REG - Tesco PLC - Interim Results 2016/17 <Origin Href="QuoteRef">TSCO.L</Origin> - Part 2
05/10/2016 07:06
- Part 2: For the preceding part double click ID:nRSE7004La
12 (3,025) (2,826) (1,219)
Derivative financial instruments and other liabilities (94) (62) (70)
Customer deposits and deposits from banks (8,281) (7,479) (7,026)
Current tax liabilities (492) (419) (181)
Provisions (376) (360) (324)
(21,067) (19,714) (17,303)
Liabilities of the disposal groups classified as held for sale 7 (201) - (1,528)
Net current liabilities (4,451) (4,886) (2,954)
Non-current liabilities
Borrowings 12 (11,130) (10,711) (11,385)
Derivative financial instruments and other liabilities (994) (889) (905)
Post-employment benefit obligations 15 (7,123) (3,175) (5,196)
Deferred tax liabilities (80) (135) (472)
Provisions (666) (664) (580)
(19,993) (15,574) (18,538)
Net assets 5,911 8,616 6,158
Equity
Share capital 409 407 406
Share premium 5,095 5,095 5,095
All other reserves 501 (141) (878)
Retained earnings (75) 3,265 1,540
Equity attributable to owners of the parent 5,930 8,626 6,163
Non-controlling interests (19) (10) (5)
Total equity 5,911 8,616 6,158
The notes on pages 19 to 41 form part of these condensed consolidated interim financial statements
TESCO PLC
Group statement of changes in equity
All other reserves
Sharecapital£m Sharepremium £m Otherreserves£m CapitalRedemptionreserve £m Hedging reserve£m Translationreserve£m Treasury shares £m Retained earnings £m Total £m Non-controlling interests £m Total equity £m
At 27 February 2016 407 5,095 40 16 211 (401) (7) 3,265 8,626 (10) 8,616
Profit/ (loss) for the period - - - - - - - (91) (91) (9) (100)
Other comprehensive income/ (loss)
Change in fair value of available-for-sale financial assets and investments - - - - - - - 75 75 - 75
Currency translation differences - - - - - 648 - - 648 - 648
Remeasurements on defined benefit pension schemes - - - - - - - (3,983) (3,983) - (3,983)
Gains/ (losses) on cash flow hedges - - - - 30 - - - 30 - 30
Tax relating to components of other comprehensive income - - - - (5) (14) - 701 682 - 682
Total other comprehensive income/ (loss) - - - - 25 634 - (3,207) (2,548) - (2,548)
Total comprehensive income/ (loss) - - - - 25 634 - (3,298) (2,639) (9) (2,648)
Transactions with owners
Purchase of treasury shares - - - - - - (23) - (23) - (23)
Share-based payments - - - - - - 6 (42) (36) - (36)
Issue of shares 2 - - - - - - - 2 - 2
Dividends - - - - - - - - - - -
Changes in non-controlling interests - - - - - - - - - - -
Total transactions with owners 2 - - - - - (17) (42) (57) - (57)
At 27 August 2016 409 5,095 40 16 236 233 (24) (75) 5,930 (19) 5,911
The notes on pages 19 to 41 form part of these condensed consolidated interim financial statements.
All other reserves
Sharecapital£m Sharepremium £m Otherreserves£m Capitalredemptionreserve £m Hedging reserve£m Translationreserve£m Treasury shares £m Retained earnings £m Total£m Non-controlling interests £m Total equity £m
At 28 February 2015 406 5,094 40 16 35 (488) (17) 1,985 7,071 - 7,071
Profit/ (loss) for the period - - - - - - - (365) (365) (3) (368)
Other comprehensive income/ (loss)
Change in fair value of available-for-sale financial assets and investments - - - - - - - - - - -
Currency translation differences - - - - - (432) - - (432) (2) (434)
Remeasurements on defined benefit pension schemes - - - - - - (308) (308) - (308)
Gains/ (losses) on cash flow hedges - - - - (63) - - - (63) - (63)
Tax relating to components of other comprehensive income - - - - 12 15 - 66 93 - 93
Total other comprehensive income/ (loss) - - - - (51) (417) - (242) (710) (2) (712)
Total comprehensive income/ (loss) - - - - (51) (417) - (607) (1,075) (5) (1,080)
Transactions with owners
Purchase of treasury shares - - - - - - (4) - (4) - (4)
Share-based payments - - - - - - 8 162 170 - 170
Issue of shares - 1 - - - - - - 1 - 1
Dividends - - - - - - - - - - -
Changes in non-controlling interests - - - - - - - - - - -
Total transactions with owners - 1 - - - - 4 162 167 - 167
At 29 August 2015 406 5,095 40 16 (16) (905) (13) 1,540 6,163 (5) 6,158
The notes on pages 19 to 41 form part of these condensed consolidated interim financial statements.
