Cash Flow: Full Year 2019
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 |
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