Annual Report & ACCOUNTS for the year ended 30 June 2014

HYR 2014

Note2014
£000
2013
£000
Cash flows from operating activities
Profit for the period59,04717,913
Adjustments for:
Depreciation122,1972,795
Amortisation and impairment1118,34019,876
Loss on sale of property, plant and equipment6462
(Profit)/related expenses on disposal of discontinued operations, net of tax30(38,611)1,357
Finance income3(302)(73)
Finance expense43,8565,931
Equity settled share-based payment expense251,616821
Income tax expense2,3224,167
Operating cash flow before changes in working capital48,46553,249
(Increase)/decrease in inventories(2,811)1,299
Increase in trade and other receivables30(21,100)(9,456)
(Decrease)/increase in trade and other payables(1,159)4,302
Cash generated from operating activities before interest and taxation23,39549,394
Interest paid(2,444)(4,788)
Income taxes paid(9,479)(7,741)
Net cash inflow from operating activities11,47236,865
Cash flows from investing activities
Proceeds from sale of property, plant and equipment11
Interest received26074
Acquisition of subsidiaries29(5,938)(10,333)
Proceeds from disposal of discontinued operations3091,202
Expenses related to the disposal of discontinued operations30(1,576)
Purchase of property, plant and equipment12(4,927)(3,665)
Capitalised development expenditure11(1,065)(1,584)
Purchase of other intangible non-current assets11(1,381)(3,871)
Net cash inflow/(outflow) from investing activities76,575(19,368)
Cash flows from financing activities
Proceeds from the issue of share capital23949846
Own shares purchased24(606)
Repayment of borrowings(81,470)(5,653)
Resetting of foreign currency borrowings201,558(2,289)
Dividends paid9(12,579)(11,170)
Net cash outflow from financing activities(92,148)(18,266)
Net decrease in cash and cash equivalents(4,101)(769)
Cash and cash equivalents at start of period1732,79132,435
Exchange differences on cash and cash equivalents(1,917)1,125
Cash and cash equivalents at end of period1726,77332,791
Reconciliation of net cash flow to movement in net borrowings
Net decrease in cash and cash equivalents(4,101)(769)
Repayment of borrowings81,4705,653
New finance leases(190)
Exchange differences on cash and cash equivalents(1,917)1,125
Retranslation of foreign borrowings1,935687
Other non-cash changes(1,578)(588)
Movement in net borrowings in the period75,8095,918
Net borrowings at start of period26(80,799)(86,717)
Net borrowings at end of period26(4,990)(80,799)