Consolidated Cash Flow Statement

for the year ended 31 December

        2007   2006
            as restated1
    Notes   €m   €m
Operating profit – continuing operations       101.3   61.8
Discontinued operation – Greece   39   (8.0)   12.6
Operating profit – all operations       93.3   74.4
Reverse depreciation on property, plant and equipment   3   152.8   183.4
Reverse amortisation of other intangible assets   3   4.9   5.2
Reverse adjustments arising on differences between sales proceeds and depreciated amounts   3   (18.7)   (23.8)
Reverse operating goodwill impairment   3   –   0.3
Reverse exceptional goodwill impairment   5   11.1   –
Reverse non-cash operating lease charge on manufacturer repurchase contracts   3   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   4   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   11   (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   13   (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   37a)   17.2   (8.2)
Acquisition of licensee businesses   38   (5.0)   (0.3)
        (90.4)   (149.4)
Proceeds on disposal of business   39   22.2   –
Cash balances disposed with business   39   (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   37a)   (57.6)   (97.3)
Purchase of own shares       (2.7)   –
Cash flow on derivative financial instruments – debt   37a)   (35.3)   (4.8)
Proceeds from bank and other loans   37a)   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   37a)   (0.4)   0.6
Net (decrease)/increase in cash and cash equivalents       (61.2)   26.9
Cash and cash equivalents at 1 January   37a)   113.3   86.4
Cash and cash equivalents at 31 December       52.1   113.3

The accompanying Notes form an integral part of these Consolidated Financial Statements.