Group Cash Flow Statement
For the period ended 31 March 2018
View De La Rue 2017/18 Final Results to 31 March 2018
2018 £m |
2017 £m |
||
---|---|---|---|
Cash flows from operating activities | |||
Profit before tax* | 110.6 | 51.8 | |
Adjustments for: | |||
Finance income and expense | 9.4 | 12.0 | |
Depreciation | 21.9 | 24.3 | |
Amortisation | 3.3 | 2.5 | |
Decrease in inventory | 13.3 | 3.4 | |
Increase/(decrease) in trade and other receivables | 21.0 | (4.6) | |
Increase/(decrease) in trade and other payables | (16.5) | (11.9) | |
Increase/(decrease) in reorganisation provisions | (6.2) | (3.6) | |
Non-cash gain on the defined benefit pension indexation change | (80.5) | - | |
Special pension fund contributions | (13.5) | (14.6) | |
Loss/(profit) on disposal of property, plant, equipment and software intangibles | - | 1.4 | |
Impairment of disposal group | 9.3 | - | |
Share based payment expense | 2.2 | 0.9 | |
Loss on disposal of discontinued operations | - | 4.1 | |
Other non-cash movements | (0.8) | (1.4) | |
Cash generated from operating activities | 73.5 | 64.3 | |
Tax paid | (10.1) | (5.7) | |
Net cash flows from operating activities | 63.4 | 58.6 | |
Cash flows from investing activities | |||
Proceeds from sale of discontinued operations | 3.0 | 2.1 | |
Transaction costs relating to sale of discontinued operations | - | (2.5) | |
Proceeds from the sale of subsidiary (net of cash disposed) | 55.8 | - | |
Purchases of property, plant, equipment and software intangibles | (19.9) | (24.0) | |
Development assets capitalised | (4.8) | (2.1) | |
Advanced payment - non trading | 5.0 | 0 | |
Acquisition of subsidiary (net of cash acquired) | (1.1) | (17.9) | |
Proceeds from sale of property, plant and equipment | - | 0.2 | |
Net cash flows from investing activities | 38.0 | (44.2) | |
Net cash flows before financing activities | 101.4 | 14.4 | |
Cash flows from financing activities | |||
Proceeds from issue of share capital | 2.0 | 1.2 | |
Proceeds from/(repayments of) borrowings | (67.0) | (12.4) | |
Interest received | - | - | |
Interest paid | (5.4) | (4.2) | |
Payment of revolving credit facility fees | (1.0) | - | |
Dividends paid to shareholders | (25.4) | (25.4) | |
Dividends paid to non-controlling interests | (0.4) | (0.3) | |
Net cash flows from financing activities | (97.2) | (41.1) | |
Net increase/(decrease) in cash and cash equivalents in the year | 4.2 | (26.7) | |
Cash and cash equivalents at the beginning of the year | 11.2 | 37.9 | |
Exchange rate effects | (0.2) | - | |
Cash and cash equivalents at the end of the year | 15.2 | 11.2 | |
Cash and cash equivalents consist of: | |||
Cash at bank and in hand | 15.2 | 13.2 | |
Short term bank deposits | 0.3 | 2.2 | |
Bank overdrafts | (0.3) | (4.2) | |
15.2 | 11.2 |
*Profit before tax includes continuing and discontinued operations. The cash flows relating to discontinued operations are included within note 2 of the 2018 Annual Report