Full Annual Report - Inchcape

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Financial statements Consolidated statement of cash flows For the year ended 31 December 2009 Cash flows from operating activities Cash generated from operations 26a 336.7 183.7 Tax paid (58.5) (57.6) Interest received 7.2 20.0 Interest paid (40.1) (74.0) Net cash generated from operating activities 245.3 72.1 Cash flows from investing activities Acquisition of businesses, net of cash and overdrafts acquired (21.1) (135.4) Net cash inflow from sale of businesses 3.0 27.3 Purchase of property, plant and equipment (50.1) (117.8) Purchase of intangible assets (14.6) (10.8) Proceeds from disposal of property, plant and equipment 15.8 26.8 Net disposal of available for sale financial assets 0.1 0.4 Dividends received from joint ventures and associates 0.6 1.3 Net cash used in investing activities (66.3) (208.2) Cash flows from financing activities Proceeds from issue of ordinary shares 234.3 3.0 Share buy back programme – (16.0) Net purchase of own shares by ESOP Trust (0.7) (4.2) Net cash (outflow) / inflow from borrowings (454.8) 275.2 Payment of capital element of finance leases (3.7) (0.7) Loans granted to joint ventures (2.3) (1.7) Settlement of derivatives 10.1 17.5 Equity dividends paid – (73.1) Minority dividends paid (3.7) (2.6) Net cash used in financing activities (220.8) 197.4 Net (decrease) / increase in cash and cash equivalents 26b (41.8) 61.3 Cash and cash equivalents at the beginning of the year 312.8 198.6 Effect of foreign exchange rate changes (13.8) 52.9 Cash and cash equivalents at the end of the year 257.2 312.8 Cash and cash equivalents consist of: Cash at bank and in hand 18 319.6 351.3 Short-term deposits 18 61.7 106.7 Bank overdrafts 22 (124.1) (145.2) 257.2 312.8 Notes 2009 £m 2008 £m 82 Inchcape plc ¦ Annual Report and Accounts 2009
Section Three Financial statements Accounting policies The consolidated Financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, and International Financial Reporting Interpretation Committee (IFRIC) interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. Accounting convention The consolidated Financial statements have been prepared on a going concern basis and under the historical cost convention, except for the retention of certain freehold properties and leasehold buildings at previously revalued amounts (which were treated as deemed cost on transition to IFRS) and the measurement of certain balances at fair value as disclosed in the accounting policies below. Going concern After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue as a going concern for the foreseeable future. As such, the Group continues to adopt the going concern basis in preparing the annual report and accounts. Changes in accounting policy and disclosures A number of new standards, amendments and interpretations are effective for the first time for 2009. The Group has adopted, with effect from 1 January 2009, the amendments and revisions to standards noted below: The Group has adopted IFRS 8, ‘Operating segments’ which replaces IAS 14 ‘Segment reporting’. The new standard requires segmental reporting to be presented on the same basis as the internal management reporting. This has had no impact on the results or financial position of the Group. All comparatives have been restated according to the revised segmental disclosure. Further discussion on the changes can be seen in note 1, page 90. IAS 1 (Revised), ‘Presentation of financial statements’ has been adopted by the Group, which prohibits the presentation of non-owner items of income and expense in the consolidated statement of changes in equity. It has had no impact on the results or financial position of the Group. The Group has also adopted the amendment to IAS 16, ‘Property, plant and equipment’ on a prospective basis from 1 January 2009. Group policy states that where an asset is held for rental to others, for a period of longer than 12 months, it is held as property, plant and equipment and depreciated to residual value over the course of the lease. Upon expiry of the lease, when the asset is held for sale, it is transferred to inventory at net book value and upon sale of the asset, the subsequent revenue and the net book value are recorded on a gross basis, through revenue and cost of sales. The adoption of the amendment has not had a material impact on the results or position of the Group for the period ended 31 December 2009. Amendment to IFRS 7, ‘Financial instruments: Disclosures’ requires enhanced disclosures in respect of fair value measurements and liquidity risk. While adopting the amendment, the Group has elected not to provide comparative information for these expanded disclosures in the current year in accordance with the transitional reliefs offered in the amendment. The following standards and interpretations have also been adopted by the Group but have not had an impact on the results or financial position for the period ended 31 December 2009: – IFRIC 9, ‘Reassessment of embedded derivatives’ – IFRIC 13, ‘Customer loyalty programmes’ – IFRIC 15, ‘Agreements for the construction of real estate’ – IFRIC 16, ‘Hedges of a net investment in a foreign operation’ – IFRIC 17, ‘Distributions of non-cash assets to owners’ – IFRIC 18, ‘Transfers of assets from customers’ – IFRS 2, ‘Share-based payment – Vesting conditions and cancellations’ – IAS 7, ‘Statement of cash flows: Presentation of a statement of cash flows’ – IAS 32 (Amendment), ‘Financial instruments: Presentation’ – IAS 39 (Amendment), ‘Financial instruments: Recognition and measurement’. At the end of the reporting period, the following revised standards were in issue but were not yet effective. These standards have not been early adopted by the Group, and will be applied for the Group’s financial years commencing on or after 1 January 2010: – IAS 27, (Revised) ‘Consolidated and separate financial statements’ – IFRS 3, (Revised) ‘Business combinations’ – IAS 28, ‘Investments in associates’ – IAS 31, ‘Interest in joint ventures’ – IAS 38, ‘Amendment to IAS 38 Intangible assets: Recognition and measurement’ – IAS 17, ‘Amendment to IAS 17 Leases: Transitional provisions’ – IFRS 9, ‘Financial instruments’ – Amendment to IFRS 2, ‘Share-based payments group cash-settled transactions’. www.inchcape.com 83
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Annual Report and Accounts 2009 Ind
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Section One Business review Financi
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The Inchcape business model Section
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The Inchcape Advantage Section One
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Global experience Section One Busin
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Full Annual Report - Inchcape

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