Cash Flow

For the year ended 31 December 2019

? ? Year ended 31 December 2019 Year ended 31 December 2018
? ? Continuing Discontinued Total Continuing Discontinued Total
? Note £m £m £m £m £m £m
Operating activities ? ? ? ? ? ? ?
Profit for the period ? 79.8 1.5 81.3 64.2 (10.7) 53.5
Adjustments for: ? ? ? ? ? ? ?
Depreciation - property, plant and equipment ? 32.3 - 32.3 31.3 0.4 31.7
Depreciation - right-of-use assets ? 10.1 - 10.1 - - -
Amortisation ? 8.1 - 8.1 8.0 - 8.0
Net financing costs 5 16.9 - 16.9 13.2 - 13.2
(Profit)/loss on disposal of business and business exits 4,7 - (0.7) (0.7) - 1.7 1.7
Non-cash specific adjusting items included in operating profit 4,7 - - - 6.5 1.5 8.0
Share of profit from associate (net of income tax) ? (0.5) - (0.5) (0.8) - (0.8)
(Profit)/loss on sale of property, plant and equipment ? (0.7) - (0.7) 0.4 - 0.4
Income tax expense 6 29.9 - 29.9 30.7 - 30.7
Equity-settled share-based payment expenses ? 2.4 - 2.4 2.8 - 2.8
Cash generated from operations before changes in working capital and provisions ? 178.3 0.8 179.1 156.3 (7.1) 149.2
(Increase)/decrease in trade and other receivables ? 8.9 0.1 9.0 (7.2) (0.1) (7.3)
(Increase)/decrease in inventories ? (5.9) - (5.9) (4.2) (0.7) (4.9)
Increase/(decrease) in trade and other payables ? (3.1) - (3.1) 1.7 (1.4) 0.3
Increase/(decrease) in provisions ? - (0.5) (0.5) (2.4) 6.3 3.9
Payments to defined benefit pension plans 14 (13.4) - (13.4) (12.9) - (12.9)
Cash generated from operations ? 164.8 0.4 165.2 131.3 (3.0) 128.3
Interest paid - borrowings and overdrafts ? (11.2) - (11.2) (9.7) - (9.7)
Interest paid - lease liabilities ? (3.0) - (3.0) - - -
Income tax paid ? (28.8) - (28.8) (20.9) - (20.9)
Net cash from operating activities ? 121.8 0.4 122.2 100.7 (3.0) 97.7
Investing activities ? ? ? ? ? ? ?
Purchase of property, plant and equipment and software ? (56.4) - (56.4) (53.1) - (53.1)
Purchase of investments ? (1.1) - (1.1) (1.0) - (1.0)
Disposal of investments ? - - - 0.6 - 0.6
Proceeds from sale of property, plant and equipment ? 1.5 - 1.5 - - -
Loan made to associate ? - - - (1.0) - (1.0)
Loan repaid by associate ? - - - 1.0 - 1.0
Interest received ? 1.9 - 1.9 1.3 - 1.3
Disposal of subsidiaries, net of cash disposed ? - 0.7 0.7 - 1.9 1.9
Net cash from investing activities ? (54.1) 0.7 (53.4) (52.2) 1.9 (50.3)
Financing activities ? ? ? ? ? ? ?
Purchase of own shares for share incentive schemes ? (3.3) - (3.3) (3.2) - (3.2)
Proceeds from exercise of share options ? 0.8 - 0.8 0.4 - 0.4
Increase in borrowings ? 67.1 - 67.1 36.1 - 36.1
Reduction and repayment of borrowings ? (78.4) - (78.4) (28.6) - (28.6)
Payment of lease liabilities (2018: payment of finance lease liabilities) ? (9.6) - (9.6) (0.4) - (0.4)
Dividends paid to shareholders of the Company ? (31.3) - (31.3) (31.4) - (31.4)
Dividends paid to non-controlling interests ? (8.5) - (8.5) (2.6) - (2.6)
Capital contributions made by non-controlling interest partners ? - - - 0.5 - 0.5
Net cash from financing activities ? (63.2) - (63.2) (29.2) - (29.2)
Net increase in cash and cash equivalents ? 4.5 1.1 5.6 19.3 (1.1) 18.2
Cash and cash equivalents at start of period ? ? ? 67.6 ? ? 50.4
Effect of exchange rate fluctuations on cash held ? ? ? (4.5) ? ? (1.0)
Cash and cash equivalents at period end 12 ? ? 68.7 ? ? 67.6