Condensed Consolidated Cash Flow Statement
For the six months to 30 June 2009
| Six months to 30 June 2009 £m |
Six months to 30 June 2008 £m |
Year to 31 December 2008 £m |
|
|---|---|---|---|
| Cash flows from operating activities: | |||
| Profit / (loss) for the period | 9.8 | 26.4 | (625.0) |
| Adjustments for: | |||
| Tax | - | 10.5 | (155.0) |
| Finance income | (2.3) | (2.6) | (4.1) |
| Finance costs | 29.0 | 41.4 | 75.8 |
| Depreciation charge | 3.4 | 4.5 | 8.7 |
| Amortisation of intangible assets | 0.1 | 0.1 | 0.3 |
| Impairment of intangible assets | 1.4 | - | 1.8 |
| Share of results of jointly controlled entities | 0.5 | (0.1) | (0.8) |
| Profit on disposal of property, plant and equipment | - | (0.4) | (0.7) |
| Share-based payment charge | 0.9 | 3.3 | 4.4 |
| Exceptional non-cash items | (27.9) | 61.8 | 892.7 |
| Other non-cash items | 1.5 | 0.4 | (3.1) |
| Profit from operations before working capital movements | 16.4 | 145.3 | 195.0 |
| Movements in working capital: | |||
| Decrease / (increase) in inventories | 266.8 | (190.7) | 187.8 |
| (Increase) / decrease in trade and other receivables | (11.5) | 11.5 | (8.1) |
| (Decrease) / increase in trade and other payables | (118.9) | 24.2 | (173.6) |
| Net cash from operations | 152.8 | (9.7) | 201.1 |
| Interest paid | (24.7) | (34.7) | (67.6) |
| Interest received | 0.9 | 2.6 | 4.1 |
| Tax (paid) / received | - | (43.4) | 106.2 |
| Net cash from / (used in) operating activities | 129.0 | (85.2) | 243.8 |
| Cash flows from investing activities: | |||
| Received from jointly controlled entities | - | 0.1 | 0.1 |
| Purchase of property, plant and equipment | (0.3) | (2.1) | (6.9) |
| Proceeds from sale of property, plant and equipment | 0.3 | 1.3 | 2.2 |
| Net cash used in investing activities | - | (0.7) | (4.6) |
| Cash flows from financing activities: | |||
| Repayment of borrowings | (105.1) | (75.7) | (162.2) |
| Drawdown of loan facilities | - | 280.0 | 65.0 |
| Other financing expenses | (21.3) | - | - |
| Finance lease principal payments | (0.6) | (0.7) | (1.4) |
| Own shares purchased | - | (2.2) | (2.4) |
| Exercise of share options | - | 0.6 | 0.8 |
| Dividends paid to Group shareholders | - | (98.1) | (113.1) |
| Net cash (used in) / from financing activities | (127.0) | 103.9 | (213.3) |
| Increase in net cash and cash equivalents | 2.0 | 18.0 | 25.9 |
| Net cash and cash equivalents at beginning of period | (22.9) | (48.8) | (48.8) |
| Net cash and cash equivalents at end of period | (20.9) | (30.8) | (22.9) |