.6 |
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