Cash flow

Consolidated cash flow statement

for the year ended 31 December 2008

2008
£m		 2007
£m
Cash flow from operating activities
Profit before income tax 206.9 191.1
Adjustments for non-cash items:
depreciation 19.7 15.9
intangible amortisation 36.0 24.4
share based payments 5.3 4.8
Working capital movement (15.9) 13.5
Finance income (27.6) (21.1)
Finance cost 65.2 48.5
Provisions and pensions (15.8) (18.5)
Other (1.5) (0.6)
Cash generated from operations 272.3 258.0
Income tax paid (66.4) (65.1)
Cash inflow from operating activities 205.9 192.9
Cash flow from investing activities
Interest received 7.0 5.3
Purchase of property, plant and equipment (20.9) (19.9)
Sale of property, plant and equipment 5.7 3.3
Purchase of businesses (115.9) (191.7)
Investment in associates (0.5) -
Cash outflow from investing activities (124.6) (203.0)
Cash flow from financing activities
Interest paid (48.4) (33.6)
Dividends paid (59.9) (56.2)
(Decrease)/increase in short term loans (73.2) 34.9
Increase in long term loans 99.8 192.1
Net (purchase of)/proceeds from employee shares (7.2) 1.0
Purchase of own shares into treasury - (100.0)
Cash (outflow)/inflow from financing activities (88.9) 38.2
Exchange gain on cash and cash equivalents 9.4 2.5
Increase in cash and cash equivalents 1.8 30.6
Cash and cash equivalents at start of year 55.7 25.1
Increase in cash and cash equivalents 1.8 30.6
Cash and cash equivalents at end of year 57.5 55.7