|
USD million
|
|
FY 2009 |
|
FY 2008 |
|
% change y-o-y |
| Net Cash Flows from Operating Activities |
|
733.7 |
|
629.3 |
|
17 |
Net Cash from Operating Activities before
Changes in Working Capital |
|
835.5 |
|
774.3 |
|
8 |
| Change in Working Capital |
|
166.0 |
|
243.9 |
|
(32) |
| Net Interest and Income Tax Paid |
|
(267.9) |
|
(388.9) |
|
(31) |
| Net Cash Used in Investing Activities |
|
(433.8) |
|
(1,656.0) |
|
(74) |
Net Cash (used in)/generated from Financing
Activities |
|
(194.3) |
|
1,194.2 |
|
n/a |
Effect of Exchange Rate Changes on Cash & Cash
Equivalents |
|
29.3 |
|
(70.2) |
|
n/a |
| Net Increase in Cash & Cash Equivalents |
|
134.8 |
|
97.3 |
|
39 |
Full year 2009 net cash flow from operating activities totaled USD 734 million compared to USD 629 million a year ago. Higher cash generation was driven by strong operating performance and efficient working capital management.
Net cash used in investing activities decreased dramatically to USD 434 million in 2009 from USD 1,656 million in 2008. Organic capital expenditures (“CapEx”) totaled USD 245 million in 2009 versus USD 997 million in 2008, while in 2009 X5 added 126 thousand sq.m. of selling space organically compared to 127 thousand sq.m. in 2008. CapEx savings were attributable to more favourable real estate conditions and a shift in focus to leased versus owned premises (over 70% of selling space added and new stores opened in 2009 were leased), as well as a decrease in construction and repair costs. Increased CapEx efficiency provided flexibility for consolidation opportunities: X5 acquired Paterson for USD 189.5 million (equity value), adding 82 stores with total net selling space of approximately 63 thousand sq.m. on attractive, value enhancing terms while remaining within our 2009 CapEx limit and financing this acquisition from operating cash flow.
Net cash used in financing activities in 2009 amounted to USD 194 million, as the Company utilized generated free cash flow to reduce its debt levels, including redemption of acquired Paterson debt in the amount of approximately USD 90 million (gross debt).