Peachtree 2015 Annual Report Download - page 141
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The Sage Group plc | Annual Report & Accounts 2015 139
O
verv
i
ew
Overview
St
ra
t
eg
i
c repor
t
Strate
g
ic re
p
ort
G
overnance
Governance
Fi
nanc
i
a
l
s
t
a
t
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t
s
Financial statements
Net debt and capital structure
12 Cash flow and net debt
This note analyses our operational cash generation, shows the movement in our net debt in the year, and explains what is included
within our cash balances and borrowings at the year-end.
Cash generated from operations is the starting point of our cash flow statement on page 109. This section outlines the adjustments
for any non-cash accounting items to reconcile our accounting profit for the year to the amount of physical cash we generated from
our operations.
Net debt represents the amount of cash held less borrowings, overdrafts, finance lease payments due and cash held on behalf
of customers.
Borrowings are mostly made up of fixed-term external debt which the Group has taken out in order to finance acquisitions in the past.
12.1 Cash flow generated from continuing operations
Reconciliation of profit for the year to cash generated from continuing operations
2015
£m
2014
(restated)
£m
Profit for the year 194.3 188.9
Adjustments for:
Income tax 81.5 89.8
Finance income (2.2) (2.1)
Finance expenses 23.6 23.0
Amortisation of intangible assets 29.1 24.5
Depreciation of property, plant and equipment 18.2 18.0
Loss on disposal of property, plant and equipment –0.8
R&D tax credits (2.3) –
Equity-settled share-based transactions 9.1 8.0
Fair value adjustments and goodwill impairment 64.5 44.7
Exchange movement (4.7) (11.0)
Changes in working capital (excluding effects of acquisitions and disposals of subsidiaries):
– (Increase)/Decrease in inventories (0.2) 0.1
– Decrease in trade and other receivables (8.4) (20.5)
– (Decrease)/Increase in trade and other payables (6.8) 8.8
– Increase in deferred income 22.9 9.4
Cash generated from continuing operations 418.6 382.4
12.2 Net debt
Reconciliation of net cash flow to movement in net debt (inclusive of finance leases)
2015
£m
2014
£m
Increase in cash in the year (pre-exchange movements) 90.5 63.6
Cash outflow from movement in loans, finance leases and cash held on behalf of customers (17.8) (112.8)
Change in net debt resulting from cash flows 72.7 (49.2)
Acquisitions (21.3) –
Non-cash movements – (0.9)
Exchange movement (39.6) (2.8)
Movement in net debt in the year 11.8 (52.9)
Net debt at 1 October (437.2) (384.3)
Net debt at 30 September (425.4) (437.2)
FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT