Accounts

Consolidated and Parent Company Cash Flow Statements

for the year ended 31st March 2013

      Group   Parent Company
  Notes   2013
£ million
  2012
£ million
  2013
£ million
  2012
£ million
Cash flows from operating activities                  
Profit before tax     354.9   409.3   226.3   199.2
Adjustments for:                  
Depreciation, amortisation, impairment losses and profit on sale of non-current assets and investments     149.6   146.8   32.8   30.9
Share-based payments     7.9   12.8   6.0   7.7
(Increase) / decrease in inventories     (11.6)   (88.9)   55.1   (9.7)
(Increase) / decrease in receivables     (2.1)   24.5   (199.9)   (80.0)
(Decrease) / increase in payables     (22.1)   55.4   43.5   237.1
(Decrease) / increase in provisions     (16.2)   (19.2)   (9.6)   14.0
Contributions in excess of employee benefit obligations charge     (26.2)   (30.9)   (20.5)   (30.0)
Changes in fair value of financial instruments     (3.0)   (0.7)   (3.6)   (0.3)
Dividends received from subsidiaries         (75.4)   (80.8)
Net finance costs     25.6   24.1   (14.4)   (20.3)
Income tax paid     (60.7)   (68.8)   (15.2)   (4.2)
Net cash inflow from operating activities     396.1   464.4   25.1   263.6
Cash flows from investing activities                  
Dividends received from subsidiaries         75.4   80.8
Purchases of non-current assets and investments 34   (234.2)   (150.7)   (109.9)   (34.5)
Proceeds from sale of non-current assets and investments     1.4   8.3   0.7  
Purchases of businesses 34   (149.6)   0.6    
Net cash (outflow) / inflow from investing activities     (382.4)   (141.8)   (33.8)   46.3
Cash flows from financing activities                  
Net cost of ESOT transactions in own shares 34   (23.9)   (25.7)   (23.9)   (25.7)
Proceeds from / (repayment of) borrowings and finance leases 34   280.2   (166.4)   278.3   (147.0)
Dividends paid to equity holders of the parent company 10   (328.4)   (103.1)   (328.4)   (103.1)
Settlement of currency swaps for net investment hedging     2.7   8.8   2.7   8.8
Interest paid     (35.2)   (34.0)   (43.1)   (47.6)
Interest received     7.5   11.4   57.3   67.8
Net cash outflow from financing activities     (97.1)   (309.0)   (57.1)   (246.8)
(Decrease) / increase in cash and cash equivalents in the year     (83.4)   13.6   (65.8)   63.1
Exchange differences on cash and cash equivalents     1.9   (4.7)    
Cash and cash equivalents at beginning of year     103.3   94.4   12.1   (51.0)
Cash and cash equivalents at end of year 35   21.8   103.3   (53.7)   12.1
Reconciliation to net debt                  
(Decrease) / increase in cash and cash equivalents in the year     (83.4)   13.6   (65.8)   63.1
(Proceeds from) / repayment of borrowings and finance leases     (280.2)   166.4   (278.3)   147.0
Change in net debt resulting from cash flows     (363.6)   180.0   (344.1)   210.1
Borrowings acquired with subsidiaries     (0.5)      
Exchange differences on net debt     (16.9)   5.2   (18.6)   10.0
Movement in net debt in year     (381.0)   185.2   (362.7)   220.1
Net debt at beginning of year     (454.2)   (639.4)   (529.0)   (749.1)
Net debt at end of year 24   (835.2)   (454.2)   (891.7)   (529.0)

The notes form an integral part of the accounts.

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