Cash flow and investment highlights
Net cash inflow from operating activities before working capital movement (EBITDA) rose to US$2,185 million from last year’s US$1,483 million. The ratio of EBITDA to group turnover increased in the year to 19.2% (2003: 18.2% restated).
The group achieved free cash flow of US$1,161 million (2003: US$755 million), representing net cash inflow from operating activities plus dividends received from associates and other investments, cash received from the sale of tangible fixed assets and investments less net interest paid, taxation paid and cash paid for expenditure on tangible fixed assets.
Acquisition details are disclosed in the directors’ report.
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