 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2003 |
|
2002 |
|
|
|
|
|
|
Note |
|
total
£m |
|
Continuing
operations
£m |
|
Discounted
operations
£m |
|
total
£m |
|
|
Reconciliation of operating profit to net cash
inflow from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating profit |
|
90.8 |
|
|
|
96.7 |
|
— |
|
|
96.7 |
|
| Amortisation of goodwill |
|
11.3 |
|
|
|
12.0 |
|
— |
|
|
12.0 |
|
| Depreciation and other amortisation |
|
19.1 |
|
|
|
19.5 |
|
— |
|
|
19.5 |
|
| Decrease in stocks |
|
2.7 |
|
|
|
29.0 |
|
0.5 |
|
|
29.5 |
|
| (Increase) decrease in debtors |
|
(0.2 |
) |
|
|
18.5 |
|
4.4 |
|
|
22.9 |
|
| Increase (decrease) in creditors |
|
9.9 |
|
|
|
(19.0 |
) |
|
(2.3 |
) |
|
|
(21.3 |
) |
|
|
|
|
|
|
|
| Net cash inflow from operating activities |
|
|
133.6 |
|
|
|
156.7 |
|
2.6 |
|
|
159.3 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flow statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash inflow from operating activities |
|
|
133.6 |
|
|
|
156.7 |
|
2.6 |
|
|
159.3 |
|
| Returns on investments and servicing of finance |
33 |
|
(1.2 |
) |
|
|
(3.7 |
) |
|
— |
|
|
(3.7 |
) |
| Taxation |
|
|
(31.5 |
) |
|
|
(35.2 |
) |
|
2.3 |
|
|
(32.9 |
) |
| Capital expenditure and financial investment |
33 |
|
(32.7 |
) |
|
|
(41.5 |
) |
|
0.4 |
|
|
(41.1 |
) |
|
|
|
|
|
|
|
| Free cash flow |
|
|
68.2 |
|
|
|
76.3 |
|
|
5.3 |
|
|
81.6 |
|
| Acquisitions |
18 |
|
— |
|
|
|
|
|
|
|
|
|
(0.8 |
) |
| Equity dividends paid |
9 |
|
(70.6 |
) |
|
|
|
|
|
|
|
|
(62.7 |
) |
|
|
|
|
|
|
|
| Cash (outflow) inflow before use of liquid resources and financing |
|
|
(2.4 |
) |
|
|
|
|
|
|
|
|
18.1 |
|
| Management of liquid resources |
33 |
|
(5.1 |
) |
|
|
|
|
|
|
|
|
(9.6 |
) |
| Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
33 |
|
0.5 |
|
|
|
|
|
|
|
|
|
3.0 |
|
| Loans |
33 |
|
3.9 |
|
|
|
|
|
|
|
|
|
(18.4 |
) |
|
|
|
|
|
|
|
| Decrease in cash in the year |
|
|
(3.1 |
) |
|
|
|
|
|
|
|
|
(6.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of net cash flow to movement in net debt |
|
|
|
|
|
|
|
|
|
|
|
| Decrease in cash |
|
|
(3.1 |
) |
|
|
|
|
|
|
|
|
(6.9 |
) |
| Management of liquid resources |
|
|
5.1 |
|
|
|
|
|
|
|
|
|
9.6 |
|
| Financing – loans |
|
|
(3.9 |
) |
|
|
|
|
|
|
|
|
18.4 |
|
|
|
|
|
|
|
|
| Change in net debt relating to cash flows |
|
|
(1.9 |
) |
|
|
|
|
|
|
|
|
21.1 |
|
| Translation differences |
|
|
8.0 |
|
|
|
|
|
|
|
|
|
1.4 |
|
|
|
|
|
|
|
|
| Decrease in net debt for the year |
|
|
6.1 |
|
|
|
|
|
|
|
|
|
22.5 |
|
| Net debt at the beginning of the year |
|
|
(53.0 |
) |
|
|
|
|
|
|
|
|
(75.5 |
) |
|
|
|
|
|
|
|
| Net debt at the end of the year |
34 |
|
(46.9 |
) |
|
|
|
|
|
|
|
|
(53.0 |
) |
|
|
|
|
|
|
|
