Jupiter Annual Report 2010 - Jupiter Asset Management

Financial statements – continuation | Notes to the financial statements
37. Cash flow from operating activities
Consolidated
Cash flows from operating activities
2010
£m
2009
£m
Profit on ordinary activities before taxation 42.4 7.2
Adjustments for:
Depreciation 1.4 1.4
Amortisation 39.8 39.8
Net amortisation of initial charges and initial commissions (2.5) (3.8)
Share based payments 7.8 0.3
Gains on derivative financial instruments (9.6) (6.5)
Losses on total return swap 6.2 8.2
Fair value gains on financial assets at fair value through profit or loss (10.2) (10.7)
Finance income (0.8) (1.2)
Finance expense 38.6 52.9
Foreign exchange losses/(gains) 0.6 (0.1)
Increase/(decrease) in provisions 2.0 (2.3)
Exceptional costs 6.8 –
Changes in working capital:
Increase in trade and other receivables (29.7) (21.5)
Increase in trade and other payables 25.2 17.4
Financial assets at fair value through profit or loss (4.2) (20.5)
Fair value loss on investment in associates 0.5 0.4
Fair value losses/(gains) on liabilities at fair value through profit or loss 2.3 (3.2)
Cash generated from operations 116.6 57.8
Company
Cash flows from operating activities
2010
£m
2009
£m
Profit on ordinary activities before taxation 62.0 (3.3)
Adjustments for:
Dividend income (65.0) –
Finance expense 1.6 2.7
Changes in working capital:
Increase in trade and other receivables (0.5) –
Decrease/(increase) and other payables (0.5) 0.6
Cash used by operations (2.4) –
Annual Report & Accounts 2010 104 Jupiter Fund Management plc