Consolidated cash flow statement
for the year ended 31 December 2007
| |
Notes |
|
2007 £m |
2006 £m |
| Cash flows from operating activities |
|
|
|
|
| Operating profit on continuing activities before interest and taxation |
|
|
261.6 |
218.2 |
| Depreciation |
13 |
|
46.1 |
42.2 |
| Amortisation of other intangible assets (treated as depreciation) |
14 |
|
1.5 |
1.2 |
| Amortisation of intangible assets created on acquisition |
14 |
|
9.7 |
6.9 |
| Share based payment expense |
27 |
|
8.6 |
8.5 |
| Pension charge |
32 |
|
15.2 |
15.9 |
| Pension contributions |
32 |
|
(21.0) |
(19.1) |
| (Profit)/loss on sale of property, plant and equipment |
|
|
(0.1) |
0.3 |
| Movement in provisions |
24 |
|
0.9 |
(1.9) |
| Increase in debtors |
|
|
(71.4) |
(48.8) |
| Increase in creditors |
|
|
82.9 |
55.6 |
| Cash generated from operations |
|
|
334.0 |
279.0 |
| Income tax paid |
|
|
(45.8) |
(40.3) |
| Interest paid |
|
|
(33.5) |
(23.1) |
| Interest received |
|
|
1.6 |
1.0 |
| Cash generated from operations after interest |
|
|
256.3 |
216.6 |
| Net cash used in investing activities |
|
|
|
|
| Purchase of property, plant and equipment |
13 |
|
(67.9) |
(63.0) |
| Proceeds from sale of property, plant and equipment |
|
|
1.0 |
1.9 |
| Purchase of intangible fixed assets |
14 |
|
(5.0) |
(1.4) |
| Acquisition of subsidiary undertakings and businesses |
|
|
(94.7) |
(37.6) |
| Cash acquired with subsidiary undertakings |
|
|
4.4 |
1.0 |
| Purchase of financial assets |
16 |
|
(4.4) |
(7.6) |
| Investment loan |
16 |
|
(16.6) |
(11.7) |
| |
|
|
(183.2) |
(118.4) |
| Net cash used in financing activities |
|
|
|
|
| Issue of ordinary share capital |
28 |
|
67.2 |
50.4 |
| Share buybacks |
28 |
|
(43.9) |
(244.9) |
| Share transaction costs |
28 |
|
(0.5) |
(1.2) |
| Dividends paid |
12 |
|
(218.6) |
(47.7) |
| Capital element of finance lease rental payments |
29 |
|
(0.4) |
(0.4) |
| Instalment debtor movement |
29 |
|
20.4 |
– |
| Asset based securitised financing |
29 |
|
(17.8) |
(0.7) |
| Repayment of loan notes and long term loans |
29 |
|
(34.6) |
(3.4) |
| Proceeds on issue of bonds |
29 |
|
100.9 |
179.1 |
| Financing arrangement costs |
22 |
|
(0.3) |
(0.9) |
| |
|
|
(127.6) |
(69.7) |
| Net increase in cash and cash equivalents |
|
|
(54.5) |
28.5 |
| Cash and cash equivalents at the beginning of the period |
|
|
9.2 |
(19.3) |
| Cash and cash equivalents at 31 December |
|
|
(45.3) |
9.2 |
| Cash and cash equivalents comprise: |
|
|
|
|
| Overdraft |
22 |
|
(46.1) |
(0.5) |
| Cash at bank and in hand |
19 |
|
0.8 |
9.7 |
| Total |
|
|
(45.3) |
9.2 |