Consolidated Cash Flow statement
for the year ended 31 December 2008
| Notes | 2008 £m |
2007 £m |
|
|---|---|---|---|
| Cash flows from operating activities | |||
| Reconciliation of profit to operating cash flows | |||
| Profit for the year | 82.7 | 114.0 | |
| Add back: | |||
| Taxation | 19.3 | 21.9 | |
| Depreciation | 11.5 | 9.8 | |
| Amortisation of website development costs | 1.4 | 0.4 | |
| Amortisation of intangibles arising on acquisitions | 26.1 | 20.0 | |
| Interest income | (4.6) | (6.7) | |
| Interest expense | 11.0 | 7.3 | |
| Net financing income– pension schemes | (4.4) | (4.5) | |
| Net financing costs – other than interest | 4.3 | 0.5 | |
| Other non-cash items | 8.4 | 7.5 | |
| Share in profits from joint ventures and associates | (1.8) | (2.6) | |
| Additional profit on prior year disposal | – | (6.0) | |
| Exceptional costs | 39.1 | 19.6 | |
| 193.0 | 181.2 | ||
| Payments against provisions | (41.3) | (32.2) | |
| Additional pension contributions | (1.7) | (1.7) | |
| Decrease in inventories | – | 0.1 | |
| Decrease in trade and other receivables | 23.1 | 15.0 | |
| Decrease in trade and other payables | (37.0) | (23.7) | |
| Cash generated from operations | 136.1 | 138.7 | |
| Interest received | 3.8 | 7.5 | |
| Interest paid | (8.0) | (6.3) | |
| Taxation paid | (18.7) | (5.3) | |
| Dividends received from joint ventures and associates | 3.3 | 0.8 | |
| Net cash flows from operating activities | 116.5 | 135.4 | |
| Cash flows from investing activities | |||
| Acquisition of interests in subsidiaries, net of cash acquired | (47.7) | (82.4) | |
| Purchase of property, plant and equipment and intangibles | (15.0) | (12.6) | |
| Proceeds of sale of property and equipment | – | 7.7 | |
| Purchase of interest in joint ventures and associates | (0.4) | (2.7) | |
| Proceeds from sale of investments | – | 1.1 | |
| Net cash flows from investing activities | (63.1) | (88.9) | |
| Cash flows from financing activities | |||
| Proceeds from issuance of ordinary share capital | 2.0 | 7.2 | |
| Return of capital to shareholders (including costs) | (9.3) | (76.7) | |
| Dividend paid to shareholders | (54.4) | (246.7) | |
| Dividend paid to minority interests | (7.1) | (3.9) | |
| Investment in own shares - ESOP | – | (0.2) | |
| (Decrease)/increase in borrowings | (7.1) | 55.2 | |
| Issue of floating rate reset bonds | 75.0 | – | |
| Net cash flows from financing activities | (0.9) | (265.1) | |
| Net increase/(decrease) in cash and cash equivalents | 52.5 | (218.6) | |
| Net foreign exchange difference | 21.3 | 0.5 | |
| 19 | Cash and cash equivalents at 1 January | 94.7 | 312.8 |
| 19 | Cash and cash equivalents at 31 December | 168.5 | 94.7 |
| Title | Size | File type |
| Notes to the Financial Statements (PDF, opens in a new window) | 668 KB |  |
