For the year ended 31 December 2007
| Note | 2007 £m |
2006 £m |
||||
| Cash flows from operating activities | ||||||
| Profit after tax | 86.2 | 61.4 | ||||
| Adjustments for: | ||||||
| Tax | 11 | 31.9 | 24.2 | |||
| Profit on disposal of businesses | 28 | (19.0) | (9.5) | |||
| Finance costs | 10 | 13.4 | 15.6 | |||
| Financial income | 10 | (9.6) | (9.0) | |||
| Depreciation | 16 | 13.1 | 13.2 | |||
| Amortisation of intangible assets | 15 | 2.0 | 1.9 | |||
| Goodwill reduction | 14 | - | 1.2 | |||
| (Gain)/loss on sale of property, plant and equipment | (0.6) | 0.5 | ||||
| Equity settled share-based payment expense | 27 | 0.9 | 0.6 | |||
| Operating profit before changes in working capital and provisions | 118.3 | 100.1 | ||||
| Increase in trade and other receivables | (2.0) | (8.9) | ||||
| Increase in inventories | (6.9) | (1.0) | ||||
| Increase in trade and other payables | 10.1 | 4.4 | ||||
| (Decrease)/increase in provisions and employee benefits | (4.5) | 7.4 | ||||
| Corporation tax paid | (23.8) | (21.5) | ||||
| Net cash from operating activities | 91.2 | 80.5 | ||||
| Cash flows from investing activities | ||||||
| Purchase of property, plant and equipment | (12.7) | (10.5) | ||||
| Proceeds from sale of property, plant and equipment | 1.4 | - | ||||
| Acquisition of businesses, net of cash acquired | 31 | (6.0) | (13.6) | |||
| Disposal of businesses | 29.8 | 13.3 | ||||
| Interest received | 1.9 | 2.0 | ||||
| Net cash flows used in investing activities | 14.4 | (8.8) | ||||
| Cash flows from financing activities | ||||||
| Interest paid | (8.2) | (13.2) | ||||
| Dividends paid to equity holders of the parent | 12 | (22.2) | (20.2) | |||
| Share options exercised by issue of share capital | 0.2 | 1.5 | ||||
| Share options exercised from shares held by Employee Benefit Trust | 1.0 | 3.8 | ||||
| Share options exercised from treasury shares | 2.9 | - | ||||
| (Purchase)/sale of own shares by Employee Benefit Trust | (1.6) | 0.9 | ||||
| Purchase of own shares - treasury shares | (79.2) | - | ||||
| Cancellation of cross-currency swap | - | (2.9) | ||||
| Repayment of borrowings | - | (65.9) | ||||
| Decrease in finance lease liabilities | (0.1) | (0.4) | ||||
| Net cash flows used in financing activities | (107.2) | (96.4) | ||||
| Net decrease in cash and cash equivalents | (1.6) | (24.7) | ||||
| Cash and cash equivalents at beginning of year | 47.0 | 76.1 | ||||
| Effect of foreign exchange rate changes | 2.0 | (4.4) | ||||
| Cash and cash equivalents at end of year | 19 | 47.4 | 47.0 | |||
| Reconciliation of changes in cash and cash equivalents to movements in net debt (as defined in Note 20) | Note | 2007 £m |
2006 £m |
|||
| Net decrease in cash and cash equivalents | (1.6) | (24.7) | ||||
| Repayment of borrowings | - | 65.9 | ||||
| Decrease in finance lease liabilities | 0.1 | 0.4 | ||||
| Effect of foreign exchange rate changes | (4.1) | 6.6 | ||||
| Movement in net debt | (5.6) | 48.2 | ||||
| Net debt at start of year | 20 | (71.7) | (119.9) | |||
| Net debt at end of year | 20 | (77.3) | (71.7) | |||