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Group Cash Flow Statement

For the year ended 31 December 2016

    2016
£ million
2015
£ million
Operating activities
Profit for the year   125 162
Adjustments for:      
Exceptional items   19 26
Exceptional – impairment charge   30 -
Tax   47 64
Depreciation   281 277
Amortisation of intangibles   4 4
Finance income   (2) (2)
Finance cost   29 25
Profit on sale of PPE   (9) (5)
Share-based payments   6 6
Changes in working capital (excluding the effects
of exchange differences on consolidation)
Increase in inventories   (21) (25)
Increase in trade and other receivables   (81) (29)
Decrease in trade and other payables   (17) (26)
Cash flows relating to exceptional items   (23) (16)
Cash generated from operations   388 461
       
Tax paid   (64) (91)
Interest received   2 2
Interest paid   (28) (26)
Net cash generated from operating activities   298 346
 
Cash flows from investing activities
Acquisitions (net of cash acquired)   (22) (18)
Purchases of property, plant and equipment (PPE)   (263) (254)
Purchase of other intangible assets   (5) -
Proceeds from sale of PPE   23 17
Net cash used in investing activities   (267) (255)
 
Cash flows from financing activities
Net proceeds from issue of ordinary shares   - 2
Increase in long-term loans   393 454
Repayment of long-term loans   (373) (452)
Net movement in short-term loans   18 (11)
Dividends paid to shareholders   (69) (69)
Return of capital to shareholders   - (1)
Purchase of treasury shares   (8) -
Net cash used in financing activities   (39) (77)
       
Net (decrease)/increase in cash and cash equivalents   (8) 14
Cash and cash equivalents at beginning of the year   32 26
Exchange gains/(loss) on cash and cash equivalents   1 (8)
Cash and cash equivalents at end of the year   25 32
  2016
£ million
2015
£ million
Reconciliation of net cash flow to movement in net debt
For the year ended 31 December 2016
(Decrease)/increase in cash and cash equivalents   (8) 14
Cash (inflow)/outflow from movement in debt   (38) 9
Changes in net debt arising from cash flows   (46) 23
Exchange loss   (114) (18)
Movement in net debt in year   (160) 5
Net debt at beginning of year   (489) (494)
Net debt at end of year   (649) (489)

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