| for the year ended 31 December 2011 |
|
|
|
Restated
|
|
2011
£m |
2010
£m |
| Cash flows from operating activities |
|
|
| Profit for the year from continuing operations |
203.7 |
213.6 |
| Adjustments for: |
|
|
| Depreciation |
43.6 |
44.8 |
| (Reversal of impairment)/impairment of property, plant and equipment |
(2.5) |
3.4 |
| Amortisation |
36.4 |
11.4 |
| Impairment of intangible assets |
- |
0.4 |
| Loss/(gain) on sale of property, plant and equipment |
0.2 |
(2.9) |
| Loss on disposal of investments |
- |
0.1 |
| Financial income |
(17.2) |
(25.7) |
| Financial expense |
36.2 |
28.7 |
| Net finance income relating to defined benefit pension scheme |
(6.2) |
- |
| Equity-settled share-based payment expenses |
8.9 |
5.5 |
| Income tax expense |
97.7 |
92.5 |
| Increase in trade and other receivables |
(45.1) |
(13.3) |
| Increase in inventories |
(35.7) |
(7.8) |
| Increase in trade and other payables |
67.8 |
53.3 |
| Decrease in provisions and employee benefits |
(25.3) |
(26.0) |
| Cash generated from the operations |
362.5 |
378.0 |
| Income taxes paid |
(90.9) |
(56.3) |
| |
271.6 |
321.7 |
| CCI investigation costs |
(2.1) |
(4.3) |
| Refund of EU fine * |
- |
5.4 |
| Additional pension scheme funding |
(52.9) |
(16.8) |
| Special contribution to the UK Pension Fund |
- |
(48.6) |
| Net cash from operating activities |
216.6 |
257.4 |
| Cash flows from investing activities |
|
|
| Interest received |
3.3 |
5.2 |
| Proceeds from sale of property, plant and equipment |
2.8 |
7.1 |
| Sale of investments |
1.1 |
0.8 |
| Purchase of investments |
(0.7) |
(0.3) |
| Settlement of transactional derivatives |
3.0 |
4.0 |
| Settlement of currency derivatives hedging balance sheet |
5.6 |
(2.7) |
| Income from discontinued business (Polypipe) * |
- |
7.4 |
| Acquisitions of controlling interests |
(8.9) |
(117.4) |
| Acquisition of property, plant and equipment |
(52.1) |
(45.8) |
| Capitalised non-acquired intangibles |
(6.8) |
(5.0) |
| Net cash from investing activities |
(52.7) |
(146.7) |
| Cash flows from financing activities |
|
|
| Interest paid |
(20.2) |
(20.7) |
| Investment in pension partnership by UK Pension Fund |
- |
48.6 |
| Acquisition of non-controlling interests |
- |
(12.4) |
| Payment to non-controlling interest |
(4.4) |
- |
| Purchase of own shares |
(7.8) |
(29.5) |
| Proceeds from the issue of share capital for employee share schemes |
1.2 |
1.6 |
| Net (repayment)/drawdown of borrowings |
(16.0) |
14.2 |
| Dividends paid to non-controlling interest |
- |
(0.5) |
| Dividends paid to equity shareholders |
(88.8) |
(70.9) |
| Net cash from financing activities |
(136.0) |
(69.6) |
| Net increase in cash and cash equivalents |
27.9 |
41.1 |
| Cash and cash equivalents at the start of the year |
120.4 |
75.7 |
| Effect of exchange rate fluctuations on cash held |
(0.8) |
3.6 |
| Cash and cash equivalents at the end of the year** |
147.5 |
120.4 |
| |
|
|
* Representing profit in 2010 from operations discontinued in prior years
** Net of bank overdrafts of £0.4m (2010: £2.5m)