TESCO PLC
Group cash flow statement
26 weeks ended 27 August 2016 Note 26 weeks2016£m 26 weeks2015£m
Cash flows from operating activities
Operating profit of continuing operations 2 515 372
Operating profit/ (loss) of discontinued operations (118) 51
Depreciation and amortisation 2 630 724
(Profit)/ loss arising on sale of property, plant and equipment and intangible assets (18) 4
Profit arising on sale of joint ventures and associates (5) (6)
Net reversal of impairment of other investments (5) (7)
Impairment of loans/ investments in joint ventures and associates - 2
Net impairment charge of property, plant and equipment and intangible assets 110 38
Adjustment for non-cash element of pensions charge 4 104
Additional contribution into pension schemes (111) (93)
Share-based payments (57) 166
Tesco Bank non-cash items included in operating profit 28 22
(Increase)/ decrease in inventories (69) 107
Decrease/ (increase) in development stock 4 (6)
(Increase)/ decrease in trade and other receivables (116) 50
Increase in trade and other payables 353 36
Decrease in provisions (57) (381)
Tesco Bank increase in loans and advances to customers (744) (605)
Tesco Bank increase in trade and other receivables (29) (128)
Tesco Bank increase in customer and bank deposits, trade and other payables 764 131
Tesco Bank increase/ (decrease) in provisions 41 (11)
Decrease/ (increase) in working capital 147 (807)
Cash generated from operations 1,120 570
Interest paid (205) (175)
Corporation tax paid (15) (48)
Net cash generated from operating activities 900 347
The notes on pages 19 to 41 form part of these condensed consolidated interim financial statements.
26 weeks ended 27 August 2016 Note 26 weeks2016£m 26 weeks2015£m
Net cash generated from operating activities 900 347
Cash flows from investing activities
Purchase of property, plant and equipment, investment property and non-current assets classified as held for sale (486) (433)
Purchase of intangible assets (76) (80)
Disposal of subsidiaries, net of cash disposed 211 -
Acquisition of subsidiaries, net of cash acquired (12) (23)
Proceeds from sale of joint ventures and associates - 129
Proceeds from sale of property, plant and equipment, investment property, intangible assets and non-current assets classified as held for sale 239 147
Net decrease in loans to joint ventures and associates 16 3
Investments in joint ventures and associates - (77)
Net (investments in)/ proceeds from sale of short-term investments (970) 293
Net proceeds from sale of other investments 157 110
Dividends received from joint ventures and associates 11 18
Interest received 9 1
Net cash (used in)/ from investing activities (901) 88
Cash flows from financing activities
Proceeds from issue of ordinary share capital - 1
Increase in borrowings 213 418
Repayment of borrowings (31) (869)
Net cash flows from derivative financial instruments 104 186
Repayments of obligations under finance leases (5) (7)
Net cash from/ (used in) financing activities 281 (271)
Net increase in cash and cash equivalents 280 164
Cash and cash equivalents at beginning of the period 3,082 2,174
Effect of foreign exchange rate changes 4 (31)
Cash and cash equivalents including cash held in disposal groups at the end of the period 3,366 2,307
Cash held in disposal groups 7 (11) (121)
Cash and cash equivalents at the end of the period 3,355 2,186
The notes on pages 19 to 41 form part of these condensed consolidated interim financial statements.
The unaudited condensed consolidated interim financial statements for the 26 weeks ended 27 August 2016 were approved by
the Directors on 4 October 2016.
Note 1 Basis of preparation
These condensed consolidated interim financial statements for the 26 weeks ended 27 August 2016 have been prepared in
accordance with the Disclosure and Transparency Rules of the UK Financial Conduct Authority, and with IAS 34, 'Interim
Financial Reporting', as adopted by the European Union. The accounting policies applied are consistent with those described
in the Annual Report and Group financial statements 2016. There are no new or amended standards effective in the period
which have had a material impact on the condensed consolidated interim financial statements. The financial period
represents the 26 weeks ended 27 August 2016 (prior period 26 weeks ended 29 August 2015, prior financial year 52 weeks
ended 27 February 2016).
