Question introductive<p>The following data appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.</p> <table style="width:90%;text-align:center"> <captionExhibit 1: Five-Year Summary of a Major International Company</caption> <tr><th class="left"></th><th>FY10</th><th>FY11</th><th>FY12</th><th>FY13</th><th>FY14</th></tr> <tr><td class="left">Financial statements</td><td>GBP millions</td><td>GBP millions</td><td>GBP millions</td><td>GBP millions</td><td>GBP millions</td></tr> <tr><td class="left"><b>Income statements</b></td><td></td><td></td><td></td><td></td><td></td></tr> <tr><td class="left">Revenue</td><td>4,390</td><td>3,624</td><td>3,717</td><td>8,167</td><td>11,366</td></tr> <tr><td class="left">Profit before interest and taxation (EBIT)</td><td>844</td><td>700</td><td>704</td><td>933</td><td>1,579</td></tr> <tr><td class="left">Net interest expense</td><td>–80</td><td>–54</td><td>–98</td><td>–163</td><td>–188</td></tr> <tr><td class="left">Taxation</td><td>–186</td><td>–195</td><td>–208</td><td>–349</td><td>–579</td></tr> <tr><td class="left">Minorities</td><td>–94</td><td>–99</td><td>–105</td><td>–125</td><td>–167</td></tr> <tr><td class="left">Profit for the year</td><td>484</td><td>352</td><td>293</td><td>296</td><td>645</td></tr> <tr><td class="left"><b>Balance sheets</b></td><td></td><td></td><td></td><td></td><td></td></tr> <tr><td class="left">Fixed assets</td><td>3,510</td><td>3,667</td><td>4,758</td><td>10,431</td><td>11,483</td></tr> <tr><td class="left">Current asset investments, cash at bank and in hand</td><td>316</td><td>218</td><td>290</td><td>561</td><td>682</td></tr> <tr><td class="left">Other current assets</td><td>558</td><td>514</td><td>643</td><td>1,258</td><td>1,634</td></tr> <tr><td class="left">Total assets</td><td>4,384</td><td>4,399</td><td>5,691</td><td>12,250</td><td>13,799</td></tr> <tr><td class="left">Interest bearing debt (long term)</td> <td>–602</td> <td>–1,053</td> <td>–1,535</td> <td>–3,523</td> <td>–3,707</td> </tr> <tr><td class="left">Other creditors and provisions (current)</td><td>–1,223</td><td>–1,054</td><td>–1,102</td><td>–2,377</td><td>–3,108</td></tr> <tr><td class="left">Total liabilities</td><td>–1,825</td><td>–2,107</td><td>–2,637</td><td>–5,900</td><td>–6,815</td></tr> <tr><td class="left">Net assets</td><td>2,559</td><td>2,292</td><td>3,054</td><td>6,350</td><td>6,984</td></tr> <tr><td class="left">Shareholders’ funds</td><td>2,161</td><td>2,006</td><td>2,309</td><td>5,572</td><td>6,165</td></tr> <tr><td class="left">Equity minority interests</td><td>398</td><td>286</td><td>745</td><td>778</td><td>819</td></tr> <tr><td class="left">Capital employed</td><td>2,559 </td><td>2,292</td><td>3,054</td><td>6,350</td><td>6,984</td></tr> <tr><td class="left"><b>Cash flow</b></td><td></td><td></td><td></td><td></td><td></td></tr> <tr><td class="left">Working capital movements</td><td>–53</td><td>5</td><td>71</td><td>85</td><td>107</td></tr> <tr><td class="left">Net cash inflow from operating activities</td><td>864</td><td>859</td><td>975</td><td>1,568</td><td>2,292</td></tr> </table>

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