Consolidated Cash Flows

Condensed consolidated statement of cash flows
for the half year ended 31 December 2016 (unaudited)

Notes Half Year to
31 Dec
2016
£m
Half Year to
31 Dec
2015
£m
Year to
30 Jun
2016 (audited)
£m
Cash flows from operating activities
Continuing operations
Profit before finance costs 69.5 59.6 143.8
Adjustments for:  
Depreciation and amortisation 3.7 4.4 8.6
Profit on sale of property, plant and equipment - - (5.2)
(Profit) on sale of available for sale financial assets - - (0.5)
Share-based payments 2 1.4 4
Share of post tax profits from joint ventures (5.9) (9.9) (19.2)
Movement on provisions (0.3) (0.1) (0.4)
Other non-cash movements 0.2 0.1 0.4
Net cash generated from operations before pension deficit payments and changes in working capital 69.2 55.5 131.5
Deficit funding payments to pension schemes (3.6) (3.2) (6.6)
Net cash generated from operations before changes in working capital 65.6 52.3 124.9
(Increase)/decrease in inventories (0.6) 0.3 0.2
(Increase)/decrease in developments (26.4) 17.5 (7.5)
(Increase) in trade and other receivables (74.8) (30.9) (54)
Increase/(decrease) in trade and other payables (2.3) (48.9) 46.1)
Net cash (used in)/generated from operations (38.5) (9.7) 109.7
Interest received 4 1.8 1.7 7.6
Interest paid 4 (7.2) (6.8) (14.6)
Income tax paid   (7.2) (12.9) (25.3)
Net cash (used in)/generated from operating activities   (51.1) (27.7) 77.4
Cash flows from investing activities
Dividends received from joint ventures 7 - 3.6
Acquisition of available for sale financial assets (7.2) (1.2) (6.6)
Proceeds from available for sale financial assets - 0.9 1.2
Purchase of intangible assets - - (0.1)
Acquisition of property, plant and equipment (5.1) (5.3) (7.8)
Proceeds from sale of property, plant and equipment - - 10.4
Net cash (used in)/generated from investing activities (5.3) (5.6) 0.7
Cash flows from financing activities      
Net proceeds from issue of ordinary share capital - - 2.9
Purchase of own shares (1.7) (6.6) (11.9)
Increase in borrowings (19.1) (3.4) (8.4)
Dividends paid to Company shareholders   (46.4) (37.9) (59.3)
Net cash used in financing activities   (67.2) (47.9) (76.7)
Net (decrease)/increase in cash and cash equivalents   (123.6) (81.2) 1.4
Cash and cash equivalents at beginning of period   166.3 164.9 164.9
Cash and cash equivalents at end of period 11  42.7 83.7 166.3