Group Statement of Cash Flows
for the year ended 31st December 2012
31st December 2012 31st December 2011
Note £’000 £’000 £’000 £’000
cash generated from operating activities
Profit before tax 6,733 17,592
Adjustments to reconcile profit before tax to net cash from operating activities
Exceptional operating costs and contingent consideration (excluding gain on sale
of assets) 7 23,262 2,214
Amortisation of intangible assets 14 3,472 8,472
Finance income 5 (10) (4)
Finance costs 6 2,891 1,874
Exceptional finance costs 7 (429) 182
Share-based payments 12 647 787
29,833 13,525
Group operating profit before amortisation and share-based payments 36,566 31,117
Depreciation 15 3,499 2,581
Share of results of joint ventures (1,283) (679)
(Gain)/loss on sale of property, plant and equipment 8 (1,426) 8
790 1,910
(Increase)/decrease in trade and other receivables 12 (2,054)
Decrease in trade and other payables (2,078) (4,491)
Decrease in provisions (2,699) (2,183)
(4,765) (8,728)
cash generated from operations 32,591 24,299
Interest paid (2,084) (1,422)
Tax paid (7,252) (3,235)
(9,336) (4,657)
net cash generated from operating activities 23,255 19,642
Cash flows from investing activities
Cash acquired on purchase of subsidiary undertaking 27 223 5,707
Acquisitions of subsidiaries and other businesses 27 (3,926) (46,826)
Investment in joint venture 17 (10) (671)
Investment in financial assets 16 (897) -
Dividends received from joint venture 748 332
Interest received 5 10 4
Purchase of property, plant and Equipment and intangible assets 15 (5,680) (3,243)
Proceeds from sale of property, plant and equipment 15 6,290 –
Proceeds from sale of available-for-sale financial asset – 1,962
net cash expended on investing activities (3,242) (42,735)
cash flows from financing activities
Repayment of loans (10,962) –
Proceeds from loans – 32,939
Purchase of treasury shares (net of consideration received on reissue of treasury
shares) – (804)
Dividends paid 11 (9,261) (8,945)
net cash generated from/(used in) financing activities (20,223) 23,190
net increase/(decrease) in cash and cash equivalents (210) 97
cash and cash equivalents at the beginning of the year 435 338
cash and cash equivalents at the end of the year 19 225 435
62 ANNUAL REPORT AND ACCOUNTS 2012