Cash Flow

For the year ended 31 December 2019

    Year ended 31 December 2019 Year ended 31 December 2018
    Continuing Discontinued Total Continuing Discontinued Total
  Note £m £m £m £m £m £m
Operating activities              
Profit for the period   79.8 1.5 81.3 64.2 (10.7) 53.5
Adjustments for:              
Depreciation - property, plant and equipment   32.3 - 32.3 31.3 0.4 31.7
Depreciation - right-of-use assets   10.1 - 10.1 - - -
Amortisation   8.1 - 8.1 8.0 - 8.0
Net financing costs 5 16.9 - 16.9 13.2 - 13.2
(Profit)/loss on disposal of business and business exits 4,7 - (0.7) (0.7) - 1.7 1.7
Non-cash specific adjusting items included in operating profit 4,7 - - - 6.5 1.5 8.0
Share of profit from associate (net of income tax)   (0.5) - (0.5) (0.8) - (0.8)
(Profit)/loss on sale of property, plant and equipment   (0.7) - (0.7) 0.4 - 0.4
Income tax expense 6 29.9 - 29.9 30.7 - 30.7
Equity-settled share-based payment expenses   2.4 - 2.4 2.8 - 2.8
Cash generated from operations before changes in working capital and provisions   178.3 0.8 179.1 156.3 (7.1) 149.2
(Increase)/decrease in trade and other receivables   8.9 0.1 9.0 (7.2) (0.1) (7.3)
(Increase)/decrease in inventories   (5.9) - (5.9) (4.2) (0.7) (4.9)
Increase/(decrease) in trade and other payables   (3.1) - (3.1) 1.7 (1.4) 0.3
Increase/(decrease) in provisions   - (0.5) (0.5) (2.4) 6.3 3.9
Payments to defined benefit pension plans 14 (13.4) - (13.4) (12.9) - (12.9)
Cash generated from operations   164.8 0.4 165.2 131.3 (3.0) 128.3
Interest paid - borrowings and overdrafts   (11.2) - (11.2) (9.7) - (9.7)
Interest paid - lease liabilities   (3.0) - (3.0) - - -
Income tax paid   (28.8) - (28.8) (20.9) - (20.9)
Net cash from operating activities   121.8 0.4 122.2 100.7 (3.0) 97.7
Investing activities              
Purchase of property, plant and equipment and software   (56.4) - (56.4) (53.1) - (53.1)
Purchase of investments   (1.1) - (1.1) (1.0) - (1.0)
Disposal of investments   - - - 0.6 - 0.6
Proceeds from sale of property, plant and equipment   1.5 - 1.5 - - -
Loan made to associate   - - - (1.0) - (1.0)
Loan repaid by associate   - - - 1.0 - 1.0
Interest received   1.9 - 1.9 1.3 - 1.3
Disposal of subsidiaries, net of cash disposed   - 0.7 0.7 - 1.9 1.9
Net cash from investing activities   (54.1) 0.7 (53.4) (52.2) 1.9 (50.3)
Financing activities              
Purchase of own shares for share incentive schemes   (3.3) - (3.3) (3.2) - (3.2)
Proceeds from exercise of share options   0.8 - 0.8 0.4 - 0.4
Increase in borrowings   67.1 - 67.1 36.1 - 36.1
Reduction and repayment of borrowings   (78.4) - (78.4) (28.6) - (28.6)
Payment of lease liabilities (2018: payment of finance lease liabilities)   (9.6) - (9.6) (0.4) - (0.4)
Dividends paid to shareholders of the Company   (31.3) - (31.3) (31.4) - (31.4)
Dividends paid to non-controlling interests   (8.5) - (8.5) (2.6) - (2.6)
Capital contributions made by non-controlling interest partners   - - - 0.5 - 0.5
Net cash from financing activities   (63.2) - (63.2) (29.2) - (29.2)
Net increase in cash and cash equivalents   4.5 1.1 5.6 19.3 (1.1) 18.2
Cash and cash equivalents at start of period       67.6     50.4
Effect of exchange rate fluctuations on cash held       (4.5)     (1.0)
Cash and cash equivalents at period end 12     68.7     67.6