The condensed consolidated interim financial statements for the current period and prior financial year do not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for the prior
financial year has been delivered to the Registrar of Companies. The auditor's report on those accounts was not qualified,
did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the
report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The Directors consider that the Group has adequate resources to remain in operation for the foreseeable future and have
therefore continued to adopt the going concern basis in preparing the condensed consolidated interim financial statements.
Discontinued operations
In accordance with IFRS 5 'Non-current assets held for sale and discontinued operations', the net results of the Group's
Kipa business in Turkey ('Turkey' or 'Turkish operations') and the Group's Homeplus business in Korea ('Korea' or 'Korean
operations') are presented within discontinued operations in the Group income statement (for which the comparatives have
been restated for Turkey) and the assets and liabilities of these businesses are presented separately in the Group balance
sheet. Refer to Note 7 for further details.
Use of alternative performance measures
The Directors have adopted various alternative performance measures to provide additional useful information on the
underlying trends, performance and position of the Group. These measures are used for performance analysis. The
alternative performance measures are not defined by IFRS and therefore may not be directly comparable with other companies'
alternative performance measures. These measures are not intended to be a substitute for, or superior to, IFRS
measurements.
Diluted earnings per share from continuing operations before exceptional items
This relates to profit after tax before exceptional items attributable to owners of the parent divided by the weighted
average number of ordinary shares in issue during the financial period adjusted for the effects of potentially dilutive
options.
Diluted earnings per share from continuing operations before exceptional items and net pension finance costs
This relates to profit after tax before exceptional items and net pension finance costs attributable to owners of the
parent divided by the weighted average number of ordinary shares in issue during the financial period adjusted for the
effects of potentially dilutive options.
Exceptional items
Exceptional items relate to certain costs or incomes that derive from events or transactions that fall within the normal
activities of the Group but which, individually or, if of a similar type, in aggregate, are excluded from the Group's
alternative performance measures by virtue of their size and nature in order to better reflect management's view of the
performance of the Group. The tax impact on exceptional items is included within the Group income statement.
The Group exercises judgement in assessing whether items should be classified as exceptional. This assessment covers the
nature of the item, cause of occurrence and the scale of impact of that item on reported performance. Reversals of previous
exceptional items are assessed based on the same criteria.
Free cash flow
Free cash flow is net cash generated from/ (used in) operating activities less capital expenditure on property, plant and
equipment, investment property and intangible assets.
Net debt
Net debt excludes the net debt of Tesco Bank but includes that of the discontinued operations. Net debt comprises bank and
other borrowings, finance lease payables, net derivative financial instruments, joint venture loans and other receivables
and net interest receivables/ payables, offset by cash and cash equivalents and short-term investments.
Operating margin
Operating margin is based on operating profit before exceptional items and on revenue.
Operating profit before exceptional items
This is the headline measure of the Group's performance, and is based on operating profit before the impact of exceptional
items.
Profit before tax before exceptional items and net pension finance costs
This measure excludes exceptional items and the net finance costs of the defined benefit pension deficit as the costs are
impacted by corporate bond yields, which can fluctuate significantly.
Profit/ (losses) arising on property-related items
These relate to the Group's property activities including gains and losses on disposal of property assets, development
property built for resale and property joint ventures; costs resulting from changes in the Group's store portfolio and
distribution network, including pre-opening and post closure costs; and income/ (charges) associated with impairment of
non-trading property and related onerous contracts.
Revenue excl. fuel
This is the headline measure of revenue for the Group. It excludes the impact of sales, predominantly fuel sales, made at
petrol filling stations, due to the volatilities associated with movements in fuel prices.
Total indebtedness
Net debt plus the IAS19 deficit in the pension schemes (net of associated deferred tax) plus the present value of future
minimum rentals payable under non-cancellable operating leases.
Note 2 Segmental reporting
The Group's operating segments are determined based on the Group's internal reporting to the Chief Operating Decision Maker
('CODM'). The CODM has been determined to be the Group Chief Executive Officer, with support from the Executive Committee,
as the function primarily responsible for the allocation of resources to segments and assessment of performance of the
segments.
