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Financial statements
Consolidated cash flow statement
for the 52 weeks ended 26 October 2008
Consolidated cash flow statement
52 weeks 52 weeks
ended ended
26 Oct 08 28 Oct 07
Notes £000 £000
Cash flows from operations
(Loss)/Profit for the period (24,842) 1,568
Adjustments for:
Income tax expense (945) 262
Depreciation 14 4,931 2,633
Amortisation of intangible assets 13 2,691 1,027
Deferred government grants released (14) (11)
Net finance costs 2,983 2,255
Share based payment (credit)/charge 23 (28) 55
Investment property (losses)/gains 800 (1,063)
Pension contributions in excess of charge (680) (810)
Loss/(profit) on disposal of property, plant and equipment 2,579 (513)
Loss on disposal of subsidiary undertakings 9,161 –
Cash flow before changes in working capital and provisions (3,364) 5,403
(Increase)/decrease in inventories (3,330) 684
Decrease in trade and other receivables 1,696 3,778
Decrease/(increase) in trade and other payables 6,687 (6,003)
Increase in provisions 2,735 79
Net cash from operations 4,424 3,941
Interest received 161 112
Interest paid (2,748) (2,169)
Interest element of finance lease rentals (31) (54)
Dividends paid on preference shares (4) (4)
Income tax (1,261) (119)
Net cash from operating activities 541 1,707
Cash flows from investing activities
Acquisition of subsidiaries net of cash acquired (11,198) (28,384)
Proceeds from sale of subsidiary undertakings 2,000 –
Sale of investments 250 250
Proceeds from sale of property, plant and equipment 48 2,049
Purchase of property, plant and equipment (4,100) (1,406)
Purchase of intangible assets – software (416) (260)
Net cash used in investing activities (13,416) (27,751)
Cash flows from financing activities
Dividends paid to Shareholders (2,462) (2,674)
Finance lease principal payments (534) (433)
Exercise of share options and share placings 2,901 29,706
New loan 27,171 561
Repayment of bank borrowings (980) (1,638)
Net cash (used in)/from financing activities 26,096 25,522
Net increase/(decrease) in cash and cash equivalents 13,221 (522)
Cash and cash equivalents at beginning of period (11,179) (10,667)
Effects of exchange rate fluctuations on cash held 129 10
Cash and cash equivalents at end of period 2,171 (11,179)
Cash 2,171 2,476
Overdrafts – (7,709)
Factoring advances – (5,946)
Cash and cash equivalents 2,171 (11,179)
Cosalt plc Annual report & financial statements 2008
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