Peachtree 2013 Annual Report Download - page 124

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Net debt and capital structure
118 The Sage Group plc | Annual Report & Accounts 2013
Financial statements
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
2013
£m
2012
£m
Profit for the year 47.5 238.9
A
djustments for:
Income tax 116.6 95.4
Finance income (1.4) (2.6)
Finance expenses 17.8 13.2
A
mortisation of intangible assets 28.5 25.6
Depreciation of property, plant and equipment 20.0 21.7
Loss on disposal of non-core products 184.6 –
Loss on disposal of property, plant and equipment 0.8 0.2
Loss/(profit) on disposal of intangible assets 0.1 (1.4)
Equity-settled share-based transactions 2.9 1.3
Fair value adjustments and goodwill impairment (8.1) –
Exchange movement (3.3) (4.4)
Changes in working capital (excluding effects of acquisitions and disposals of subsidiaries):
– Decrease in inventories 0.2 0.3
– Increase in trade and other receivables (18.7) (16.0)
– (Decrease)/increase in trade and other payables 20.9 (1.0)
– Increase in deferred income 9.0 12.6
Cash generated from continuing operations 417.4 383.8
12.2 Net debt
Reconciliation of net cash flow to movement in net debt (inclusive of finance leases)
2013
£m
2012
£m
Increase/(decrease) in cash in the year (pre-exchange movements) 31.2 (124.6)
Cash outflow from decrease in loans, finance leases and cash collected from customers (266.0) (13.9)
Change in net debt resulting from cash flows (234.8) (138.5)
A
cquisitions (0.2) (0.3)
Non-cash movements (0.8) (1.1)
Exchange movement 13.0 3.3
Movement in net debt in the year (222.8) (136.6)
Net debt at 1 October (161.5) (24.9)
Net debt at 30 September (384.3) (161.5)
A
nalysis of change in net debt (inclusive of finance leases)
At
1 October
2012
£m
Cash flow
£m
Acquisitions
£m
Non-cash
movements
£m
Exchange
movement
£m
At
30 September
2013
£m
Cash and cash equivalents 61.6 41.8 – – (2.6) 100.8
Bank overdrafts (7.2) (10.6) – – (0.1) (17.9)
Cash, cash equivalents and bank overdrafts 54.4 31.2 – – (2.7) 82.9
Finance leases due within one year (1.2) 1.2 (0.1) (1.0) – (1.1)
Loans due after more than one year (199.2) (258.8) – (0.8) 16.8 (442.0)
Finance leases due after more than one year (1.6) – (0.1) 1.0 – (0.7)
Cash collected from customers (13.9) (8.4) – – (1.1) (23.4)
Total (161.5) (234.8) (0.2) (0.8) 13.0 (384.3)
Included in cash above is £23.4m (2012: £13.9m) 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.
122 The Sage Group plc | Annual Report & Accounts 2013