This excerpt taken from the ICI 6-K filed Mar 14, 2006.
This excerpt taken from the ICI 20-F filed Apr 1, 2005.
"GAAP" means, in relation to any jurisdiction, generally accepted accounting principles and practices in that jurisdiction;
This excerpt taken from the ICI 6-K filed Mar 16, 2005.
This commentary relates to the Statement of Group cash flow on page 63, which is prepared in accordance with FRS No.1 (revised).
Net cash inflow from operating activities for 2004 was £531m, £8m below 2003. Higher trading profit for the Group was offset by higher cash outflows in support of the restructuring programme. Returns on investments and servicing of finance resulted in an outflow of £79m which was £17m less than 2003, due to reduced interest payments. Capital expenditure and financial investment for 2004 of £150m was £12m higher than the £138m outflow last year, with higher spend on tangible fixed assets.
Acquisitions expenditure was £29m, compared with £20m last year and included £25m of loans to Ineos Chlor.
Net proceeds from disposals were £209m in 2004 compared with £104m in 2003, and comprised £291m gross disposal proceeds (2003 £215m) less costs and expenditure against divestment provisions of £82m (2003 £111m). The sale of Quests Food Ingredients business, with gross proceeds of £249m received in the second quarter, and the proceeds from the sale of 18.9% of the issued shares of Pakistan PTA Ltd and from the sale of the nitrocellulose and trading businesses in India, were the major contributors to disposal proceeds.
Dividend payments of £82m (2003 £86m) comprised payments of the 2003 second interim dividend and the 2004 first interim dividend. Consequently, the Groups cash inflow for 2004, before the use of liquid resources and financing, of £356m was £90m higher than the cash inflow of £266m in 2003. The improvement in Group cash flow resulted from higher operating profit, improved capital effectiveness, reduced interest payments and higher proceeds from disposals.