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Cash flow
Total movement is as follows:
Financial Review
At 26 April 2009 At 27 April 2008
(£’m) (£’m)
Underlying EBITDA 136.8 150.2
Realised profit on forward foreign
exchange contracts 14.2 3.5
Taxes paid (25.3) (37.7)
Free cash flow 125.7 116.0
invested in:-
Working capital and other (31.5) (90.5)
Acquisitions (including debt) (6.6) (120.1)
Net proceeds from investments 8.9 45.5
Reduction in KSF debt 20.3 -
Net capital expenditure (34.8) (132.4)
Share buy back programme - (201.5)
Equity dividend paid (25.6) (7.4)
Finance costs and other financing
activities (22.5) (36.7)
decrease/(increase) in net debt 33.9 (427.1)
reConCiliation of movement in equity
Total equity movement is as follows:
(£’m)
Total equity at 27 April 2008 128.4
Loss after tax for the 52 weeks ended 26 April 2009 (15.8)
items taken directly to equity:
Exchange differences on translation of foreign
operations (44.6)
Actuarial loss on pension (0.4)
Fair value adjustment in respect of available-forsale
financial assets (28.6)
Transfer of historic losses on available-for-sale
financial assets 53.2
Tax on items taken directly to equity (6.9)
movement in equity issues:
Movement in Minority interests -
Dividends paid/declared (20.8)
total equity at 26 april 2009 153.7
pensions
The Group operates a number of closed defined benefit schemes in the Dunlop
Slazenger companies. The net deficit in these schemes increased from £11.7m
at 27 April 2008 to £12.4m at 26 April 2009.
Bob mellors
Finance Director
16 July 2009
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