DMGT Annual Report 2008
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Consolidated Cash Flow Statement
for the year ended 28th September, 2008
| Note | 2008 £m |
2007 £m |
|
|---|---|---|---|
| Operating profit before share of results of joint ventures and associates – continuing operations |
3 | 27.0 | 159.4 |
| Operating profit – discontinued operations | 24 | – | 0.8 |
| Adjustments for: | |||
| Share-based payments | 35 | 16.6 | 18.1 |
| Depreciation | 3, 19 | 63.1 | 59.0 |
| Impairment of property, plant and equipment | 3, 19 | 7.4 | 6.0 |
| Amortisation of intangible assets | 3, 18 | 90.3 | 82.2 |
| Impairment of goodwill and intangible assets | 3, 17, 18 | 167.8 | 52.7 |
| Operating cash flows before movements in working capital | 372.2 | 378.2 | |
| Decrease in inventories | 0.6 | 5.9 | |
| Increase in trade and other receivables | (3.9) | (64.2) | |
| (Decrease)/increase in trade and other payables | (6.3) | 59.8 | |
| Increase in provisions | 5.4 | 3.4 | |
| Cash generated by operations | 368.0 | 383.1 | |
| Taxation paid | (24.3) | (43.8) | |
| Taxation received | 11.2 | – | |
| Net cash from operating activities before payment into pension scheme | 354.9 | 339.3 | |
| Payment into Group pension scheme following sale of Aberdeen Journals in 2006 | – | (25.9) | |
| Net cash from operating activities | 354.9 | 313.4 | |
| Investing activities | |||
| Interest received | 1.6 | 5.7 | |
| Dividends received from joint ventures and associates | 3.1 | 6.6 | |
| Dividends received from available-for-sale investments | 0.3 | 1.5 | |
| Purchase of property, plant and equipment | (64.5) | (72.2) | |
| Purchase of available-for-sale investments | 21 | (15.9) | (0.6) |
| Proceeds on disposal of property, plant and equipment | 15.4 | 5.3 | |
| Proceeds on disposal of available-for-sale investments | 55.1 | 2.1 | |
| Purchase of subsidiaries | 14 | (104.3) | (305.2) |
| Purchase of additional interests in controlled entities | 15 | (36.3) | (7.1) |
| Expenditure on internally generated intangible fixed assets | 18 | (18.7) | (14.0) |
| Treasury derivative activities | (37.2) | 32.8 | |
| Investment in joint ventures and associates | 20 | (13.5) | (14.5) |
| Loans to joint ventures and associates repaid | 20 | 4.8 | 5.0 |
| Proceeds on disposal of businesses | 14 | 58.5 | 37.0 |
| Proceeds on disposal of associates | 5 | 7.2 | 1.1 |
| Net cash used in investing activities | (144.4) | (316.5) | |
| Financing activities | |||
| Equity dividends paid | 10, 35 | (56.3) | (52.6) |
| Dividends paid to minority interests | 36 | (10.3) | (8.9) |
| Issue of share capital | 34 | – | 2.7 |
| Issue of shares by Group companies to minority interests | 36 | 0.2 | 0.5 |
| Purchase of own shares | 35 | (88.3) | (32.8) |
| Settlement of subsidiary share option plan | 38 | (0.6) | (8.7) |
| Interest paid | (64.8) | (56.6) | |
| Proceeds on issue of bonds | 13 | – | 197.8 |
| Premium on repurchase of bonds | 13 | – | (2.6) |
| Bonds redeemed | 13 | – | (9.4) |
| Loan notes repaid | 13 | (26.0) | (2.8) |
| Increase in/(repayment of) bank borrowings | 13 | 10.7 | (54.7) |
| Net cash used in financing activities | (235.4) | (28.1) | |
| Net decrease in cash and cash equivalents | 13 | (24.9) | (31.2) |
| Cash and cash equivalents at beginning of year | 13, 25 | 64.0 | 96.1 |
| Exchange gain/(loss) on cash and cash equivalents | 13 | 5.2 | (0.9) |
| Net cash and cash equivalents at end of year | 13, 25 | 44.3 | 64.0 |