Group cash flow summary

for the six months ended 30 September 2009

Adjustments to reconcile profit after tax to net cash flows from operating activities:Note6 months ended 30 September 2009 £m6 months ended 30 September 2008 (as restated) £mYear ended 31 March 2009 (as restated) £m
Profit after tax 16 18.5 125.0 105.8
Income tax expense 16 8.7 6.2 7.1
Financial income 16 (14.4) (19.7) (40.8)
Financial expense 16 19.5 24.0 46.5
Fair value movement in BVT put option 16 3.9 (1.9) (4.1)
Changes in fair value of financial instruments 16 0.3
Share of post tax earnings of equity accounted investments 16 (1.8) 12.8
Depreciation of property, plant and equipment 9 4.1 6.0 9.9
Amortisation of intangible assets 9 12.4 11.2 24.8
(Profit)/loss on sale of property, plant and equipment 16 (0.1) (4.5) (4.8)
Loss of disposal of business 16 4.3
Accounting result on transfer of shipbuilding business 16 (107.0) (100.8)
Foreign currency differences 16 (1.1) 2.2
Dividends received from equity accounted investments 16 2.7 1.9 3.0
Equity settled share-based payment expenses 16 3.5 2.6 5.3
Difference between pension contributions paid and        
amounts recognised in the income statement 16 (7.4) (6.5) (6.9)
(Increase)/decrease in inventories 16 (4.6) 6.4 10.3
(Increase) in trade and other receivables 16 (8.4) (12.7) (58.7)
(Decrease) in trade and other payables and provisions 16 (1.7) (7.1) 39.3
Cash flow from operating activities Continuing 39.1 50.3 88.6
  Discontinued (2.4) (29.0) (33.4)
    36.7 21.3 55.2
Tax paid   (7.6) (7.7) (20.8)
Net cash inflow from operations Continuing 31.5 42.6 61.6
  Discontinued (2.4) (29.0) (27.2)
    29.1 13.6 34.4
Cash flows from investing activities        
Interest received   3.6 5.9 12.5
Decrease in PFI financial asset   1.3 1.8 3.5
Disposal of property, plant and equipment   0.2 9.2 11.0
Proceeds from assets held for resale   0.8 0.8
Purchase of other investments   (0.3)
Sale of subsidiary undertaking (net of cash disposed of)   (1.9)
Purchase of subsidiary undertakings        
(net of cash acquired)   (3.1) 6.7 13.5
Investment in equity accounted investments (net of cash contributed and distribution of pre-transaction reserves)   12.4 10.5
Purchase of property, plant and equipment 9 (16.8) (4.7) (10.7)
Payments to acquire intangible fixed assets 9 (0.2) (0.1) (0.7)
Net cash inflow/(outflow) from investing activities Continuing (15.0) 20.5 28.4
  Discontinued 11.5 9.8
    (15.0) 32.0 38.2
Cash flows from financing activities        
Interest paid   (3.6) (9.8) (18.1)
Dividends paid to equity shareholders of the parent   (18.8) (17.0) (24.0)
Dividends paid to minority interests   (0.2) (0.6) (0.6)
Proceeds from issue of share capital   3.1 2.0 2.0
Loans (advanced)/repaid   (2.3) 1.0 1.7
Purchase of treasury shares   (2.4) (4.0) (3.9)
(Repayment)/draw down of loans   36.5 (30.7) (45.9)
Net cash inflow/(outflow) from financing activities Continuing 12.3 (58.3) (87.0)
  Discontinued (0.8) (1.8)
    12.3 (59.1) (88.8)
Net increase/(decrease) in cash and cash equivalents Continuing 28.8 4.8 3.0
  Discontinued (2.4) (18.3) (19.2)
    26.4 (13.5) (16.2)
Cash and cash equivalents at beginning of period   51.5 60.1 60.1
Currency variations on cash and cash equivalents 11 (2.4) 1.7 7.6
Cash and cash equivalents at end of period   75.5 48.3 51.5

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