Vodafone Group Plc Annual Report for the year ended 31 March 2012

Vodafone Group Plc
Annual Report 2012
137
27. Reconciliation of net cash flow from operating activities
2012 2011 2010
£m £m £m
Profit for the financial year 7,003 7,870 8,618
Adjustments for:
Share-based payments 143 156 150
Depreciation and amortisation 7,859 7,876 7,910
Loss on disposal of property, plant and equipment 47 91 101
Share of result in associates (4,963) (5,059) (4,742)
Impairment losses 4,050 6,150 2,100
Other income and expense (3,705) 16 (114)
Non-operating income and expense 162 (3,022) 10
Investment income (456) (1,309) (716)
Financing costs 1,932 429 1,512
Income tax expense 2,546 1,628 56
Decrease/(increase) in inventory 24 (107) 2
Increase in trade and other receivables (689) (387) (714)
Increase in trade and other payables 871 1,060 1,164
Cash generated by operations 14,824 15,392 15,337
Tax paid (2,069) (3,397) (2,273)
Net cash flow from operating activities 12,755 11,995 13,064
28. Commitments
Operating lease commitments
The Group has entered into commercial leases on certain properties, network infrastructure, motor vehicles and items of equipment. The leases
have various terms, escalation clauses, purchase options and renewal rights, none of which are individually significant to the Group.
Future minimum lease payments under non-cancellable operating leases comprise:
2012 2011
£m £m
Within one year 1,110 1,225
In more than one year but less than two years 893 958
In more than two years but less than three years 740 746
In more than three years but less than four years 624 638
In more than four years but less than five years 528 602
In more than five years 2,246 2,344
6,141 6,513
The total of future minimum sublease payments expected to be received under non-cancellable subleases is £252 million (2011: £240 million).
Capital commitments
Company and subsidiaries Share of joint ventures Group
2012 2011 2012 2011 2012 2011
£m £m £m £m £m £m
Contracts placed for future capital expenditure not
provided in the financial statements 1 1,735 1,786 283 338 2,018 2,124
Note:
1 Commitment includes contracts placed for property, plant and equipment and intangible assets.
The commitments of Cellco Partnership (‘Cellco’), which trades under the name of Verizon Wireless, are disclosed within the consolidated financial
statements of Cellco for the year ended 31 December 2011, which are included as an exhibit to our 2012 annual report on Form 20-F filed with
the SEC.
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