The principal activities of the Group are presented in the following segments:
· Retailing and associated activities ('Retail') in:
· UK & ROI - the United Kingdom and Republic of Ireland; and
· International - Czech Republic, Hungary, Poland, Slovakia, Malaysia and Thailand;
· Retail banking and insurance services through Tesco Bank in the UK ('Tesco Bank').
This presentation reflects how the Group's operating performance is reviewed internally by management.
In addition, the retailing and associated activities in Turkey have been classified as discontinued operations in the
current period; their performance in this period and comparative periods is therefore part of discontinued operations as
presented in Note 7 and excluded from segmental performances below.
The CODM uses operating profit before exceptional items, as reviewed at monthly Executive Committee meetings, as the key
measure of the segments' results as it better reflects the segments' underlying performance for the financial period under
evaluation. Operating profit before exceptional items is a consistent measure within the Group as defined within Note 1.
Refer to Note 4 for exceptional items. Inter-segment revenue between the operating segments is not material.
Income statement
The segment results and the reconciliation of the segment measures to the respective statutory items included in the Group
income statement are as follows:
26 weeks ended 27 August 2016At constant exchange rates(a) UK & ROI£m International£m TescoBank£m Total at constantexchange£m Foreignexchange£m Total at actualexchange£m
Continuing operations
Revenue excl. fuel 18,508 4,918 503 23,929 473 24,402
Revenue 21,339 5,011 503 26,853 485 27,338
Operating profit before exceptional items(b) 384 110 89 583 13 596
Exceptional items (24) 8 (67) (83) 2 (81)
Operating profit 360 118 22 500 15 515
Operating margin(c) 1.8% 2.2% 17.7% 2.2% 2.2%
26 weeks ended 27 August 2016At actual exchange rates(d) UK & ROI£m International£m TescoBank£m Total at actualexchange£m
Continuing operations
Revenue excl. fuel 18,614 5,285 503 24,402
Revenue 21,449 5,386 503 27,338
Operating profit before exceptional items(b) 389 118 89 596
Exceptional items (24) 10 (67) (81)
Operating profit 365 128 22 515
Operating margin(c) 1.8% 2.2% 17.7% 2.2%
Share of post-tax profits/ (losses) of joint ventures and associates 2
Finance income 83
Finance costs (529)
Profit/ (loss) before tax 71
(a) Constant exchange rates are the average actual periodic exchange rates for the previous financial period.
(b) Intercompany recharges totalling £1m between continuing operations and the Turkey discontinued operations have been
eliminated.
(c) Operating margin is based on operating profit before exceptional items and on revenue.
(d) Actual exchange rates are the average actual periodic exchange rates for that financial period.
26 weeks ended 29 August 2015At actual exchange rates* UK & ROI£m International£m TescoBank£m Total at actualexchange£m
Continuing operations
Revenue excl. fuel 18,394 4,812 478 23,684
Revenue 21,581 4,907 478 26,966
Operating profit before exceptional items** 164 122 86 372
Exceptional items - - - -
Operating profit 164 122 86 372
Operating margin*** 0.8% 2.5% 18.0% 1.4%
Share of post-tax profits/ (losses) of joint ventures and associates 13
Finance income 44
Finance costs (330)
Profit/ (loss) before tax 99
* Actual exchange rates are the average actual periodic exchange rates for that financial period.
** Intercompany recharges totalling £2m between continuing operations and the Turkey discontinued operations have been
eliminated.
*** Operating margin is based on operating profit before exceptional items and on revenue.
Balance sheet
The following tables showing segment assets and liabilities exclude those balances that make up net debt (cash and cash
equivalents, short-term investments, joint venture loans and other receivables, bank and other borrowings, finance lease
payables, derivative financial instruments and net debt of the disposal groups). Net debt balances have been included
within the unallocated segment to reflect how the Group manages these balances. Intercompany transactions have been
eliminated, other than intercompany transactions with Tesco Bank in net debt.
