| For the year ended 31 December 2007 |
2007
€m |
2006
as restated1
€m |
Operating profit - continuing operations |
101.3 |
61.8 |
| Discontinued operation - Greece |
(8.0) |
12.6 |
| Operating profit - all operations |
93.3 |
74.4 |
| Reverse depreciation on property, plant and equipment |
152.8 |
183.4 |
| Reverse amortisation of other intangible assets |
4.9 |
5.2 |
| Reverse adjustments arising on differences between sales proceeds and depreciated amounts |
(18.7) |
(23.8) |
| Reverse operating goodwill impairment |
- |
0.3 |
| Reverse exceptional goodwill impairment |
11.1 |
- |
| Reverse non-cash operating lease charge on manufacturer re-purchase contracts |
185.8 |
171.4 |
| Payments in respect of manufacturer repurchase contracts |
(1,428.1) |
(1,252.4) |
| Receipts in respect of manufacturer repurchase contracts |
1,092.2 |
1,130.6 |
| Reverse share-based payment charges |
0.4 |
0.2 |
| Increase in inventories |
(0.7) |
(0.4) |
| Increase in receivables |
(52.3) |
(20.3) |
| Increase/(decrease) in payables |
8.0 |
(2.7) |
| Increase in provisions |
12.0 |
12.0 |
| Decrease in retirement benefit obligations |
(3.9) |
(4.8) |
| Reverse certain re-measurement items and economic hedging adjustments |
(1.7) |
(1.6) |
| Cash flow on derivative financial instruments – non-debt |
(1.6) |
0.4 |
Net cash generated from operating activities before taxation |
53.5 |
271.9 |
| Tax paid |
(9.9) |
(9.8) |
| Net cash generated from operating activities |
43.6 |
262.1 |
|
Investing activities |
|
|
| Purchase of other intangible assets |
(9.6) |
(8.1) |
| Purchase of vehicles |
(492.5) |
(493.0) |
| Proceeds on disposal of vehicles |
346.0 |
294.4 |
| Purchase of other property, plant and equipment |
(19.0) |
(21.7) |
| Proceeds on disposal of other property, plant and equipment |
7.7 |
2.1 |
| Proceeds on disposal of non-current assets held for sale |
64.8 |
85.4 |
| Disposal/(purchase) of financial assets held for trading |
17.2 |
(8.2) |
| Acquisition of licensee businesses |
(5.0) |
(0.3) |
| |
(90.4) |
(149.4) |
| Proceeds on disposal of business |
22.2 |
- |
| Cash balances disposed with business |
(2.4) |
- |
| Net cash used in investing activities |
(70.6) |
(149.4) |
|
Financing activities |
|
|
| Finance revenue received |
5.5 |
4.3 |
| Finance costs paid |
(67.8) |
(57.6) |
| Finance cost element of finance lease payments |
(17.5) |
(11.7) |
| Net capital element of finance lease payments |
(57.6) |
(97.3) |
| Purchase of own shares |
(2.7) |
- |
| Cash flow on derivative financial instruments – debt |
(35.3) |
(4.8) |
| Proceeds from bank and other loans |
141.6 |
80.7 |
| Net cash used in financing activities |
(33.8) |
(86.4) |
(Decrease)/increase in cash and cash equivalents (excluding exchange rate changes) |
(60.8) |
26.3 |
| Effects of exchange rate changes |
(0.4) |
0.6 |
| |
| Net (decrease)/increase in cash and cash equivalents |
(61.2) |
26.9 |
| Cash and cash equivalents at 1 January |
113.3 |
86.4 |
Cash and cash equivalents at 31 December |
52.1 |
113.3 |
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