(1.3MB)25. Cash flows
|
2006 |
2005 |
|
|---|---|---|
|
(a) Reconciliation of operating profit to net cash flow from operating activities |
|
|
|
Operating profit |
74.5 |
45.1 |
|
|
||
|
Amortisation – goodwill |
22.1 |
16.4 |
|
Depreciation |
5.5 |
3.0 |
|
Decrease/(increase) in debtors |
0.5 |
(14.3) |
|
Increase in creditors |
13.4 |
19.1 |
|
Share option charge |
6.4 |
- |
|
Unrealised translation differences |
(3.6) |
2.5 |
|
Net cash inflow from operating activities |
118.8 |
71.8 |
|
£m |
£m |
|
|---|---|---|
|
(b) Analysis of cash flows for headings netted in the cash flow statement |
|
|
|
Returns on investments and servicing of finance |
|
|
|
|
||
|
Interest received |
1.8 |
0.5 |
|
Interest paid |
(1.3) |
(5.1) |
|
Interest element of finance leases |
- |
(0.1) |
|
Net cash inflow/(outflow) for returns on investments and servicing of finance |
0.5 |
(4.7) |
|
Taxation |
|
|
|
Tax paid |
(0.8) |
(0.1) |
|
Net cash outflow for taxation |
(0.8) |
(0.1) |
|
Capital expenditure |
||
|
Purchase of tangible fixed assets |
(12.8) |
(6.4) |
|
Net cash outflow for capital expenditure |
(12.8) |
(6.4) |
|
Acquisitions |
|
|
|
|
||
|
Cash consideration and other sums paid to vendors |
(15.1) |
(126.4) |
|
Cash acquired with subsidiary undertakings |
0.3 |
0.1 |
|
Investment in joint venture |
- |
(3.7) |
|
Net cash outflow for acquisitions |
(14.8) |
(130.0) |
|
Dividends |
|
|
|
Dividends paid |
(8.4) |
- |
|
Net cash outflow for dividends |
(8.4) |
- |
|
Management of liquid resources |
|
|
|
Increase in short term deposits |
(0.2) |
(17.4) |
|
Net cash outflow from management of liquid resources |
(0.2) |
(17.4) |
|
Financing |
|
|
|
|
||
|
Exercise of share options |
0.6 |
2.3 |
|
Issue of ordinary share capital |
- |
60.0 |
|
New bank loan |
- |
85.0 |
|
Repayment of bank loan |
(52.8) |
(28.4) |
|
Capital element of finance lease |
(0.1) |
(0.3) |
|
Net cash (outflow)/inflow from financing |
(52.3) |
118.6 |
|
At 31 July 2005 |
Cash flows |
Other movements |
At 31 July 2006 |
|
|---|---|---|---|---|
|
(c) Reconciliation of net cash flow to movement in net funds |
|
|||
|
Cash |
32.3 |
30.0 |
- |
62.3 |
|
Liquid resources |
34.7 |
0.2 |
- |
34.9 |
|
|
67.0 |
30.2 |
- |
97.2 |
|
Debt due within 1 year |
(41.5) |
32.0 |
(1.0) |
(10.5) |
|
Debt due after 1 year |
(20.8) |
20.8 |
- |
- |
|
Finance leases |
(0.1) |
0.1 |
- |
- |
|
|
(62.4) |
52.9 |
(1.0) |
(10.5) |
|
Total |
4.6 |
83.1 |
(1.0) |
86.7 |