Consolidated Statement of Cash Flow

For the year ended 31 December 2017
 
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  2017 2016
  £m £m
Operating activities    
Profit for the period 113.9 58.5
Adjustments for:    
       Depreciation 30.6 29.5
       Amortisation 7.3 7.9
       Net financing costs 22.5 20.0
       Profit on disposal of business (45.7) -
       Share of profit from associate (net of income tax) (0.2) (0.6)
       Profit on sale of property, plant and equipment 0.1 (0.4)
       Income tax expense 21.9 29.4
       Non-cash specific adjusting items included in operating profit - 1.1
       Equity-settled share-based payment expenses 1.7 0.8
Cash generated from operations before changes in working capital and provisions 152.1 146.2
     
(Increase)/decrease in trade and other receivables (0.3) (6.1)
(Increase)/decrease in inventories (4.7) 1.4
Increase/(decrease) in trade and other payables 6.3 (0.1)
Increase/(decrease) in provisions (3.0) (5.2)
Payments to defined benefit pension plans (48.9) (14.5)
Cash generated from operations 101.5 121.7
     
Interest paid (17.6) (15.3)
Income tax paid (24.5) (22.2)
Net cash from operating activities  59.4 84.2
     
Investing activities    
Purchase of property, plant and equipment (34.4) (39.5)
Forward contracts used in net investment hedging (7.7) (12.3)
Purchase of investments (1.6) (1.0)
Proceeds from sale of property, plant and equipment 1.3 1.1
Loan repaid by associate - 2.1
Interest received 1.0 2.2
Disposal of subsidiaries, net of cash disposed 78.1 -
Purchase of the stake held by non-controlling interest (1.5) -
Net cash from investing activities 35.2 (47.4)
     
Financing activities    
Purchase of own shares for share incentive schemes (0.4) (0.2)
Net increase/(decrease) in borrowings (114.1) 63.4
Payment of finance lease liabilities (0.3) (0.3)
Dividends paid - to external plc shareholders (31.4) (31.4)
Proceeds from unclaimed dividends - 0.2
Dividends paid to non-controlling interests (9.8) (4.4)
Net cash from financing activities (156.0) 27.3
     
Net increase in cash and cash equivalents (61.4) 64.1
Cash and cash equivalents at start of period 122.4 49.8
Effect of exchange rate fluctuations on cash held (10.6) 8.5
Cash and cash equivalents at period end (1) 50.4 122.4
1 A reconciliation of cash and cash equivalents to net borrowing is shown