4.0 - Imperial
4.0 - Imperial
4.0 - Imperial
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2009 2008<br />
Rm<br />
Rm<br />
Financial Statements<br />
35. Notes to the cash flow statements<br />
(a)<br />
Cash generated by operations<br />
Profit before net financing costs 3 193 1 126<br />
– Continuing operations 2 489 2 643<br />
– Discontinued operations 704 (1 517)<br />
Adjustments for non-cash movements<br />
– Amortisation of intangible assets, net of recoupments 49 31<br />
– Depreciation of property, plant and equipment 425 447<br />
– Depreciation of property, plant and equipment – discontinued operations 27<br />
– Depreciation of transport fleet, net of recoupments 489 418<br />
– Depreciation of leasing assets, net of recoupments 1 153<br />
– Depreciation of leasing assets, net of recoupments – discontinued operations 19<br />
– Depreciation of vehicles for hire, net of recoupments 349 290<br />
– Exceptional items – continuing and discontinued operations (140) 2 294<br />
– Profit on disposal of property, plant and equipment (75) (70)<br />
– Fair value losses (gains) on insurance investment portfolios 138 (253)<br />
– Impairment of assets (8) 574<br />
– Fair value adjustments (24) 20<br />
– Recognition of share-based payments 55<br />
– Net movement in insurance funds (177) 55<br />
– Increase in retirement benefit obligations 4 (8)<br />
Cash generated by operations before changes in working capital 4 324 6 077<br />
Working capital movements<br />
– Decrease (increase) in inventories 1 445 (593)<br />
– Decrease (increase) in accounts receivable 1 633 (93)<br />
– (Decrease) increase in accounts payable (1 649) 298<br />
5 753 5 689<br />
(b)<br />
Acquisition of subsidiaries and businesses<br />
Goodwill 173 235<br />
Other intangibles 3 11<br />
Property, plant and equipment 109 37<br />
Transport fleet 203 257<br />
Leasing assets 29<br />
Vehicles for hire 58<br />
Deferred taxation (45) (4)<br />
Other investments and loans 4 6<br />
Inventories 7 8<br />
Accounts receivable 197 71<br />
Cash and cash equivalents 57 16<br />
Minority interest (28)<br />
Retirement benefit obligations (35)<br />
Interest-bearing borrowings (181) (42)<br />
Provisions (59) (48)<br />
Accounts payable (117) (32)<br />
Taxation asset (liability) 27 (3)<br />
408 506<br />
Less: Cash resources acquired (57) (16)<br />
Cash flow on acquisition 351 490<br />
<strong>Imperial</strong> holdings limited Annual Report 2009 109
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