Cash Flow: Full Year 2022
For the year ended 31 December 2022
|
Year ended 31 December 2022 |
Year ended |
||
| Note | £m |
£m | |
| Operating activities | |||
| Profit for the year from continuing operations | 95.6 |
76.1 | |
| Profit for the year from discontinued operations | 7 | 1.1 | 5.7 |
| Adjustments for: | |||
| Depreciation - property, plant and equipment | 30.3 |
30.1 | |
| Depreciation - right-of-use assets | 7.8 | 7.9 | |
| Amortisation | 4.7 | 6.0 | |
| Net financing costs | 5 | 9.2 | 9.2 |
| Profit on disposal of business | 2,4 | (0.4) | (7.1) |
| Non-cash specific adjusting items included in operating profit | 6.6 | 10.4 | |
| Share of profit from associate (net of income tax) | - | (0.4) | |
| (Profit)/loss on sale of property, plant and equipment | (0.3) | 0.3 | |
| Income tax expense | 6 | 36.0 |
28.2 |
| Equity-settled share-based payment expenses | 5.1 | 4.5 | |
| Cash generated from operations before changes in working capital and provisions | 195.7 | 170.9 | |
| Increase in trade and other receivables |
(26.5) |
(17.2) |
|
| Increase in inventories | (25.2) |
(20.1) | |
| Increase in trade and other payables | 7.0 | 28.3 | |
| Decrease in provisions | (4.9) | (5.8) | |
| Payments to defined benefit pension plans (net of IAS 19 pension charges) | 14 |
(85.9) |
(16.9) |
| Cash generated from operations | 60.2 | 139.2 | |
| Interest paid - borrowings and overdrafts | (7.0) | (6.1) | |
| Interest paid - lease liabilities | (2.4) | (2.3) | |
| Income tax paid | (31.8) |
(25.4) | |
| Net cash from operating activities | 19.0 |
105.4 | |
| Investing activities | |||
| Purchase of property, plant and equipment and software | (58.0) | (31.6) | |
| Purchase of investments | - | (0.9) | |
| Acquisition of business assets | - | (1.9) | |
| Proceeds from sale of property, plant and equipment | 0.6 | 5.5 | |
| Interest received | 1.6 | 0.8 | |
| Disposal of investments | 0.4 | 14.2 | |
| Disposal of subsidiaries, net of cash disposed | - | 0.8 | |
| Net cash from investing activities | (55.4) |
(13.1) | |
| Financing activities | |||
| Purchase of own shares for share incentive schemes | (2.9) |
(5.9) | |
| Proceeds from exercise of share options | 0.5 |
0.3 | |
| Increase in borrowings | 113.3 | 27.3 | |
| Reduction and repayment of borrowings | (39.0) | (99.6) | |
| Payment of lease liabilities | (9.0) | (8.6) | |
| Dividends paid to shareholders of the Company | (31.6) | (19.1) | |
| Dividends paid to non-controlling interests | (7.9) |
(6.6) | |
| Purchase of shares from non-controlling interest | - |
- | |
| Net cash from financing activities | 23.4 |
(112.2) | |
| Net decrease in cash and cash equivalents | (13.0) | (19.9) | |
| Cash and cash equivalents at start of period | 127.3 | 147.8 | |
| Effect of exchange rate fluctuations on cash held | 3.4 |
(0.6) | |
| Cash and cash equivalents at year end | 12 | 117.7 | 127.3 |
1. Comparative information has been restated to present the increase and reduction in borrowings separately.
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