for the six months ended 30 September 2009
| Adjustments to reconcile profit after tax to net cash flows from operating activities: | Note | 6 months ended 30 September 2009 £m | 6 months ended 30 September 2008 (as restated) £m | Year 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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