Consolidated cash flow statement for the year ended 31 December 2009
Note |
2009 £million |
2008 £million |
|
|---|---|---|---|
| Operating activities | |||
| Operating profit before exceptional items | 6.5 | 27.0 | |
| Adjustments for: | |||
| Depreciation of property, plant and equipment | 24.1 | 23.4 | |
| Amortisation of intangible assets | 11.8 | 10.9 | |
| Share-based payment (credit)/expense | (0.2) | 0.1 | |
| Gain on disposal of property, plant and equipment | (0.4) | (1.9) | |
| Pension curtailment gain | (1.9) | (1.2) | |
| Other non-cash items | (0.5) | (4.8) | |
| (Decrease)/increase in financial derivatives | (2.7) | 2.2 | |
| Decrease/(increase) in inventories | 31.1 | (6.6) | |
| Decrease in receivables | 22.2 | – | |
| (Decrease)/increase in payables | (6.1) | 1.0 | |
| Cash generated from operations before exceptional payments | 83.9 | 50.1 | |
| Special payments to pension funds | (2.2) | (2.2) | |
| Exceptional restructuring costs | (9.6) | (1.7) | |
| Net cash generated from operations | 72.1 | 46.2 | |
| Tax paid | (5.3) | (3.6) | |
| Net cash from operating activities | 66.8 | 42.6 | |
| Cash flows from investing activities: | |||
| Purchase of property, plant and equipment | (9.4) | (21.9) | |
| Proceeds from sale of property, plant and equipment and grants received | 5.7 | 5.1 | |
| Development expenditure and purchase of patents and licences | (6.9) | (10.9) | |
| Acquisition of subsidiary net of cash acquired | 23 | (1.0) | (13.9) |
| Loan repayment | – | 2.0 | |
| Net cash proceeds from sale of business | – | 0.9 | |
| Net cash used in investing activities | (11.6) | (38.7) | |
| Cash flows from financing activities: | |||
| Interest paid (net) | (3.8) | (3.8) | |
| Repayment of loans | (17.6) | (0.6) | |
| New loans | 2.9 | 10.0 | |
| Finance leases | (0.1) | (0.4) | |
| Dividends paid | – | (15.6) | |
| Net cash used in financing activities | (18.6) | (10.4) | |
| Net increase/(decrease) in cash and cash equivalents | 36.6 | (6.5) | |
| Cash and cash equivalents at beginning of period | (12.2) | (5.2) | |
| Exchange difference | 0.1 | (0.5) | |
| Cash and cash equivalents at end of period | 24.5 | (12.2) | |
| Cash and cash equivalents comprise: | |||
| Cash and cash equivalents | 13 | 24.7 | 10.1 |
| Bank overdrafts | 17 | (0.2) | (22.3) |
| 24.5 | (12.2) | ||