At 27 August 2016 UK & ROI£m International£m TescoBank£m Other/unallocated£m Total£m
Goodwill and other intangible assets 1,363 320 1,135 - 2,818
Property, plant and equipment and investment property 12,527 5,080 74 - 17,681
Investments in joint ventures and associates 5 766 93 - 864
Other investments - - 956 143 1,099
Loans and advances to customers - non-current - - 5,278 - 5,278
Deferred tax assets 625 61 - - 686
Non-current assets(a) 14,520 6,227 7,536 143 28,426
Inventories and trade and other receivables(b) 2,619 1,119 343 - 4,081
Trade and other payables (6,686) (1,904) (209) - (8,799)
Loans and advances to customers - current - - 3,984 - 3,984
Customer deposits and deposits from banks - - (8,281) - (8,281)
Total provisions (806) (137) (99) - (1,042)
Deferred tax liabilities - (51) (29) - (80)
Net current tax (463) (8) 20 - (451)
Post-employment benefit obligations (7,102) (21) - - (7,123)
Assets held for sale and of the disposal groups(c) 88 136 - 237 461
Liabilities of the disposal groups(c) - - - (126) (126)
Net debt(d) - - (787) (4,352) (5,139)
Net assets 2,170 5,361 2,478 (4,098) 5,911
(a) Excludes derivative financial instrument non-current assets of £1,929m (27 February 2016: £1,532m, 29 August 2015:
£1,252m).
(b) Excludes loans to joint ventures of £136m (27 February 2016: £149m, 29 August 2015: £149m) and interest and other
receivables of £1m (27 February 2016: £1m, 29 August 2015: £nil).
(c) Excludes net debt of the disposal groups of £64m (27 February 2016: £nil, 29 August 2015: £121m). Refer to Note 7.
(d) Refer to Note 16.
At 27 February 2016 UK & ROI£m International£m TescoBank£m Other/unallocated£m Total£m
Goodwill and other intangible assets 1,391 309 1,174 - 2,874
Property, plant and equipment and investment property 12,815 5,085 78 - 17,978
Investments in joint ventures and associates 5 704 76 - 785
Other investments - - 984 151 1,135
Loans and advances to customers - non-current - - 4,723 - 4,723
Deferred tax assets - 49 - - 49
Non-current assets(a) 14,211 6,147 7,035 151 27,544
Inventories and trade and other receivables(b) 2,557 1,016 314 - 3,887
Trade and other payables (6,580) (1,736) (252) - (8,568)
Loans and advances to customers - current - - 3,819 - 3,819
Customer deposits and deposits from banks - - (7,479) - (7,479)
Total provisions (837) (129) (58) - (1,024)
Deferred tax liabilities (64) (39) (32) - (135)
Net current tax (403) (3) 2 - (404)
Post-employment benefit obligations (3,153) (22) - - (3,175)
Assets held for sale and of the disposal groups(c) 165 71 - - 236
Liabilities of the disposal groups(c) - - - - -
Net debt(d) - - (975) (5,110) (6,085)
Net assets 5,896 5,305 2,374 (4,959) 8,616
Refer to previous table for footnotes.
At 29 August 2015 UK & ROI£m International£m TescoBank£m Other/unallocated£m Total£m
Goodwill and other intangible assets 1,633 297 1,192 - 3,122
Property, plant and equipment and investment property 11,681 4,738 79 - 16,498
Investments in joint ventures and associates 15 759 78 - 852
Other investments - - 738 141 879
Loans and advances to customers - non-current - - 4,376 - 4,376
Deferred tax assets 585 86 - - 671
Non-current assets(a) 13,914 5,880 6,463 141 26,398
Inventories and trade and other receivables(b) 2,689 1,025 362 - 4,076
Trade and other payables (6,499) (1,615) (369) - (8,483)
Loans and advances to customers - current - - 3,917 - 3,917
Customer deposits and deposits from banks - - (7,026) - (7,026)
Total provisions (739) (86) (79) - (904)
Deferred tax liabilities (408) (26) (38) - (472)
Net current tax (137) (6) (22) - (165)
Post-employment benefit obligations (5,179) (17) - - (5,196)
Assets held for sale and of the disposal groups(c) 182 10 - 4,841 5,033
Liabilities of the disposal groups(c) - - - (1,528) (1,528)
Net debt(d) - - (904) (8,588) (9,492)
Net assets 3,823 5,165 2,304 (5,134) 6,158
Refer to previous table for footnotes.
