Reconciliation of profit for the year to cash flow from operations

12 Months Ended

Dec. 31, 2024

Disclosure [Abstract]

Reconciliation of profit for the year to cash flow from operations

25. Reconciliation of profit for the year to cash flow from operations

	2024 $m			2023 $m			2022 $m
Profit for the year		628			750			376
Adjustments for:
Net financial expenses		140			52			96
Fair value losses/(gains) on contingent purchase consideration		4			4			(8	)
Income tax charge		269			260			164
Operating profit adjustments:
Impairment loss/(reversal) on financial assets		10			(1	)		5
Other net impairment (reversals)/charges		–			–			(5	)
Other operating exceptional items		12			(28	)		100
Depreciation and amortisation		65			67			68
		87			38			168
Contract assets deduction in revenue		43			37			32
Share-based payments cost		44			36			30
Share of profits of associates and joint ventures (before exceptional items)		(10	)		(13	)		(1	)
		77			60			61
System Fund adjustments:
Depreciation and amortisation		80			83			86
Impairment loss on financial assets		9			–			7
Other impairment charges		3			–			–
Share-based payments cost		23			20			16
Share of losses of associates		2			3			1
		117			106			110
Working capital and other adjustments:
Increase in deferred revenue		214			123			108
Increase in trade and other receivables		(106	)		(70	)		(132	)
(Decrease)/increase in trade and other payables		(45	)		31			121
Other adjustments		(7	)		(5	)		4
		56			79			101
Cash flows relating to exceptional items		8			(29	)		(43	)
Contract acquisition costs, net of repayments		(237	)		(101	)		(64	)
Total adjustments		521			469			585
Cash flow from operations		1,149			1,219			961

In 2024, increase in deferred revenue includes $100m of initial upfront payments received in relation to co-branding agreements which will be recognised over the term of those agreements.