Morgan Advanced Materials

Cash Flow Full Year 2022

For the year ended 31 December 2022

   

Year ended 31 December 2022

Year ended
31 December 2021

  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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