Dechra Pharmaceuticals PLC

Dechra Pharmaceuticals PLC

Annual Report and Accounts for the year ended 30 June 2012

Consolidated Statement of Cash Flows For the year ended 30 June 2012

Note2012
£'000
2011
£'000
Cash flows from operating activities
Profit for the period11,74914,134
Adjustments for:
Depreciation121,5841,535
Amortisation and impairment1112,76210,362
Loss on disposal of intangible assets647
(Gain)/loss on sale of property, plant and equipment6(45)1
Finance income3(219)(2,144)
Finance expense44,2895,348
Equity settled share-based payment expense241,001830
Income tax expense85,0714,380
Operating cash flow before changes in working capital36,23934,446
Increase in inventories(4,846)(4,814)
Increase in trade and other receivables(1,827)(12,408)
(Decrease)/Increase in trade and other payables(438)8,150
Cash generated from operating activities before interest and taxation29,12825,374
Interest paid(2,645)(3,586)
Income taxes paid(7,241)(5,034)
Net cash inflow from operating activities19,24216,754
Cash flows from investing activities
Proceeds from sale of property, plant and equipment502
Interest received219957
Acquisition of subsidiaries28(112,221)(33,047)
Purchase of property, plant and equipment12(1,645)(1,280)
Capitalised development expenditure11(447)(1,025)
Purchase of other intangible non-current assets11(6,300)(1,785)
Net cash outflow from investing activities(120,344)(36,178)
Cash flows from financing activities
Proceeds from the issue of share capital2360,575541
Share issue expenses23(1,287)
New borrowings120,00068,000
Expenses of raising new borrowings(2,600)(944)
Repayment of borrowings(64,328)(41,829)
Resetting of foreign currency borrowings(327)320
Dividends paid9(8,325)(7,221)
Net cash inflow from financing activities103,70818,867
Net increase/(decrease) in cash and cash equivalents2,606(557)
Cash and cash equivalents at start of period1730,49631,502
Exchange differences on cash and cash equivalents(667)(449)
Cash and cash equivalents at end of period1732,43530,496
Reconciliation of net cash flow to movement in net borrowings
Net increase/(decrease) in cash and cash equivalents2,606(557)
Repayment of borrowings64,32841,829
New borrowings(120,000)(68,000)
Expenses of raising new borrowings2,600944
New finance leases(1,010)
Exchange differences on cash and cash equivalents(667)(449)
Retranslation of foreign borrowings(429)254
Other non-cash changes(54)(1,411)
Movement in net borrowings in the period(52,626)(27,390)
Net borrowings at start of period25(34,091)(6,701)
Net borrowings at end of period25(86,717)(34,091)

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