Cash Flow

Cash Flow IFRS
Year to 31 March 2006
£m
2007
£m
2008
£m
2009
£m
2010
£m
Operating profit/(loss) 154.5 157.0 201.7 (9.9) 171.1
Depreciation, impairment and amortisation 24.9 26.7 32.2 174.7 60.0
(Profit)/loss on disposal of property, plant and equipment (1.6) 1.1 (19.1) 2.0 4.2
Fair value losses on derivative instruments - - (0.5) 10.7 (11.9)
Charges in respect of employee share incentive schemes 7.4 10.8 14.3 4.5 18.1
(Increase)/decrease in inventories (17.8) (33.4) (122.6) 55.7 87.4
(Increase)/decrease in trade and other receivables 2.2 (33.8) (29.1) 2.1 56.2
Increase/(decrease) in trade and other payables (21.2) 32.8 28.8 2.2 40.5
Cash generated from operations 148.4 161.2 105.7 242.0 425.6
Interest received/(paid) 1.6 (1.6) (7.0) (5.9) (5.0)
Taxation paid (43.6) (45.8) (53.3) (26.3) (51.3)
Net cash inflow from operating activities 106.4 113.8 45.4 209.8 369.3
 
Cash flows from investing activities
Purchase of fixed assets (30.7) (34.3) (48.5) (89.9) (69.9)
Proceeds from sale of property, plant and equipment 3.6 0.1 28.3 0.1 -
Payment of deferred consideration (19.2) (1.4) (10.0) - -
Capital contributions by minority interests - - - - 7.4
Business combinations, net of cash acquired (4.4) (0.1) - (0.3) (2.0)
Net cash outflow from investing activities (50.7) (35.7) (30.2) (90.1) (64.5)
 
Cash flows from financing activities
Dividends paid in the year (32.8) (36.5) (47.4) (51.7) (52.5)
Issue of ordinary share capital 3.7 0.6 0.5 - 1.9
Purchase of shares through share buy back (191.6) (62.2) (39.6) - -
Sale/(purchase) of own shares by ESOPs 2.4 6.1 2.9 (5.2) (5.4)
Draw down on loan facility 50.0 10.0 49.0 (73.5) (38.5)
Derivatives matured during the year and remaining in equity - - - 5.7 0.2
Net cash outflow from financing activities (168.3) (82.0) (34.6) (124.7) (94.3)
 
Net increase/(decrease) in cash and cash equivalents (112.6) (3.9) (19.4) (5.0) 210.5
Effect of exchange rate changes on opening balances 5.2 (1.4) 7.0 13.2 (0.3)
Cash and cash equivalents at beginning of period 169.9 62.5 57.2 44.8 53.0
Cash and cash equivalents at end of period 62.5 57.2 44.8 53.0 263.2

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