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Consolidated cash flow statement
For the half year to 30 June 2007
| Note | 2007 Half year £m |
2006 Half year £m |
2006 Full year £m |
|||||
| Cash flows from operating activities | ||||||||
| Profit after tax | 41.5 | 25.7 | 61.4 | |||||
| Adjustments for: | ||||||||
| Tax | 14.9 | 11.2 | 24.2 | |||||
| Profit on disposal of businesses | (19.4) | (9.5) | (9.5) | |||||
| Finance costs | 6.5 | 8.7 | 15.6 | |||||
| Financial income | (4.6) | (4.1) | (9.0) | |||||
| Depreciation | 6.3 | 6.8 | 13.2 | |||||
| Amortisation of intangible assets | 1.0 | 0.7 | 1.9 | |||||
| Goodwill reduction | – | – | 1.2 | |||||
| Loss on sale of property, plant & equipment | 0.3 | 0.1 | 0.5 | |||||
| Equity settled share-based payment expense | 0.4 | 0.3 | 0.6 | |||||
| Operating profit before changes in working capital and provisions | 46.9 | 39.9 | 100.1 | |||||
| Decrease/(increase) in trade and other receivables | 15.3 | 10.4 | (8.9) | |||||
| Increase in inventories | (7.1) | (2.0) | (1.0) | |||||
| (Decrease)/increase in trade and other payables | (10.8) | (9.2) | 4.4 | |||||
| (Decrease)/increase in provisions and employee benefits | (2.5) | 2.6 | 7.4 | |||||
| Corporation tax paid | (8.5) | (12.3) | (21.5) | |||||
| Net cash from operating activities | 2 | 33.3 | 29.4 | 80.5 | ||||
| Cash flows from investing activities | ||||||||
| Purchase of property, plant & equipment | (4.9) | (4.9) | (10.5) | |||||
| Proceeds from sale of property, plant & equipment | 0.1 | 0.1 | – | |||||
| Acquisition of businesses, net of cash acquired | (0.5) | (1.7) | (13.6) | |||||
| Proceeds from disposal of businesses, net of cash disposed | 30.4 | 13.5 | 13.3 | |||||
| Interest received | 1.0 | 1.3 | 2.0 | |||||
| Net cash from investing activities | 26.1 | 8.3 | (8.8) | |||||
| Cash flows from financing activities | ||||||||
| Interest paid | (4.1) | (6.5) | (13.2) | |||||
| Dividends paid to equity holders of the parent | (15.4) | (13.9) | (20.2) | |||||
| Share options exercised by issue of share capital | 0.1 | 1.0 | 1.5 | |||||
| Share options exercised from shares held by Employee Benefit Trust | 0.9 | 2.7 | 3.8 | |||||
| Share options exercised from treasury shares | 2.0 | – | – | |||||
| Purchase/sale of own shares by Employee Benefit Trust | (1.5) | 0.9 | 0.9 | |||||
| Purchase of own shares - treasury shares | (32.5) | – | – | |||||
| Cancellation of cross-currency swap | – | – | (2.9) | |||||
| Repayment of borrowings | – | – | (65.9) | |||||
| Decrease in finance lease liabilities | (0.1) | – | (0.4) | |||||
| Net cash from financing activities | (50.6) | (15.8) | (96.4) | |||||
| Net increase/(decrease) in cash and cash equivalents | 8.8 | 21.9 | (24.7) | |||||
| Cash and cash equivalents at beginning of period | 47.0 | 76.1 | 76.1 | |||||
| Effect of foreign exchange rate changes | (0.6) | (1.1) | (4.4) | |||||
| Cash and cash equivalents at end of period | 55.2 | 96.9 | 47.0 | |||||
| Reconciliation of changes in cash and cash equivalents to movements in net debt | ||||||||
| Net increase/(decrease) in cash and cash equivalents | 8.8 | 21.9 | (24.7) | |||||
| Repayment of borrowings | – | – | 65.9 | |||||
| Net decrease in finance lease liabilities | 0.1 | – | 0.4 | |||||
| Effect of foreign exchange rate changes | 0.7 | 2.8 | 6.6 | |||||
| Movement in net debt | 9.6 | 24.7 | 48.2 | |||||
| Net debt at start of period | (71.7) | (119.9) | (119.9) | |||||
| Net debt at end of period | 2 | (62.1) | (95.2) | (71.7) | ||||