for the six months ended 30th September 2011
| Six months ended | Year ended | ||||||
|---|---|---|---|---|---|---|---|
| Notes | 30.09.11 £ million |
30.9.10 £ million |
31.3.11 restated £ million |
||||
| Cash flows from operating activities | |||||||
| Profit before tax | 195.1 | 144.1 | 259.3 | ||||
| Adjustments for: | |||||||
| Dissolution of associate | – | (0.1) | (0.1) | ||||
| Discontinued operations | – | – | (1.9) | ||||
| Depreciation, amortisation, impairment losses and profit on sale of non-current assets and investments |
73.6 | 71.4 | 168.8 | ||||
| Share-based payments | 6.2 | 4.0 | 11.3 | ||||
| Changes in working capital and provisions | (65.8) | (148.2) | (272.2) | ||||
| Changes in fair value of financial instruments | (6.2) | 4.5 | 1.7 | ||||
| Net finance costs | 11.7 | 9.7 | 20.7 | ||||
| Income tax paid | (42.5) | (37.7) | (64.7) | ||||
| Net cash inflow from operating activities | 172.1 | 47.7 | 122.9 | ||||
| Cash flows from investing activities | |||||||
| Dividends received from associate | – | 3.5 | 3.5 | ||||
| Purchases of non-current assets and investments | (54.6) | (56.9) | (137.4) | ||||
| Proceeds from sale of non-current assets and investments | 0.2 | 0.1 | 3.9 | ||||
| Purchases of businesses | 1.1 | (2.5) | (53.1) | ||||
| Net cash outflow from investing activities | (53.3) | (55.8) | (183.1) | ||||
| Cash flows from financing activities | |||||||
| Net (cost of) / proceeds on ESOT transactions in own shares | (11.0) | (3.3) | (9.1) | ||||
| (Repayment of) / proceeds from borrowings and finance leases | (81.9) | 31.2 | 96.2 | ||||
| Dividends paid to owners of the parent company | 6 | (71.2) | (59.4) | (86.1) | |||
| Dividends paid to non-controlling interests | – | (0.5) | (0.5) | ||||
| Settlement of currency swaps for net investment hedging | 1.6 | 12.1 | 7.4 | ||||
| Interest paid | (18.0) | (16.3) | (33.1) | ||||
| Interest received | 6.0 | 6.5 | 13.7 | ||||
| Net cash outflow from financing | (174.5) | (29.7) | (11.5) | ||||
| Decrease in cash and cash equivalents in period | (55.7) | (37.8) | (71.7) | ||||
| Exchange differences on cash and cash equivalents | – | (0.5) | 1.7 | ||||
| Cash and cash equivalents at beginning of period | 94.4 | 164.4 | 164.4 | ||||
| Cash and cash equivalents at end of period | 7 | 38.7 | 126.1 | 94.4 | |||
| Reconciliation to net debt | |||||||
| Decrease in cash and cash equivalents in period | (55.7) | (37.8) | (71.7) | ||||
| Repayment of / (proceeds from) borrowings and finance leases | 81.9 | (31.2) | (96.2) | ||||
| Change in net debt resulting from cash flows | 26.2 | (69.0) | (167.9) | ||||
| Borrowings acquired with subsidiaries | – | (0.1) | (20.5) | ||||
| Exchange differences on net debt | (3.9) | 16.6 | 22.4 | ||||
| Movement in net debt in period | 22.3 | (52.5) | (166.0) | ||||
| Net debt at beginning of period | (639.4) | (473.4) | (473.4) | ||||
| Net debt at end of period | 7 | (617.1) | (525.9) | (639.4) | |||