BOC Report and accounts 2005 - Alle jaarverslagen

More documents

Recommendations

Info

128 The BOC Group plc Annual report and accounts 2005 Notes to the financial statements 27. Cash flow a) Net cash inflow from operating activities 2005 2004 2003 Notes £ million £ million £ million Total operating profit before exceptional items 564.2 576.9 505.6 Depreciation and amortisation 301.9 324.0 333.4 Net retirement benefits charge less contributions (14.4) (15.9) 5.6 Operating profit before exceptional items of joint ventures (107.1) (99.4) (86.8) Operating profit before exceptional items of associates (20.5) (13.1) (11.4) Change in stocks (21.0) (25.0) (16.6) Change in debtors (58.9) (35.1) 2.5 Change in creditors 35.8 44.0 10.8 Exceptional cash flows (16.9) (11.9) (28.3) Other 2.4 14.0 (14.7) Net cash inflow from operating activities 665.5 758.5 700.1 b) Reconciliation of net cash flow to movement in net debt Decrease/(increase) in cash 50.2 (150.1) 102.5 Decrease in debt 27(d) (165.7) (180.7) (128.7) Decrease/(increase) in liquid resources 14.3 (20.8) 16.2 Change in net debt resulting from cash flows (101.2) (351.6) (10.0) Net borrowings assumed at acquisition 6.2 4.7 0.8 Net (borrowings)/liquid resources eliminated on disposal (40.9) – 31.0 Inception of finance leases 7.1 0.2 – Exchange adjustment 6.1 (59.0) 20.7 Movement in net debt in the year (122.7) (405.7) 42.5 Net debt at 1 October 962.4 1,368.1 1,325.6 Net debt at 30 September 839.7 962.4 1,368.1 c) Analysis of net debt Acquisitions/ disposals At (excluding Other At 1 October cash and non-cash Exchange 30 September 2004 Cash flow overdrafts) changes adjustment 2005 £ million £ million £ million £ million £ million £ million Cash at bank and in hand due within one year 228.2 (36.9) – – (0.3) 191.0 Borrowings and finance leases due within one year (262.1) 205.8 11.4 (193.9) (20.4) (259.2) Borrowings and finance leases due beyond one year (928.5) (67.7) 23.3 186.8 14.6 (771.5) Net borrowings and finance leases (962.4) 101.2 34.7 (7.1) (6.1) (839.7) d) (Decrease)/increase in debt 2005 2004 2003 £ million £ million £ million 6.75% Bonds 2004 – (125.0) – 6 1 /4% Notes 2002 – – (38.2) Medium-term notes (168.6) 74.8 93.7 European Investment Bank loans – – (72.4) Repayment of commercial paper (5.5) (42.6) (90.7) Other (net) 8.4 (87.9) (21.1) Decrease in debt (165.7) (180.7) (128.7)
Notes to the financial statements 129 28.Acquisitions and disposals a) Cash flow 2005 2004 2003 Acquisitions Disposals Acquisitions Disposals Acquisitions Disposals £ million £ million £ million £ million £ million £ million Cash flow arising on the acquisition and disposal of businesses Goodwill – 24.7 – 4.6 – – Intangible fixed assets (1.3) 0.1 – – (2.4) – Tangible fixed assets (17.2) 167.7 (3.7) 102.3 (61.5) 0.8 Joint ventures, associates and other investments (30.3) 14.7 (80.6) 10.2 (4.8) 1.1 Stocks (1.5) 12.9 (0.5) 16.2 (2.7) 0.1 Debtors (11.4) 84.2 (5.3) 25.2 (15.3) 0.1 Cash at bank and in hand (2.3) 23.3 (2.8) – – 0.2 Creditors including taxation 11.7 (72.6) 2.5 3.8 7.8 (0.1) Borrowings 6.2 (40.9) 4.7 – 0.8 – Minorities (0.7) (75.2) (0.8) 0.2 (2.2) 0.3 Net assets (acquired)/disposed of (46.8) 138.9 (86.5) 162.5 (80.3) 2.5 Goodwill on acquisitions of subsidiaries (16.8) – (2.9) – (46.7) – Goodwill on acquisitions of joint ventures and associates – – 41.5 – (8.0) – Goodwill in reserves written off on disposals – 1.0 – 15.3 – – Surplus/(deficit) over book value on disposals – 84.2 – (79.5) – (0.7) (Acquisition)/disposal price (63.6) 224.1 (47.9) 98.3 (135.0) 1.8 Deferred payments and receipts 1 6.5 – (3.0) – (0.5) 2.1 1. Deferred payments and receipts include amounts for current years and payments and/or receipts in respect of prior years. (57.1) 224.1 (50.9) 98.3 (135.5) 3.9 In September 2005, BOC acquired G Van Dongen Holding BV, expanding Gist’s primary business into Europe. In March 