Consolidated cash flow statement for the year ended 31 May 2022
2022 £m
2021 £m
Notes
Cash flows from operating activities Profit for the year
23.0
10.0
Adjustments for: Depreciation of property, plant and equipment
3.9 5.4 3.9
13 14 26 12 12 14
4.4 5.9 2.8
Depreciation of right-of-use assets
Share-based payments
(0.5)
Cash-settled share-based payments
–
8.6 1.8
Amortisation of customer contracts and relationships Amortisation of software and development costs
6.4 3.0
(0.1)
Impairment reversal of right-of-use assets
–
1.2 2.5
Lease financing costs Other financing costs
8 8
1.2 1.3 1.5
(0.6) (7.3)
Foreign exchange
Acquisition of businesses – transaction costs Individually Significant Items (non-cash impact) Profit on disposal of right-of-use assets Profit on sale of intangible assets Loss on sale of property, plant and equipment Research and development UK tax credits Research and development US tax credits
5 5
(1.2)
– – – –
7.6
(0.2) (0.5)
0.2
(1.0) (1.1)
(0.6)
9 9
1.9 2.9 0.7
9.1 0.5
Income tax expense Increase in provisions
21
Cash inflow for the year before changes in working capital
49.3
47.3
(1.8)
(Increase)/decrease in trade and other receivables
4.7
0.2
Decrease/(increase) in inventories
(0.2) (5.5)
12.6
Increase/(decrease) in trade and other payables
Cash generated from operating activities before interest and taxation
60.3
46.3
(1.2) (2.1) (2.2)
Interest element of lease payments
20
(1.2) (1.1) (5.1)
Other interest paid
Taxation paid
Net cash generated from operating activities
54.8
38.9
Cash flows from investing activities Acquisition of trade and assets as part of business combinations
(153.0)
34
–
(5.2) (3.0)
Purchase of property, plant and equipment Software and development expenditure Proceeds from sale of intangible assets
(2.7) (2.1)
–
0.5
Net cash used in investing activities
(161.2)
(4.3)
Cash flows from financing activities Proceeds from the issue of ordinary share capital
0.8
27 20
72.6
(5.3)
Principal element of lease payments
(6.0)
120.7
Drawdown of borrowings (net of deferred issue costs)
– –
(0.6)
Issue costs related to borrowings
(39.4) (14.4)
Repayment of borrowings
(60.4) (13.0)
Equity dividends paid
10
Net cash generated from/(used in) financing activities
61.8
(6.8)
Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Effect of foreign currency exchange rate changes
(44.6)
27.8 95.0
116.5
1.3
(6.3)
Cash and cash equivalents at end of year
73.2
24
116.5
NCC Group plc — Annual report and accounts for the year ended 31 May 2022
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