| Group | Company | ||||
| Note |
2018 £m |
2017 £m |
2018 £m |
2017 £m |
|
| Cash flow from operating activities | |||||
| Operating profit/(loss) | 382 | 322 | (2) | (3) | |
| Depreciation and amortisation | 3 | 2 | - | - | |
| Adjustment for non-cash items | (6) | (5) | (2) | - | |
| Operating profit/(loss) before changes in working capital and provisions | 379 | 319 | (4) | (3) | |
| (Increase)/decrease in trade and other receivables | (5) | 6 | 270 | 19 | |
| Increase in inventories | (175) | (140) | - | - | |
| Increase in trade and other payables | 76 | 3 | 3 | 2 | |
| Increase in provisions | 1 | 1 | - | - | |
| Cash inflow generated from operations | 276 | 189 | 269 | 18 | |
| Interest paid | (4) | (5) | (3) | (3) | |
| Tax paid | (74) | (56) | - | - | |
| Net cash inflow from operating activities | 198 | 128 | 266 | 15 | |
| Cash flows from investing activities | |||||
| Acquisition of software, property, plant and equipment | (2) | (1) | - | - | |
| Interest received | - | - | 4 | 13 | |
| Net receipts from/(net payments) to joint ventures - continuing operations | 26 | (1) | - | - | |
| Net cash inflow/(outflow) from investing activities | 24 | (2) | 4 | 13 | |
| Cash flows from financing activities | |||||
| Issue of bank borrowings | 5 | 90 | 5 | 90 | |
| Repayment of bank borrowings | (90) | (230) | (90) | (230) | |
| Purchase of own shares | (12) | (16) | - | - | |
| Dividends paid | (74) | (44) | (74) | (44) | |
| Net cash (outflow) from financing activities | (171) | (200) | (159) | (184) | |
| Increase/(decrease) in net cash and cash equivalents | 51 | (74) | 111 | (156) | |
| Net cash and cash equivalents at the beginning of the year | 17 | 91 | (22) | 134 | |
| Net cash and cash equivalents at the end of the year | 19 | 68 | 17 | 89 | (22) |
Statement of Cash Flows