For the year ended 31 March 2007
| Note | 2007 £m |
2006 £m |
|
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before tax | 85.2 | 65.1 | |
| Depreciation and other amortisation | 27.0 | 24.1 | |
| Equity settled transactions | 2.7 | 2.7 | |
| Finance income and expense | 5.9 | 3.4 | |
| Operating cash flow before changes in working capital interest and taxes | 120.8 | 95.3 | |
| (Increase) in inventories | (7.7) | (12.8) | |
| (Increase) in trade and other receivables | (9.2) | (14.6) | |
| Increase in trade and other payables | — | 13.2 | |
| Cash generated from operations | 103.9 | 81.1 | |
| Interest received | 11.2 | 6.8 | |
| Interest paid | (17.0) | (10.1) | |
| Income tax paid | (22.0) | (25.8) | |
| Operating cash flow | 76.1 | 52.0 | |
| Cash flows from investing activities | |||
| Capital expenditure and financial investment | (42.4) | (26.3) | |
| Proceeds from sale of property, plant and equipment | 11.6 | 1.2 | |
| Net cash used in investing activities | (30.8) | (25.1) | |
| Free cash flow | 45.3 | 26.9 | |
| Cash flows from financing activities | |||
| Proceeds from the issue of share capital | 0.3 | — | |
| New bank loans | 30.3 | 54.3 | |
| Repayment of bank loans | (16.6) | (25.6) | |
| Equity dividends paid | 10 | (80.0) | (80.0) |
| Net cash used in financing activities | (66.0) | (51.3) | |
| Net decrease in cash and cash equivalents | (20.7) | (24.4) | |
| Cash and cash equivalents at the beginning of the year | 38.0 | 62.6 | |
| Effect of exchange rates on cash | (0.1) | (0.2) | |
| Cash and cash equivalents at the end of the year | 28 | 17.2 | 38.0 |
The notes form part of these Group accounts.