for the year ended 31 March 2009
|
2009 |
2008 |
(a) Cash generated from operations |
|
|
Profit after tax |
494 |
430 |
Adjustments for: |
|
|
Tax expense |
84 |
91 |
Share of post-tax profits of associates |
(42) |
(50) |
Net financing costs |
77 |
154 |
Operating profit |
613 |
625 |
Loss on sale of property, plant and equipment |
6 |
3 |
Loss on sale of other intangible assets |
3 |
– |
Loss on disposal of subsidiaries |
3 |
– |
Depreciation and amortisation |
420 |
406 |
Goodwill adjustment |
1 |
2 |
Write down of investment in associate |
5 |
– |
Charge in respect of equity incentive plans |
52 |
66 |
Change in working capital (note 32(b)) |
7 |
23 |
Exceptional items included in working capital |
(8) |
9 |
Cash generated from operations |
1,102 |
1,134 |
|
|
|
|
|
|
(b) Change in working capital |
|
|
Increase in inventories |
(2) |
– |
Decrease/(increase) in receivables |
24 |
(51) |
(Decrease)/increase in payables |
(11) |
79 |
Difference between pension contributions paid and amounts recognised in Group income statement |
(4) |
(5) |
Change in working capital |
7 |
23 |
|
|
|
|
|
|
(c) Interest paid |
|
|
Interest paid on bonds, bank loans and overdrafts |
155 |
166 |
Interest element of finance lease rental payments |
2 |
2 |
Total interest paid |
157 |
168 |
|
|
|
|
|
|
|
|
|
(d) Purchase of other intangible assets |
|
|
Databases |
153 |
148 |
Internally generated software |
38 |
42 |
Internal use software |
39 |
32 |
Purchase of other intangible assets |
230 |
222 |
|
|
|
|
|
|
(e) Acquisition of subsidiaries |
|
|
Purchase of subsidiary undertakings (including acquisition expenses) (note 33(a)) |
(124) |
(1,726) |
Net cash acquired with subsidiary undertakings (note 33(a)) |
4 |
60 |
Deferred consideration settled on acquisitions made in previous years |
(59) |
(54) |
Net cash outflow for acquisition of subsidiaries |
(179) |
(1,720) |
|
|
|
|
|
|
(f) Disposal of subsidiaries |
|
|
Proceeds of disposal of transaction processing activities in France (note 33(b)) |
191 |
– |
Sale of other businesses (note 33(c)) |
– |
6 |
Cash inflow from disposal of subsidiaries |
191 |
6 |
|
|
|
|
|
|
(g) Financing |
|
|
Debt due within one year: |
|
|
Repayment of borrowings |
(29) |
(746) |
New borrowings |
– |
29 |
Debt due after more than one year: |
|
|
Repayment of borrowings |
(249) |
– |
New borrowings |
71 |
1,409 |
Net cash flow from debt financing |
(207) |
692 |
|
|
|
|
2009 |
2008 |
(h) Analysis of cash and cash equivalents |
|
|
Cash at bank and in hand |
127 |
148 |
Short-term investments |
2 |
3 |
Cash and cash equivalents in Group balance sheet |
129 |
151 |
Bank overdrafts |
(2) |
(4) |
Cash and cash equivalents in Group cash flow statement |
127 |
147 |
Cash and cash equivalents held by: |
|
|
Continuing operations |
127 |
145 |
Discontinued operations |
– |
2 |
Cash and cash equivalents in Group cash flow statement |
127 |
147 |
|
|
|
|
|
|
(i) Cash outflow in respect of exceptional items |
|
|
Total exceptional items (note 8) |
117 |
55 |
Working capital movements |
8 |
(9) |
Asset write-offs |
(15) |
(12) |
(Losses)/gains in respect of associates |
(5) |
3 |
Loss on disposal of subsidiaries |
(3) |
– |
Cash outflow in respect of exceptional items |
102 |
37 |
|
|
|
|
|
|
(j) Reconciliation of cash generated from operations to operating cash flow (non-GAAP measure) |
|
|
Cash generated from operations (note 32(a)) |
1,102 |
1,134 |
Purchase of property, plant and equipment |
(75) |
(99) |
Purchase of other intangible assets (note 32(d)) |
(230) |
(222) |
Dividends received from associates |
28 |
36 |
Net cash outflow from exceptional items (note 32(i)) |
102 |
37 |
Operating cash flow |
927 |
886 |