Consolidated Cash Flow Statement
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for the year ended 30th September, 2007
Note | 2007 £m | 2006 £m | |
|---|---|---|---|
| Operating profit before share of results of joint ventures and associates – continuing | 3 | 159.4 | 149.5 |
| Operating profit – discontinued | 25 | 0.8 | – |
| Adjustments for: | |||
| Share-based payments | 4, 39 | 18.1 | 11.6 |
| Depreciation | 3, 19 | 59.0 | 70.6 |
| Impairment of property, plant and equipment | 3 | 6.0 | – |
| Amortisation of intangible assets | 3, 18 | 82.2 | 50.6 |
| Impairment of goodwill and intangible assets | 3, 17, 18 | 52.7 | 59.2 |
| Operating cash flows before movements in working capital | 378.2 | 341.5 | |
| Decrease/(increase) in inventories | 5.9 | (5.4) | |
| Increase in trade and other receivables | (64.2) | (13.6) | |
| Increase in trade and other payables | 59.8 | 47.0 | |
| Decrease in provisions | 3.4 | 1.9 | |
| Cash generated by operations | 383.1 | 371.4 | |
| Taxation paid | (43.8) | (29.1) | |
| Taxation received | – | 8.5 | |
| Net cash from operating activities before payment into pension scheme | 339.3 | 350.8 | |
| Payment into Group pension scheme following sale of Aberdeen Journals in 2006 | (25.9) | – | |
| Net cash inflow from operating activities | 313.4 | 350.8 | |
| Investing activities | |||
| Interest received | 5.7 | 3.5 | |
| Dividends received from joint ventures and associates | 6.6 | 7.0 | |
| Dividends received from available-for-sale investments | 1.5 | 3.8 | |
| Purchase of property, plant and equipment | (72.2) | (117.5) | |
| Purchase of available-for-sale investments | 21 | (0.6) | (21.6) |
| Proceeds on disposal of property, plant and equipment | 5.3 | 19.1 | |
| Proceeds on disposal of investments | 2.1 | 28.6 | |
| Purchase of subsidiaries | 14 | (312.3) | (293.4) |
| Internally generated intangible fixed assets | 18 | (14.0) | (10.5) |
| Treasury hedging activities | 32.8 | 5.3 | |
| Investment in joint ventures and associates | 20 | (14.5) | (13.7) |
| Loans to joint ventures and associates repaid | 20 | 5.0 | – |
| Proceeds on disposal of subsidiaries | 14 | 37.0 | 186.5 |
| Proceeds on disposal of associates | 1.1 | – | |
| Net cash used in investing activities | (316.5) | (202.9) | |
| Financing activities | |||
| Equity dividends paid | 10 | (52.6) | (48.6) |
| Dividends paid to minority interests | 37 | (8.9) | (7.7) |
| Issue of share capital | 35 | 2.7 | 1.4 |
| Issue of shares by Group companies to minority interests | 37 | 0.5 | 2.2 |
| Purchase of own shares | 36 | (32.8) | (31.0) |
| Settlement of subsidiary share option plan | (8.7) | (6.4) | |
| Interest paid | (56.6) | (50.1) | |
| Interest element of finance lease rental payments | 8 | – | (0.1) |
| Capital element of finance lease rental payments | 13 | – | (7.2) |
| Proceeds on issue of bond | 13 | 197.8 | – |
| Premium on repurchase of bonds | 13 | (2.6) | – |
| Bonds redeemed | 13 | (9.4) | – |
| Loan notes repaid | 13 | (2.8) | (2.1) |
| Repayment of other borrowings | 13 | (54.7) | (23.7) |
| Net cash used in financing activities | (28.1) | (173.3) | |
| Net decrease in cash and cash equivalents | 13 | (31.2) | (25.4) |
| Cash and cash equivalents at beginning of year | 13, 26 | 96.1 | 124.0 |
| Exchange loss on cash and cash equivalents | 13 | (0.9) | (2.5) |
| Net cash and cash equivalents at end of year | 13, 26 | 64.0 | 96.1 |