Source: Extract from Annual Report 2008
for the year ended 31 December
| Notes | 2008 £m |
2007 £m |
|
|---|---|---|---|
| Profit for the year from continuing operations | 1,768 | 900 | |
| Profit for the year from discontinued operations | – | 22 | |
| Profit for the year | 1,768 | 922 | |
| Taxation expense | 603 | 335 | |
| Share of results of equity accounted investments | 14 | (139) | (139) |
| Net finance costs | (653) | (58) | |
| Depreciation, amortisation and impairment | 755 | 610 | |
| (Gain)/loss on disposal of property, plant and equipment | 4, 5 | (33) | 3 |
| Gain on disposal of investment property | 5 | (5) | (47) |
| Gain on disposal of non–current other investments | – | (8) | |
| Gain on disposal of businesses – continuing operations | 4, 5 | (238) | (40) |
| Gain on disposal of businesses – discontinued operations | 9 | – | (22) |
| Cost of equity–settled employee share schemes | 51 | 34 | |
| Movements in provisions | (115) | 52 | |
| Decrease in liabilities for retirement benefit obligations | (272) | (233) | |
| Decrease/(increase) in working capital: | |||
| Inventories | 46 | (188) | |
| Trade and other receivables | (5) | (271) | |
| Trade and other payables | 246 | 1,212 | |
| Cash inflow from operating activities | 2,009 | 2,162 | |
| Interest paid | (249) | (224) | |
| Interest element of finance lease rental payments | (5) | (6) | |
| Taxation paid | (261) | (112) | |
| Net cash inflow from operating activities | 1,494 | 1,820 | |
| Dividends received from equity accounted investments | 14 | 89 | 78 |
| Interest received | 156 | 175 | |
| Purchases of property, plant and equipment | (520) | (307) | |
| Purchases of intangible assets | (32) | (31) | |
| Equity accounted investment funding | – | (4) | |
| Proceeds from sale of property, plant and equipment | 44 | 13 | |
| Proceeds from sale of investment property | 5 | 53 | |
| Proceeds from sale of non–current other investments | – | 15 | |
| Purchase of non–current other investments | 15 | – | (1) |
| Purchase of subsidiary undertakings | 29, 31 | (1,078) | (1,731) |
| Cash and cash equivalents acquired with subsidiary undertakings | 29 | 2 | 6 |
| Purchase of equity accounted investments | 29 | (12) | (1) |
| Proceeds from sale of subsidiary undertakings | 9 | 131 | 96 |
| Cash and cash equivalents disposed of with subsidiary undertakings | 29 | (60) | (1) |
| Proceeds from sale of equity accounted investments | 9 | 16 | 57 |
| Proceeds from sale of other deposits | 164 | 343 | |
| Net cash outflow from investing activities | (1,095) | (1,240) | |
| Capital element of finance lease rental payments | (18) | (25) | |
| Proceeds from issue of share capital | 27 | 16 | 805 |
| Purchase of treasury shares | 27 | – | (152) |
| Purchase of own shares | 27 | (43) | (50) |
| Equity dividends paid | 30 | (478) | (396) |
| Dividends paid to minority interests | (11) | (1) | |
| Dividends paid on preference shares | – | (10) | |
| Cash outflow from matured derivative financial instruments | (440) | (14) | |
| Cash inflow from reduction in cash collateral | 106 | 9 | |
| Cash outflow from repayment of loans | (306) | (777) | |
| Net cash outflow from financing activities | (1,174) | (611) | |
| Net decrease in cash and cash equivalents | (775) | (31) | |
| Cash and cash equivalents at 1 January | 3,046 | 3,074 | |
| Effect of foreign exchange rate changes on cash and cash equivalents | 334 | 3 | |
| Cash and cash equivalents at 31 December | 2,605 | 3,046 | |
| Comprising: | |||
| Cash and cash equivalents | 2,624 | 3,062 | |
| Overdrafts | (19) | (16) | |
| Cash and cash equivalents at 31 December | 2,605 | 3,046 |
