Peachtree 2012 Annual Report Download - page 107

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Overview
Performance
Governance
Operating assets and liabilities continued
Net debt and capital structure
12 Cash flow and net debt
12.1 Cash flow generated from continuing operations
Reconciliation of profit for the year to cash generated from continuing operations
2012
£m
2011
£m
Profit for the year 238.9 256.0
Adjustments for:
Income tax 95.4 74.8
Finance income (2.6) (1.9)
Finance expenses 13.2 14.4
Amortisation of intangible assets 25.6 28.1
Depreciation of property, plant and equipment 21.7 21.8
Loss on disposal of property, plant and equipment 0.2 2.5
Profit on disposal of intangible assets (1.4) (1.3)
Equity-settled share-based transactions 1.3 3.2
Exchange movement (4.4) (2.7)
Changes in working capital (excluding effects of acquisitions and disposals of subsidiaries)
– Decrease in inventories 0.3 0.3
– Increase in trade and other receivables (16.0) (34.0)
– (Decrease)/increase in trade and other payables (1.0) 14.0
– Increase in deferred income 12.6 29.9
Cash generated from continuing operations 383.8 405.1
12.2 Net debt
Reconciliation of net cash flow to movement in net debt (inclusive of finance leases)
2012
£m
2011
£m
(Decrease)/increase in cash in the year (pre-exchange movements) (124.6) 113.6
Cash outflow from decrease in loans, finance leases and cash collected from customers (13.9) 83.4
Change in net debt resulting from cash flows (138.5) 197.0
Acquisitions (0.3) 1.0
Non-cash movements (1.1) (1.2)
Exchange movement 3.3 (1.9)
Movement in net debt in the year (136.6) 194.9
Net debt at 1 October (24.9) (219.8)
Net debt at 30 September (161.5) (24.9)
Numerical financial instruments disclosures are set out below and also in note 13.
Analysis of change in net debt (inclusive of finance leases)
At
1 October
2011
£m
Cash flow
£m
Acquisitions
£m
Non-cash
movements
£m
Exchange
movement
£m
At
30 September
2012
£m
Cash and cash equivalents 182.8 (118.2) – – (3.0) 61.6
Bank overdrafts (0.8) (6.4) – – – (7.2)
Cash, cash equivalents and bank overdrafts 182.0 (124.6) – – (3.0) 54.4
Finance leases due within one year (0.9) 0.7 (0.2) (0.8) – (1.2)
Loans due after more than one year (190.0) (14.8) (0.1) (1.1) 6.8 (199.2)
Finance leases due after more than one year (2.4) – – 0.8 – (1.6)
Cash collected from customers (13.6) 0.2 – – (0.5) (13.9)
Total (24.9) (138.5) (0.3) (1.1) 3.3 (161.5)
Included in cash above is £13.9m (2011: £13.6m) relating to cash collected from customers, which the Group is contracted to pay on to another party.
A liability for the same amount is included in trade and other payables on the balance sheet and is classified within net debt above.
Financial statements
105
The Sage Group plc | Annual Report & Accounts 2012