Consolidated Cash Flows

Statement of cash flows
for the year ended 30 June 2016

Notes 2016
£m
2015
£m
Cash flows from operating activities
Continuing operations
Profit before finance costs 143.8 124.3
Adjustments for:
Depreciation and amortisation 8.6 8.4
Profit on sale of property, plant and equipment (5.2) -
Profit on sale of available for sale financial assets (0.5) (7.0)
Share-based payments 4.0 3.9
Share of post tax profits from joint ventures (19.2) (5.0)
Movement on provisions (0.4) (0.6)
Other non-cash movements 0.4 0.7
Net cash generated from operations before pension deficit payments and changes in working capital 131.5 124.7
Deficit funding payments to pension schemes (6.6) (6.2)
Net cash generated from/(used in) operations before changes in working capital 124.9 118.5
Decrease in inventories 0.2 -
(Increase) in developments (7.5) (101.6)
(Increase) in trade and other receivables (54.0) (190.0)
Increase/(decrease) in trade and other payables 46.1 240.9
Net cash generated from/(used in) operations 109.7 67.8
Interest received   7.6 3.6
Interest paid   (14.6) (11.7)
Income tax (paid)/received (25.3) (20.1)
Net cash generated from operating activities (77.4) 39.6
Cash flows from investing activities
Dividends received from joint ventures 3.6 0.4
Acquisition of available for sale financial assets (6.6) (1.4)
Proceeds from available for sale financial assets 1.2 12.8
Purchase of intangible assets (0.1) -
Business combinations - (21.6)
Cash acquired with acquired subsidiary undertakings - 23.6
Acquisition of property, plant and equipment (7.8) (6.7)
Proceeds from sale of property, plant and equipment 10.4 0.1
Net cash generated from investing activities 0.7 7.2
Cash flows from financing activities
Net proceeds from issue of ordinary share capital 2.9 -
Purchase of own shares (11.9) (8.5)
Increase in borrowings (8.4) 35.5
Dividends paid to Company shareholders (59.3) (49.3)
Net cash (used in) financing activities (76.7) (22.3)
Net increase in cash and cash equivalents (1.4) 24.5
Cash and cash equivalents at 1 July 164.9 140.4
Cash and cash equivalents at 30 June 8 166.3 164.9