Consolidated cash flow statement for the year ended 31 May 2021
2020 (restated) 2 £m
2021 £m
Notes
Cash flows from operating activities Profit for the year
10.0
6.4
Adjustments for: Depreciation of property, plant and equipment
4.4 5.9 2.8 6.4 3.0 1.2 1.3 1.5 –
13 14 26 12 12 14
5.8 6.0 1.4 8.8 3.0 1.1 1.2 1.8
Depreciation of right-of-use assets
Share-based payments
Amortisation of customer contracts and relationships Amortisation of software and development costs
Impairment of right-of-use assets
Lease financing costs Other financing costs
8 8
Foreign exchange
– – – – –
(1.2)
Acquisition of businesses – transaction costs Individually Significant Items (non-cash impact) Profit on disposal of right-of-use assets Loss on sale of property, plant and equipment Research and development UK tax credits Research and development US tax credits Profit on sale of intangible assets
7.6
5
(0.2) (0.5)
(0.1)
0.2
(0.6)
(0.6)
1.9 2.9 0.7
9 9
0.5 2.7 0.8
Income tax expense Increase in provisions
Cash inflow for the year before changes in working capital
47.3
38.8
4.7
Decrease/(increase) in trade and other receivables
(11.0)
(0.2) (5.5)
Increase in inventories
(0.2)
(Decrease)/increase in trade and other payables
19.2 46.8
Cash generated from operating activities before interest and taxation
46.3
(1.2) (1.1) (5.1)
Interest element of lease payments
(1.2) (1.6) (4.8)
Other interest paid
Taxation paid
Net cash generated from operating activities Cash flows from investing activities Purchase of property, plant and equipment Software and development expenditure Net proceeds from sale of intangible assets Net cash used in investing activities Cash flows from financing activities Proceeds from the issue of ordinary share capital
38.9
39.2
(2.7) (2.1)
(2.8) (2.5)
0.5
–
(4.3)
(5.3)
72.6
27
1.1
(6.0)
Principal element of lease payments
(5.3)
– –
Drawdown of borrowings (net of deferred issue costs)
44.3
Issue costs related to borrowings
(1.0)
(60.4) (13.0)
Repayment of borrowings
–
Equity dividends paid
10
(12.9)
Net cash (used in)/generated from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Effect of foreign currency exchange rate changes Cash and cash equivalents at end of year
(6.8)
26.2 60.1 34.9
27.8 95.0
(6.3)
–
116.5
24
95.0
Reconciliation of net change in cash and cash equivalents to movement in net cash/(debt) 1
2021 £m 27.8 60.4
2020 £m 60.1
Net increase in cash and cash equivalents
Change in net debt 1 resulting from cash flows (net of deferred issue costs)
(43.3)
(1.1)
Interest incurred on borrowings Interest paid on borrowings
(1.6)
1.1
1.6
(0.2) (6.3)
Non-cash movements (release of deferred issue costs)
(0.2)
Effect of foreign currency on cash flows
–
5.8
Foreign currency translation differences on borrowings Change in net cash/(debt) 1 during the year Net debt 1 at start of year excluding lease liabilities Net cash/(debt) 1 at end of year excluding lease liabilities
(0.6)
87.5
16.0
(4.2)
(20.2)
83.3
(4.2)
Lease liabilities
(34.4)
(38.2) (42.4)
Net cash/(debt) 1 at end of year
48.9
The accompanying Notes 1 to 35 are an integral part of these consolidated Financial Statements.
NCC Group plc — Annual report and accounts for the year ended 31 May 2021
135
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