Accounts

Consolidated and Parent Company Cash Flow Statements

for the year ended 31st March 2012

      Group   Parent company
  Notes   2012

£ million
  2011
restated
£ million
  2012

£ million
  2011

£ million
Cash flows from operating activities                  
Profit before tax     409.3   259.3   199.2   231.1
Adjustments for:                  
Dissolution of associate       (0.1)    
Discontinued operations 40     (1.9)    
Depreciation, amortisation, impairment losses and profit on sale of non-current assets and investments     146.8   168.8   30.9   41.9
Share-based payments     12.8   11.3   7.7   6.7
Increase in inventories     (88.9)   (159.6)   (9.7)   (53.4)
Decrease / (increase) in receivables     24.5   (250.9)   (80.0)   (215.3)
Increase / (decrease) in payables     55.4   113.1   237.1   (96.6)
(Decrease) / increase in provisions     (19.2)   52.0   14.0   5.8
Contributions in excess of employee benefit obligations charge     (30.9)   (26.8)   (30.0)   (23.4)
Changes in fair value of financial instruments     (0.7)   1.7   (0.3)   1.0
Dividends received from subsidiaries         (80.8)   (123.3)
Net finance costs     24.1   20.7   (20.3)   (20.0)
Income tax paid     (68.8)   (64.7)   (4.2)   (16.0)
Net cash inflow / (outflow) from operating activities     464.4   122.9   263.6   (261.5)
Cash flows from investing activities                  
Dividends received from associate       3.5    
Dividends received from subsidiaries         80.8   123.3
Purchases of non-current assets and investments 34   (150.7)   (137.4)   (34.5)   (29.1)
Proceeds from sale of non-current assets and investments     8.3   3.9     3.8
Purchases of businesses 34   0.6   (53.1)    
Net cash (outflow) / inflow from investing activities     (141.8)   (183.1)   46.3   98.0
Cash flows from financing activities                  
Net cost of ESOT transactions in own shares 34   (25.7)   (9.1)   (25.7)   (9.1)
(Repayment of) / proceeds from borrowings and finance leases 34   (166.4)   96.2   (147.0)   101.0
Dividends paid to equity holders of the parent company 10   (103.1)   (86.1)   (103.1)   (86.1)
Dividends paid to non-controlling interests       (0.5)    
Settlement of currency swaps for net investment hedging     8.8   7.4   8.8   7.4
Interest paid     (34.0)   (33.1)   (47.6)   (42.0)
Interest received     11.4   13.7   67.8   63.2
Net cash (outflow) / inflow from financing activities     (309.0)   (11.5)   (246.8)   34.4
Increase / (decrease) in cash and cash equivalents in the year     13.6   (71.7)   63.1   (129.1)
Exchange differences on cash and cash equivalents     (4.7)   1.7    
Cash and cash equivalents at beginning of year     94.4   164.4   (51.0)   78.1
Cash and cash equivalents at end of year 35   103.3   94.4   12.1   (51.0)
Reconciliation to net debt                  
Increase / (decrease) in cash and cash equivalents in the year     13.6   (71.7)   63.1   (129.1)
Repayment of / (proceeds from) borrowings and finance leases     166.4   (96.2)   147.0   (101.0)
Change in net debt resulting from cash flows     180.0   (167.9)   210.1   (230.1)
Borrowings acquired with subsidiaries       (20.5)    
Exchange differences on net debt     5.2   22.4   10.0   20.0
Movement in net debt in year     185.2   (166.0)   220.1   (210.1)
Net debt at beginning of year     (639.4)   (473.4)   (749.1)   (539.0)
Net debt at end of year 24   (454.2)   (639.4)   (529.0)   (749.1)

The notes form an integral part of the accounts.

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