Condensed Consolidated Statement of Cash Flows
| Chairman's Statement |
| Chief Executive's Review |
| Financial Review |
| Statement of Directors' Responsibilities |
| Principal Risks and Uncertainties |
Financial Statements
- Condensed Consolidated Statement of Income
- Condensed Consolidated Statement of Comprehensive Income
- Condensed Consolidated Statement of Changes in Equity
- Condensed Consolidated Statement of Financial Position
- Condensed Consolidated Statement of Cash Flows
- Notes to the Interim Financial Statements
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For the six months ended 30 June 2009
| Note | 2009 Half year £m |
2008 Half year £m |
2008 Full year £m |
|
| Cash flows from operating activities | ||||
| Profit after tax | 7.5 | 27.2 | 81.1 | |
| Adjustments for: | ||||
| Tax | 7 | 1.1 | 11.9 | 25.0 |
| Profit on disposal of businesses | - | (0.3) | (0.3) | |
| Finance costs | 6 | 12.2 | 10.4 | 15.7 |
| Financial income | 6 | (4.0) | (4.5) | (7.8) |
| Depreciation | 7.1 | 6.5 | 10.4 | |
| Amortisation of intangible assets | 4.7 | 1.7 | 7.7 | |
| (Gain)/loss on sale of property, plant and equipment | (0.4) | 0.4 | 0.1 | |
| Equity settled share-based payment expense | (0.6) | 1.3 | 1.8 | |
| Operating profit before changes in working capital and provisions | 27.6 | 54.6 | 133.7 | |
| Decrease in trade and other receivables | 45.4 | 17.1 | 7.8 | |
| Decrease/(increase) in inventories | 10.7 | (9.5) | (10.1) | |
| Decrease in trade and other payables | (37.7) | (5.4) | (1.4) | |
| Decrease in provisions and employee benefits | (7.9) | (4.0) | (6.9) | |
| Corporation tax paid | (17.7) | (11.5) | (24.0) | |
| Net cash from operating activities | 20.4 | 41.3 | 99.1 | |
| Cash flows from investing activities | ||||
| Purchase of property, plant and equipment | (6.6) | (11.3) | (21.9) | |
| Proceeds from sale of property, plant and equipment | 1.3 | - | 0.9 | |
| Acquisition of businesses, net of cash acquired | (26.4) | (7.7) | (87.2) | |
| Acquisition of an associate undertaking | - | - | (0.6) | |
| Disposal of businesses | - | 0.3 | 1.5 | |
| Interest received | 0.1 | 0.7 | 1.6 | |
| Net cash flows used in investing activities | (31.6) | (18.0) | (105.7) | |
| Cash flows from financing activities | ||||
| Interest paid | (6.0) | (4.9) | (10.1) | |
| Dividends paid to equity holders of the parent | (19.6) | (17.6) | (25.0) | |
| Share options exercised from shares held by Employee Benefit Trust | 0.1 | 0.1 | 0.1 | |
| Share options exercised from treasury shares | - | - | 0.2 | |
| Purchase of own shares by Employee Benefit Trust | (0.2) | (0.1) | (0.2) | |
| Purchase of own shares - treasury shares | - | (9.3) | (9.3) | |
| Proceeds from borrowings | 49.0 | - | 50.0 | |
| Repayment of borrowings | (34.8) | - | - | |
| Net cash flows used in financing activities | (11.5) | (31.8) | 5.7 | |
| Net decrease in cash and cash equivalents | (22.7) | (8.5) | (0.9) | |
| Cash and cash equivalents at beginning of period | 54.8 | 47.4 | 47.4 | |
| Effect of foreign exchange rate changes | (6.2) | 1.7 | 8.3 | |
| Cash and cash equivalents at end of period | 25.9 | 40.6 | 54.8 |
| Reconciliation of changes in cash and cash equivalents to movements in net debt | 2009 Half year £m |
2008 Half year £m |
2008 Full year £m |
| Net decrease in cash and cash equivalents | (22.7) | (8.5) | (0.9) |
| Proceeds from borrowings | (49.0) | - | (50.0) |
| Repayment of borrowings | 34.8 | - | - |
| Effect of foreign exchange rate changes | 19.9 | (4.7) | (33.9) |
| Movement in net debt | (17.0) | (13.2) | (84.8) |
| Net debt at start of period | (162.1) | (77.3) | (77.3) |
| Net debt at end of period | (179.1) | (90.5) | (162.1) |