|
Notes |
2008
£m |
2007
£m |
| Cash flows from operating activities |
|
|
|
| Operating profit on continuing activities before interest and taxation |
|
302.3 |
261.6 |
| Depreciation |
12 |
50.0 |
46.1 |
| Amortisation of other intangible assets (treated as depreciation) |
13 |
1.5 |
1.5 |
| Amortisation of intangible assets created on acquisition |
13 |
18.6 |
9.7 |
| Share based payment expense |
26 |
9.2 |
8.6 |
| Pension charge |
31 |
19.3 |
15.2 |
| Pension contributions |
31 |
(28.5) |
(21.0) |
| Loss/(profit)on sale of property, plant and equipment |
|
1.1 |
(0.1) |
| Investment loss |
4 |
0.2 |
– |
| Movement in provisions |
|
(2.2) |
0.9 |
| Increase in receivables |
|
(90.7) |
(71.4) |
| Increase in payables |
|
111.2 |
82.9 |
| Cash generated from operations before exceptional additional pension contribution |
|
392.0 |
334.0 |
| Income tax paid |
|
(48.6) |
(45.8) |
| Exceptional additional pension contribution |
31 |
(10.0) |
– |
| Net interest paid |
|
(38.4) |
(31.9) |
| Cash generated from operations after income tax, interest and exceptional additional pension contribution |
|
295.0 |
256.3 |
| Net cash used in investing activities |
|
|
|
| Purchase of property, plant and equipment |
12 |
(86.4) |
(67.9) |
| Proceeds from sale of property, plant and equipment |
|
0.3 |
1.0 |
| Purchase of intangible fixed assets |
13 |
– |
(5.0) |
| Acquisition of subsidiary undertakings and businesses |
|
(188.4) |
(94.7) |
| Cash acquired with subsidiary undertakings |
|
8.9 |
4.4 |
| Disposal/(purchase) of financial assets |
15 |
23.1 |
(4.4) |
| Investment loan |
15 |
(6.2) |
(16.6) |
| Return on investment in joint venture |
4/15 |
0.1 |
– |
|
|
(248.6) |
(183.2) |
| Net cash from financing activities |
|
|
|
| Issue of ordinary share capital |
27 |
35.7 |
67.2 |
| Share buybacks |
27 |
(68.4) |
(43.9) |
| Share transaction costs |
27 |
(0.4) |
(0.5) |
| Dividends paid |
11 |
(78.0) |
(218.6) |
| Capital element of finance lease rental payments |
28 |
(0.2) |
(0.4) |
| Instalment debtor movement |
28 |
0.7 |
20.4 |
| Asset based securitised financing |
28 |
– |
(17.8) |
| Repayment of loan notes and long term loans |
28 |
(3.3) |
(34.6) |
| Proceeds on issue of bonds |
28 |
200.2 |
100.9 |
| Financing arrangement costs |
21 |
(0.7) |
(0.3) |
|
|
85.6 |
(127.6) |
| Net increase in cash and cash equivalents |
|
132.0 |
(54.5) |
| Cash and cash equivalents at the beginning of the period |
|
(45.3) |
9.2 |
| Cash and cash equivalents at 31 December |
|
86.7 |
(45.3) |
| Cash and cash equivalents comprise: |
|
|
|
| Overdraft |
21 |
– |
(46.1) |
| Cash at bank and in hand |
18 |
86.7 |
0.8 |
| Total |
|
86.7 |
(45.3) |