Summary Financial Statement

Condensed Group Cash Flow Statement

Condensed Group Cash Flow Statement for the year ended 31 December 2008

  2008 $million 2007(b) $million
Net cash inflow from operating activities    
Profit before taxation 564 469
Net interest payable 66 30
Depreciation, amortisation and impairment 287 237
Share based payment expense 24 23
Utilisation of Plus inventory stepped-up on acquisition 15 64
Share of results of associates (1) -
Movement in working capital and provisions (140) (130)
Cash generated from operations (c) 815 693
Net interest paid (63) (30)
Income taxes paid (186) (225)
Net cash inflow from operating activities 566 438
Cash flows from investing activities    
Acquisitions (d) (16) (781)
Capital expenditure (289) (194)
Net cash used in investing activities (305) (975)
Cash flows from financing activities    
Proceeds from issue of ordinary share capital 19 28
Purchase of treasury shares (193) (640)
Cash movements in borrowings 31 1,078
Settlement of currency swaps 5 (14)
Proceeds from own shares 4 -
Equity dividends paid (109) (105)
Net cash (used in)/from financing activities (243) 347
Net increase/(decrease) in cash and cash equivalents 18 (190)
Cash and cash equivalents at beginning of year 109 291
Exchange adjustments (5) 8
     
Cash and cash equivalents at end of year (e) 122 109
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  • After $10 million (2007 – net $1 million) unreimbursed by insurers relating to macrotextured knee revisions, $48 million (2007 – $33 million) of acquisition related costs and $28 million (2007 – $39 million) of outgoings on restructuring and rationalisation expenses in the year and in 2007 a legal settlement of $30 million.
  • 2007 net of $18 million cash acquired with Plus.
  • Cash and cash equivalents at the end of the year are net of overdrafts of $23 million (2007 – $61 million).