Full 2007 Annual Report
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Summary Financial Statement

Condensed Group Cash Flow Statement

Condensed Group Cash Flow Statement for the year ended 31 December 2007

  2007 $million 2006 $million
Net cash inflow from operating activities    
Profit before taxation 469 550
Add net interest payable/(Less net interest receivable) 30 (10)
Depreciation, amortisation and impairment 237 169
Share based payment expense 23 14
Utilisation of Plus inventory stepped-up on acquisition 64 –
Movement in working capital and provisions (130) (217)
Cash generated from operations (c) 693 506
Net interest (paid)/received (30) 10
Income taxes paid (225) (144)
Net cash inflow from operating activities 438 372
Cash flows from investing activities    
Acquisitions (d) (781) (83)
Disposal of the joint venture – 537
Capital expenditure (194) (222)
Net cash (used in)/provided by investing activities (e) (975) 232
Cash flows from financing activities    
Proceeds from issue of ordinary share capital 28 16
Treasury shares purchased (640) –
Cash movements in borrowings 1,078 (293)
Settlement of currency swaps (14) (10)
Equity dividends paid (105) (96)
Net cash provided by/(used in) financing activities 347 (383)
Net (decrease)/increase in cash and cash equivalents (190) 221
Cash and cash equivalents at beginning of year 291 65
Exchange adjustments 8 5
     
Cash and cash equivalents at end of year (f) 109 291
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  • After $23 million (2006 – $33 million) unreimbursed by insurers relating to macrotextured knee revisions offset by a receipt of $22 million (2006 – nil) from a successful legal settlement, $33 million (2006 – $4 million) of acquisition related costs, $39 million (2006 – $21 million) of outgoings on restructuring, rationalisation expenses and acquisition costs and a legal settlement of $30 million (2006 – nil).
  • Net of $18 million of cash and overdrafts acquired with Plus in 2007 (2006 – $2 million cash acquired with acquisitions).
  • Discontinued operations accounted for nil (2006 – $537 million) of net cash flow from investing activities.
  • Cash and cash equivalents at the end of the period are net of overdrafts of $61 million (2006 – $55 million).