Consolidated Statement of Cash Flows For the year ended 30 June 2013


Note2013
£'000
2012
£'000
Cash flows from operating activities


Profit for the period
17,91311,749
Adjustments for:


Depreciation122,7951,584
Amortisation and impairment1119,87612,762
Loss on disposal of intangible assets647
Loss/(profit) on sale of property, plant and equipment6462(45)
Expenses related to disposal of discontinued operations, net of tax291,357
Finance income3(196)(219)
Finance expense46,0544,289
Equity settled share-based payment expense248211,001
Income tax expense84,1675,071
Operating cash flow before changes in working capital
53,24936,239
Decrease/(increase) in inventories
1,299(4,846)
Increase in trade and other receivables
(9,456)(1,827)
Increase/(decrease) in trade and other payables
4,302(438)
Cash generated from operating activities before interest and taxation
49,39429,128
Interest paid
(4,788)(2,645)
Income taxes paid
(7,741)(7,241)
Net cash inflow from operating activities
36,86519,242
Cash flows from investing activities


Proceeds from sale of property, plant and equipment
1150
Interest received
74219
Acquisition of subsidiaries28(10,333)(112,221)
Purchase of property, plant and equipment12(3,665)(1,645)
Capitalised development expenditure11(1,584)(447)
Purchase of other intangible non-current assets11(3,871)(6,300)
Net cash outflow from investing activities
(19,368)(120,344)
Cash flows from financing activities


Proceeds from the issue of share capital2384660,575
Share issue expenses23(1,287)
New borrowings
120,000
Expenses of raising new borrowings
(2,600)
Repayment of borrowings
(5,653)(64,328)
Resetting of foreign currency borrowings
(2,289)(327)
Dividends paid9(11,170)(8,325)
Net cash (outflow)/inflow from financing activities
(18,266)103,708
Net (decrease)/increase in cash and cash equivalents
(769)2,606
Cash and cash equivalents at start of period1732,43530,496
Exchange differences on cash and cash equivalents
1,125(667)
Cash and cash equivalents at end of period1732,79132,435
Reconciliation of net cash flow to movement in net borrowings


Net (decrease)/increase in cash and cash equivalents
(769)2,606
Repayment of borrowings
5,65364,328
New borrowings
(120,000)
Expenses of raising new borrowings
2,600
New finance leases
(190)(1,010)
Exchange differences on cash and cash equivalents
1,125(667)
Retranslation of foreign borrowings
687(429)
Other non-cash changes
(588)(54)
Movement in net borrowings in the period
5,918(52,626)
Net borrowings at start of period25(86,717)(34,091)
Net borrowings at end of period25(80,799)(86,717)