Cash Flow: Full Year 2020

For the year ended 31 December 2020

   

Year ended
31 December 2020

Year ended
31 December 2019
restated1
  Note £m £m
Operating activities      
(Loss)/Profit for the year from continuing operations   (20.0) 79.8
Profit for the year from discontinued operations 7 2.0 1.5
       
Adjustments for:      
Depreciation - property, plant and equipment   32.7 32.3
Depreciation - right-of-use assets   9.2 10.1
Amortisation   6.1 8.1
Net financing costs 5 11.9 16.9
Profit on disposal of business 2,4 (2.2) (0.7)
Non-cash specific adjusting items included in operating profit 4,7 65.7 -
Share of profit from associate (net of income tax)   (0.6) (0.5)
(Profit on sale of property, plant and equipment   (1.0) (0.7)
Income tax expense 6 6.9 29.9
Equity-settled share-based payment expenses   0.7 2.4
Cash generated from operations before changes in working capital and provisions   111.4 179.1
Decrease/(increase) in trade and other receivables   36.1 9.0
Decrease/(increase) in inventories   18.4 (5.9)
Decrease/(increase) in trade and other payables   (19.7) (3.1)
Increase/(decrease) in provisions   17.8 (0.5)
Payments to defined benefit pension plans (net of IAS 19 pension charges) 14 (17.9) (13.4)
Cash generated from operations   146.1 165.2
Interest paid - borrowings and overdrafts   (7.5) (11.2)
Interest paid - lease liabilities   (2.8) (3.0)
Income tax paid   (26.0) (28.8)
Net cash from operating activities   109.8 122.2
Investing activities      
Purchase of property, plant and equipment and software 9,11 (30.0) (56.4)
Purchase of investments   (1.0) (1.1)
Proceeds from sale of property, plant and equipment   1.4 1.5
Interest received   0.9 1.9
Disposal of subsidiaries, net of cash disposed   5.3 0.7
Net cash from investing activities   (23.4) (53.4)
Financing activities      
Purchase of own shares for share incentive schemes   (1.8) (3.3)
Proceeds from exercise of share options   0.4 0.8
Increase in borrowings   7.9 67.1
Reduction and repayment of borrowings   (49.8) (85.2)
Payment of lease liabilities   (9.9) (9.6)
Dividends paid to shareholders of the Company   (5.7) (31.3)
Dividends paid to non-controlling interests   (7.9) (8.5)
Purchase of shares from non-controlling interest   (2.8) -
Net cash from financing activities   (69.6) (70.0)
Net increase in cash and cash equivalents   16.8 (1.2)
Cash and cash equivalents at start of period   132.8 138.5
Effect of exchange rate fluctuations on cash held   (1.8) (4.5)
Cash and cash equivalents at year end 12 147.8 132.8
1. As disclosed in note 1, the Group’s cash and cash equivalents have been restated to meet the presentational requirements for offsetting in accordance with IAS 32. Comparative information for the year ended 31 December 2019 has increased from £68.7 million to £132.8 million. This has had no impact on the Group’s net assets.

See our full Financial Highlights to learn more, or view our Balance Sheet and Income Statement to see our latest performance.