Cash flow statements

for the year ended 31 March 2012

Consolidated Parent company
Notes 2012
£’000
2011
£’000
2012
£’000
2011
£’000
Cash flows from operating activities
Operating profit 57,770 40,294 18,845
Adjustments for:
– depreciation and amortisation 5 20,105 27,332
– (increase)/decrease in working capital (629) 17,035 (18,847)
– restructuring cost and onerous lease payments (3,451) (7,507)
– pension deficit payment (16,888) (9,773)
Taxation received 483
(Profit)/loss on sale of property, plant and equipment (913) 145
Net cash generated from operations 55,994 68,009 (2)
Cash flows from investing activities
Purchase of property, plant and equipment (17,249) (10,920)
Purchase of intangible assets (4,899) (3,028)
Proceeds from sale of property, plant and equipment 913
Dividends received 19,786 12,142
Net cash used in investing activities (21,235) (13,948) 19,786 12,142
Cash flows from financing activities
Dividends paid 11 (19,786) (12,140) (19,786) (12,140)
Interest paid (7,363) (8,574)
Capital element of finance lease repayments (392) (702)
Repayment of bank loans (5,000) (40,000)
Purchase of ordinary shares (420)
Net cash used in financing activities (32,961) (61,416) (19,786) (12,140)
Increase/(decrease) in cash and cash equivalents 1,798 (7,355)
Cash and cash equivalents at the beginning of the year 6,535 13,890
Cash and cash equivalents at the end of the year 22 8,333 6,535

The notes are an integral part of these consolidated financial statements.