Cash Flow
| Cash flows | ||||||
|---|---|---|---|---|---|---|
| Year to 31 March | 2007 £m |
2008 £m |
2009 £m |
2010 £m |
2010^ £m |
2011 £m |
| Operating profit/(loss) | 157.0 | 201.7 | (9.9) | 171.1 | 216.5 | 302.1 |
| Operating loss from discontinued operations | - | - | - | - | (45.4) | (6.2) |
| Depreciation, impairment and amortisation | 26.7 | 32.2 | 174.7 | 60.0 | 52.3 | 62.6 |
| Write-down of assets held for sale | - | - | - | - | - | 3.7 |
| Net impairment charges | - | - | - | - | 7.7 | - |
| (Profit)/loss on disposal of property, plant and equipment | 1.1 | (19.1) | 2.0 | 4.2 | 4.2 | 1.1 |
| Fair value losses on derivative instruments | - | (0.5) | 10.7 | (11.9) | (11.9) | (6.2) |
| Charges in respect of employee share incentive schemes | 10.8 | 14.3 | 4.5 | 18.1 | 18.1 | 28.3 |
| (Increase)/decrease in inventories | (33.4) | (122.6) | 55.7 | 87.4 | 87.4 | (58.9) |
| (Increase)/decrease in trade and other receivables | (33.8) | (29.1) | 2.1 | 56.2 | 56.2 | (11.4) |
| Increase/(decrease) in trade and other payables | 32.8 | 28.8 | 2.2 | 40.5 | 40.5 | 51.3 |
| Cash generated from operations | 161.2 | 105.7 | 242.0 | 425.6 | 425.6 | 366.4 |
| Interest received/(paid) | (1.6) | (7.0) | (5.9) | (5.0) | (5.0) | (3.2) |
| Taxation paid | (45.8) | (53.3) | (26.3) | (51.3) | (51.3) | (98.1) |
| Net cash inflow from operating activities | 113.8 | 45.4 | 209.8 | 369.3 | 369.3 | 265.1 |
| Cash flows from investing activities | ||||||
| Purchase of fixed assets | (34.3) | (48.5) | (89.9) | (69.9) | (69.9) | (108.4) |
| Proceeds from sale of property, plant and equipment | 0.1 | 28.3 | 0.1 | - | - | - |
| Payment of deferred consideration | (1.4) | (10.0) | - | - | - | - |
| Capital contributions by minority interests | - | - | - | 7.4 | 7.4 | 7.0 |
| Acquisition of subsidiary | (0.1) | - | (0.3) | (2.0) | (2.0) | (51.9) |
| Net cash outflow from investing activities | (35.7) | (30.2) | (90.1) | (64.5) | (64.5) | (153.3) |
| Cash flows from financing activities | ||||||
| Dividends paid in the year | (36.5) | (47.4) | (51.7) | (52.5) | (52.5) | (68.7) |
| Issue of ordinary share capital | 0.6 | 0.5 | - | 1.9 | 1.9 | 0.8 |
| Purchase of shares through share buy back | (62.2) | (39.6) | - | - | - | - |
| Sale/(purchase) of own shares by ESOPs | 6.1 | 2.9 | (5.2) | (5.4) | (5.4) | (6.3) |
| Draw down on loan facility | 10.0 | 49.0 | (73.5) | (38.5) | (38.5) | (0.1) |
| Derivatives matured during the year and remaining in equity | - | - | 5.7 | 0.2 | 0.2 | - |
| Net cash outflow from financing activities | (82.0) | (34.6) | (124.7) | (94.3) | (94.3) | (74.3) |
| Net increase/(decrease) in cash and cash equivalents | (3.9) | (19.4) | (5.0) | 210.5 | 210.5 | 37.5 |
| Effect of exchange rate changes on opening balances | (1.4) | 7.0 | 13.2 | (0.3) | (0.3) | (1.5) |
| Cash and cash equivalents at beginning of period | 62.5 | 57.2 | 44.8 | 53.0 | 53.0 | 263.2 |
| Cash and cash equivalents at end of period | 57.2 | 44.8 | 53.0 | 263.2 | 263.2 | 299.2 |
^ 2010 re-presented to exclude discontinued Spanish operations