2005, BOC acquired 50 per cent of Maanshan BOC-Ma Steel Gases Co Limited, the joint venture formed to supply the industrial gases needs of Ma Steel in China. During 2005, BOC made an additional equity investment in Compania de Nitrogeno de Cantarell (CNC) in proportion to its 65 per cent equity shareholding. In March 2005, BOC’s South African subsidiary,African Oxygen Limited (Afrox) completed the sale of its majority shareholding in Afrox Healthcare Limited to a consortium led by two major black empowerment groups. Profit on disposal of this business amounted to £84.9 million.Afrox has retained a significant interest in the hospitals business through a 20 per cent holding in the new company. Following this disposal,Afrox accounts for its share of the business on an equity basis, taking its share of operating profit and net interest into account. In 2005, the Group also recognised a further £13.2 million profit on disposal of the US packaged gas business.The additional proceeds, received in November 2005, had been subject to certain conditions at the time of disposal in July 2004. In December 2004, BOC, through its subsidiary Thai Industrial Gases Public Co Limited, sold its shares in Unique Gas and Petrochemicals Public Co Limited. b) Fair value of acquisitions Provisionally there were no fair value adjustments in 2005.
Page 1 and 2:
BOC Report and accounts 2005
Page 3 and 4:
01 The BOC Group plc is a public li
Page 5 and 6:
Financial highlights 03 Dividends p
Page 7 and 8:
Chairman’s statement 05 Conduct a
Page 9 and 10:
Chief executive’s review 07 Indus
Page 11 and 12:
Board of directors 09 08 09 10 11 1
Page 13 and 14:
Executive management board 11 09 10
Page 15 and 16:
Group five year record 13 Capital e
Page 17 and 18:
Group profile 15 Analysis of result
Page 19 and 20:
Group profile 17 Principal industri
Page 21 and 22:
Group profile 19 In China, signific
Page 23 and 24:
Group profile 21 Sales opportunitie
Page 25 and 26:
Employees 23 At 30 September 2005 t
Page 27 and 28:
Employees 25 Retirement benefit pla
Page 29 and 30:
Social, environmental and ethical p
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Research, development and informati
Page 41 and 42:
Risk factors 39 BOC relies on devel
Page 43 and 44:
Operating review 41 Exceptional ite
Page 45 and 46:
Operating review (comparing 2005 wi
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Financial review 55 Net debt/equity
Page 59 and 60:
Financial review 57 The balance she
Page 61 and 62:
Financial review 59 Manganese litig
Page 63 and 64:
Financial review 61 Current asset p
Page 65 and 66:
Financial review 63 Average exchang
Page 67 and 68:
Corporate governance 65 During the
Page 69 and 70:
Corporate governance 67 Performance
Page 71 and 72:
Corporate governance 69 During the
Page 73 and 74:
Corporate governance 71 There is a
Page 75 and 76:
Report on remuneration 73 Variable
Page 77 and 78:
Report on remuneration 75 Current m
Page 79 and 80: Report on remuneration 77 Individua
Page 81 and 82: Report on remuneration 79 Executive
Page 83 and 84: Report on remuneration 81 Opening m
Page 85 and 86: Report on remuneration 83 Mr Médor
Page 87 and 88: Report by the independent auditors
Page 89 and 90: Group balance sheet At 30 September
Page 91 and 92: Total recognised gains and losses Y
Page 93 and 94: Accounting policies 91 General •
Page 95 and 96: Notes to the financial statements 9
Page 129: Notes to the financial statements 1
Page 141 and 142: Group undertakings 139 Principal Gr
Page 143 and 144: Shareholder information 141 The tab
Page 145 and 146: Shareholder information 143 Taxatio
Page 147 and 148: Shareholder information 145 Payment
Page 149 and 150: Glossary of terms 147 Terms used in
Page 151 and 152: ©The BOC Group plc 2005. Designed
show all

BOC Report and accounts 2005 - Alle jaarverslagen

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?