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