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| Notes | 2005 £m |
2004 £m |
|
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit after tax | 35.2 | 23.6 | |
| Adjustments for: | |||
| Tax | 11 | 15.6 | 12.3 |
| Loss on termination of businesses | - | 1.2 | |
| Finance costs | 10 | 20.7 | 18.1 |
| Financial income | 10 | (6.6) | (4.0) |
| Depreciation | 12.6 | 13.4 | |
| Amortisation of intangible assets | 1.3 | 1.3 | |
| Goodwill impairment charge | 7.4 | - | |
| Goodwill reduction | 36 | - | 12.2 |
| Loss on sale of property, plant and equipment | 0.3 | 0.4 | |
| Equity settled share-based payment expense | 28 | 0.3 | 0.4 |
| Operating profit before changes in working capital and provisions | 86.8 | 78.9 | |
| Increase in trade and other receivables | (4.5) | (15.0) | |
| Decrease/(increase) in inventories | 6.2 | (9.3) | |
| Increase in trade and other payables | 2.8 | 12.1 | |
| (Decrease) in provisions and employee benefits | (0.7) | (2.4) | |
| Corporation tax paid | (15.8) | (7.7) | |
| Net cash from operating activities | 74.8 | 56.6 | |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment | (12.3) | (16.5) | |
| Proceeds from sale of property, plant and equipment | 0.1 | 0.7 | |
| Purchase of intangible assets | - | (2.2) | |
| Acquisition of subsidiary, net of cash acquired | 30 | (2.3) | (8.3) |
| Interest received | 1.1 | 0.4 | |
| Dividend income | 0.1 | 0.1 | |
| Other financial income | 1.7 | - | |
| Net cash flows used in investing activities | (11.6) | (25.8) | |
| Cash flows from financing activities | |||
| Interest paid | (13.8) | (14.3) | |
| Dividends paid to equity holders of the parent | (18.1) | (16.3) | |
| Proceeds from issue of share capital | 1.3 | 0.7 | |
| Sale of own shares by Employee Benefit Trust | 10.7 | 0.2 | |
| Repayment of borrowings | (0.2) | (1.1) | |
| New borrowings | - | 2.3 | |
| Net cash flows from/(used in) financing activities | (20.1) | (28.5) | |
| Net increase in cash and cash equivalents | 43.1 | 2.3 | |
| Cash and cash equivalents at beginning of year | 34.1 | 31.7 | |
| Effect of foreign exchange rate changes | (1.1) | 0.1 | |
| Cash and cash equivalents at end of year | 76.1 | 34.1 | |
| Reconciliation of changes in cash and cash equivalents to movements in net debt (as defined in Note 20) |
Notes | 2005 £m |
2004 £m |
| Net increase in cash and cash equivalents | 43.1 | 2.3 | |
| Net decrease/(increase) in loans | 0.2 | (1.2) | |
| Increase in finance lease liabilities | (0.5) | - | |
| Borrowings acquired on acquisitions | 30 | (0.7) | - |
| Effect of foreign exchange rate changes | (3.1) | 3.4 | |
| Movement in net debt | 39.0 | 4.5 | |
| Net debt at start of year | 20 | (158.9) | (163.4) |
| Net debt at end of year | 20 | (119.9) | (158.9) |