26 weeks ended 27 August 2016 UK & ROI£m International£m TescoBank£m Total continuingoperations£m Discontinuedoperations£m Total£m
Capital expenditure (including acquisitions through
business combinations):
Property, plant and equipment* 289 90 4 383 2 385
Investment property - - - - - -
Goodwill, software and other intangible assets 49 7 12 68 - 68
Depreciation:
Property, plant and equipment (333) (168) (7) (508) (5) (513)
Investment property (1) - - (1) - (1)
Amortisation of intangible assets (55) (12) (48) (115) (1) (116)
Impairment of intangible assets - - - - - -
Impairment of goodwill - - - - - -
Impairment of property, plant and equipment and investment properties (39) (1) - (40) (106) (146)
Reversal of impairment of property, plant and equipment and investment properties 35 1 - 36 - 36
* Includes £nil (2015: £490m) of property, plant and equipment acquired through business combinations.
26 weeks ended 29 August 2015 UK & ROI£m International£m TescoBank£m Total continuingoperations£m Discontinuedoperations£m Total£m
Capital expenditure (including acquisitions through
business combinations):
Property, plant and equipment* 691 82 2 775 56 831
Investment property - - - - - -
Goodwill, software and other intangible assets 83 5 11 99 3 102
Depreciation:
Property, plant and equipment (351) (150) (7) (508) (90) (598)
Investment property - - - - - -
Amortisation of intangible assets (71) (11) (38) (120) (6) (126)
Impairment of intangible assets (18) - - (18) - (18)
Impairment of goodwill - - - - - -
Impairment of property, plant and equipment and investment properties (22) (17) - (39) (1) (40)
Reversal of impairment of property, plant and equipment and investment properties 19 1 - 20 - 20
Refer to previous table for footnotes.
Cash flow statement
The following tables provide further analysis of the Group cash flow statement, including a split of cash flows between
Retail and Tesco Bank as well as continuing operations and discontinued operations.
Retail Tesco Bank Tesco Group
2016£m 2015 £m 2016£m 2015 £m 2016£m 2015 £m
Operating profit of continuing operations* 493 286 22 86 515 372
Operating profit/ (loss) of discontinued operations (118) 51 - - (118) 51
Depreciation and amortisation 575 679 55 45 630 724
ATM net income (22) (20) 22 20 - -
(Profit)/ loss arising on sale of property, plant and equipment and intangible assets (20) 5 2 (1) (18) 4
Loss/ (profit) arising on sale of subsidiaries and other investments 4 - (4) - - -
Profit arising on sale of joint ventures and associates (5) (6) - - (5) (6)
Net reversal of impairment of other investments (5) (7) - - (5) (7)
Impairment of loans/ investments in joint ventures and associates - 2 - - - 2
Net impairment charge of property, plant and equipment and intangible assets 110 38 - - 110 38
Adjustment for non-cash element of pensions charge 4 104 - - 4 104
Additional contribution into pension schemes (111) (93) - - (111) (93)
Share-based payments (56) 160 (1) 6 (57) 166
Tesco Bank non-cash items included in operating profit - - 28 22 28 22
Cash flow from operations excluding working capital 849 1,199 124 178 973 1,377
Decrease/ (increase) in working capital 115 (194) 32 (613) 147 (807)
Cash generated from/ (used in) operations 964 1,005 156 (435) 1,120 570
Interest paid (203) (173) (2) (2) (205) (175)
Corporation tax (paid)/ received (17) (53) 2 5 (15) (48)
Net cash generated from/ (used in) operating activities 744 779 156 (432) 900 347
* Tesco Bank operating profit as per Bank income statement excluding ATM net income segmental adjustment.
Retail Tesco Bank Tesco Group
2016£m 2015 £m 2016£m 2015 £m 2016£m 2015 £m
Net cash generated from/ (used in) operating activities 744 779 156 (432) 900 347
Purchase of property, plant and equipment, investment property and non-current assets classified as held for sale (484) (427) (2) (6) (486) (433)
Purchase of intangible assets (57) (71) (19) (9) (76) (80)
Alternative performance measure: Free cash flow 203 281 135 (447) 338 (166)
Disposal of subsidiaries, net of cash disposed 211 - - - 211 -
Acquisition of subsidiaries, net of cash acquired (12) (23) - - (12) (23)
Proceeds from sale of property, plant and equipment, investment property, intangible assets and non-current assets classified as held for sale 236 147 3 - 239 147
Proceeds from sale of joint ventures and associates - 129 - - - 129
Net decrease in loans to joint ventures and associates 16 3 - - 16 3
Investments in joint ventures and associates - (77) - -
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