 |
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Consolidated cash flow statement
For the year ended 31 December 2006
| Note | 2006 £m |
2005 £m |
||||
| Cash flows from operating activities | ||||||
| Profit after tax | 61.4 | 35.2 | ||||
| Adjustments for: | ||||||
| Tax | 11 | 24.2 | 15.6 | |||
| Profit on disposal of business | 5 | (9.5) | – | |||
| Finance costs | 10 | 15.6 | 20.7 | |||
| Financial income | 10 | (9.0) | (6.6) | |||
| Depreciation | 16 | 13.2 | 12.6 | |||
| Amortisation of intangible assets | 15 | 1.9 | 1.3 | |||
| Goodwill impairment charge | 14 | – | 7.4 | |||
| Goodwill reduction | 14 | 1.2 | – | |||
| Loss on sale of property, plant and equipment | 0.5 | 0.3 | ||||
| Equity settled share-based payment expense | 28 | 0.6 | 0.3 | |||
| Operating profit before changes in working capital and provisions | 100.1 | 86.8 | ||||
| Increase in trade and other receivables | (8.9) | (4.5) | ||||
| (Increase)/decrease in inventories | (1.0) | 6.2 | ||||
| Increase in trade and other payables | 4.4 | 2.8 | ||||
| Increase/(decrease) in provisions and employee benefits | 7.4 | (0.7) | ||||
| Corporation tax paid | (21.5) | (15.8) | ||||
| Net cash from operating activities | 80.5 | 74.8 | ||||
| Cash flows from investing activities | ||||||
| Purchase of property, plant and equipment | (10.5) | (12.3) | ||||
| Proceeds from sale of property, plant and equipment | – | 0.1 | ||||
| Acquisition of businesses, net of cash acquired | 30 | (13.6) | (2.3) | |||
| Disposal of subsidiary undertakings | 13.3 | – | ||||
| Interest received | 2.0 | 1.1 | ||||
| Dividend income | – | 0.1 | ||||
| Other financial income | – | 1.7 | ||||
| Net cash flows used in investing activities | (8.8) | (11.6) | ||||
| Cash flows from financing activities | ||||||
| Interest paid | (13.2) | (13.8) | ||||
| Dividends paid to equity holders of the parent | 12 | (20.2) | (18.1) | |||
| Share options exercised by issue of share capital | 1.5 | 1.3 | ||||
| Share options exercised from shares held by Employee Benefit Trust | 3.8 | 1.2 | ||||
| Sale of own shares by Employee Benefit Trust | 0.9 | 9.5 | ||||
| Cancellation of cross-currency swap | (2.9) | – | ||||
| Repayment of borrowings | (65.9) | (0.2) | ||||
| Decrease in finance lease liabilities | (0.4) | – | ||||
| Net cash flows used in financing activities | (96.4) | (20.1) | ||||
| Net (decrease)/increase in cash and cash equivalents | (24.7) | 43.1 | ||||
| Cash and cash equivalents at beginning of year | 76.1 | 34.1 | ||||
| Effect of foreign exchange rate changes | (4.4) | (1.1) | ||||
| Cash and cash equivalents at end of year | 19 | 47.0 | 76.1 | |||
| Reconciliation of changes in cash and cash equivalents to movements in net debt (as defined in Note 20) | Note | 2006 £m |
2005 £m |
|||
| Net (decrease)/increase in cash and cash equivalents | (24.7) | 43.1 | ||||
| Repayment of borrowings | 65.9 | 0.2 | ||||
| Decrease/(increase) in finance lease liabilities | 0.4 | (0.5) | ||||
| Borrowings acquired on acquisitions | 30 | – | (0.7) | |||
| Effect of foreign exchange rate changes | 6.6 | (3.1) | ||||
| Movement in net debt | 48.2 | 39.0 | ||||
| Net debt at start of year | 20 | (119.9) | (158.9) | |||
| Net debt at end of year | 20 | (71.7) | (119.9) | |||