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Group Cash Flow Statement

For the period ended 25 March 2017

Notes 2017
£m
2016
£m
Cash flows from operating activities
Profit before tax* 51.8 20.8
Adjustments for:
Finance income and expense 12.0 12.1
Depreciation 24.3 23.0
Amortisation 2.5 3.2
Decrease in inventory 3.4 5.0
Increase trade and other receivables (4.6) (2.0)
(Decrease)/increase in trade and other payables (11.9) 11.4
(Decrease)/increase in reorganisation provisions (3.6) 0.4
Special pension fund contributions (14.6) (19.1)
Loss/(profit) on disposal of property, plant, equipment and software intangibles 1.4 (7.6)
Asset impairment - 10.8
Loss in disposal of discontinued operations 4.1 -
Other non-cash movements (0.5) 0.9
Cash generated from operating activities 64.3 58.9
Tax paid (5.7) (4.7)
Net cash flows from operating activities 58.6 54.2
Cash flows from investing activities
Proceeds from sale of discontinued operations 2.1 -
Transaction costs relating to sale of discontinued operations (2.5) -
Purchases of property, plant, equipment and software intangibles (24.0) (25.0)
Development assets capitalised (2.1) (3.0)
Acquisition of subsidiary (net of cash acquired)   (17.9) -
Proceeds from sale of property, plant and equipment 0.2 9.9
Net cash flows from investing activities (44.2) (18.1)
Net cash flows before financing activities 14.4 36.1
Cash flows from financing activities    
Proceeds from issue of share capital 1.2 0.3
(Repayments of)/proceeds from borrowings (12.4) 3.6
Interest received - 0.1
Interest paid (4.2) (4.2)
Dividends paid to shareholders (25.4) (25.3)
Dividends paid to non-controlling interests (0.3) (0.3)
Net cash flows from financing activities (41.1) (25.8)
Net (decrease)/increase in cash and cash equivalents in the year (26.7) 10.3
Cash and cash equivalents at the beginning of the year 37.9 28.9
Exchange rate effects   - (1.3)
Cash and cash equivalents at the end of the year   11.2 37.9
Cash and cash equivalents consist of:      
Cash at bank and in hand 8 13.2 40.5
Short term bank deposits 8 2.2 -
Bank overdrafts 8 (4.2) (2.6)
  8 11.2 37.9

*Profit before tax includes continuing and discontinued operations.