Financial Statements

Cash flow statements

For the year ended 31 March 2008

    Consolidated   Parent Company
  Notes 2008
£’000		 2007
£’000		   2008
£’000		 2007
£’000
Net cash flow from operating activities            
Profit/(loss) from operations 32 17,691 23,564   2,723 (9,307)
Adjustments for            
– depreciation and amortisation 5 47,639 39,569   – –
– (increase)/decrease in working capital   (15,337) (4,114)   8,916 189,874
– employee share schemes   158 393   (99) 76
Gain on sale of property, plant and equipment   (154) –   – –
Income taxes paid   – (284)   – –
Cash inflow from operations   49,997 59,128   11,540 180,643
Cash flows from investing activities            
Acquisition of businesses   (700) (43,064)   – (20,795)
Purchase of property, plant and equipment   (25,029) (23,721)   – –
Proceeds from sale of property, plant and equipment   250 12   – –
Purchase of intangible assets   (6,381) (6,495)   – –
Purchase of investments   (12) (13)   – –
Net cash used in investing activities   (31,872) (73,281)   – (20,795)
Cash flows from financing activities            
Dividends paid   (11,540) (7,356)   (11,540) (7,356)
Issue costs of long term loans   (450) (1,416)   – (1,416)
Interest paid   (10,913) (11,496)   – (11,472)
Interest received   199 261   – 134
Capital element of finance lease repayments   (583) (301)   – –
Capital element of new finance leases   783 –   – –
Repayment of bank loans   – (13)   – (193,383)
New bank loans   5,500 52,500   – 52,500
Net cash (used in)/from financing activities   (17,004) 32,179   (11,540) (160,993)
Increase/(decrease) in cash and cash equivalents   1,121 18,026   – (1,145)
Cash and cash equivalents at the beginning of the year   30,110 12,084   – 1,145
Cash and cash equivalents at the end of the year 24 31,231 30,110   – –