| |
For the year ended 31 December 2007
| |
Notes* |
2007
£’000 |
2006
£’000 |
| Operating activities |
|
|
|
| Operating profit |
|
43,101 |
28,541 |
| Adjustments to reconcile Group operating profit to net cash inflows from operating activities |
|
|
|
| Depreciation |
|
27,130 |
14,585 |
| Amortisation |
|
3,547 |
1,907 |
| Share-based payment |
|
2,659 |
1,411 |
| Impairment of property, plant and equipment |
|
– |
2,492 |
| Loss on disposal of property, plant and equipment |
|
190 |
353 |
| Impairment of intangible assets |
|
86 |
114 |
| Loss on disposal of intangible assets |
|
– |
9 |
| Dividend received from associate |
|
– |
202 |
| (Increase)/decrease in inventories |
|
(8,724) |
4,560 |
| Increase in trade and other receivables |
|
(1,470) |
(35,498) |
| (Decrease)/increase in trade and other payables |
|
(19,976) |
6,895 |
| Currency and other adjustments |
|
(218) |
5 |
| Cash generated from operations |
|
46,325 |
25,576 |
| Income taxes paid |
|
(13,853) |
(11,994) |
| Net cash flow from operating activities |
|
32,472 |
13,582 |
| |
|
|
|
| Investing activities |
|
|
|
| Interest received |
|
3,885 |
6,600 |
| Acquisition of subsidiaries, net of cash acquired |
|
(32,600) |
– |
| Sale of property, plant and equipment |
|
336 |
24 |
| Purchase of property, plant and equipment |
|
(8,620) |
(7,504) |
| Purchases of intangible assets |
|
(5,619) |
(2,499) |
| Acquisition of minority interests |
|
(30) |
– |
| Sale of interest in associate |
|
– |
364 |
| Net cash flow from investing activities |
|
(42,648) |
(3,015) |
| |
|
|
|
| Financing activities |
|
|
|
| Interest paid |
|
(5,333) |
(2,152) |
| Dividends paid to equity shareholders of the parent |
|
(11,806) |
(13,326) |
| Proceeds from share issues |
|
661 |
2,383 |
| Purchase of own shares |
|
(11,332) |
– |
| Repayment of capital element of finance leases |
|
(12,195) |
(2,629) |
| Repayment of loans |
|
(11,103) |
(5,527) |
| New borrowings |
|
19,832 |
12,447 |
| Return of capital |
|
– |
(74,442) |
| Expenses on return of capital |
|
– |
(365) |
| Decrease in factor financing |
|
(8,743) |
(1,377) |
| Net cash flow from financing activities |
|
(40,019) |
(84,988) |
| |
|
|
|
| Decrease in cash and cash equivalents |
|
(50,195) |
(74,421) |
| Effect of exchange rates on cash and cash equivalents |
|
(1,521) |
492 |
| Cash and cash equivalents at the beginning of the year |
18 |
58,982 |
132,911 |
| Cash and cash equivalents at the year end |
18 |
7,266 |
58,982 |
* View the Notes to the consolidated financial statements for the year ended 31 December 2007 (PDF (240 KB); opens in a new window)
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