Richemont is one of the world's leading luxury - Alle jaarverslagen

30. Cash flow generated from operations2009 2008re-presented€ m € mOperating profit 951 1 101Depreciation and impairment of property, plant and equipment 175 139Amortisation and impairment of intangible assets 49 35Loss on disposal of property, plant and equipment 1 1Profit on disposal of intangible assets – (2)(Decrease)/increase in provisions (11) 2Decrease in retirement benefit obligations (5) (60)Non-cash items 20 19Increase in inventories (218) (308)Decrease/(increase) in trade debtors 21 (11)Increase in other receivables, prepayments and accrued income (15) (6)(Decrease)/increase in current liabilities (154) 58Increase in long-term liabilities 5 –Cash flow generated from operations 819 96831. Financial commitments and contingent liabilitiesAt 31 March 2009, the Group had contingent liabilities in respect of bank and other guarantees and other matters arising in the ordinary courseof business from which it is anticipated that no material losses will arise. Details of the Group’s commitments in respect of financial derivativesare given in note 15 and in respect of property, plant and equipment in note 7. At 31 March 2009, the Group has provided non-significantguarantees to third parties up to a maximum of € 4 million (2008: € 14 million).The Group leases various boutiques, offices and manufacturing premises under non-cancellable operating lease agreements. The leases havevarying terms, escalation clauses and renewal rights. The cost for certain boutique leases contains a fixed portion together with a variableportion which is most commonly a percentage of sales achieved. The commitments below reflect only the fixed elements.The Group had signed non-cancellable operating leases in respect of which the following minimum rentals are payable at 31 March:Land and buildings Other assets Total2009 2008 2009 2008 2009 2008€ m € m € m € m € m € mWithin one year 207 159 16 10 223 169Between two and five years 450 353 25 20 475 373Thereafter 250 249 2 2 252 251907 761 43 32 950 793At 31 March 2009, the Group had committed to invest a further € 1 million (2008: € 307 million) in unlisted undertakings until 2010.Richemont Annual Report and Accounts 2009 95Consolidated financial statements