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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012
notes to the consolidated financial statements
continued
33
NOTES TO THE STATEMENT OF CASH FLOWS
29 December 31 December
£m 2012 2011
Operating profit/(loss) – continuing operations 56.8 (2.8)
– discontinued operations 1.9 (15.5)
58.7 (18.3)
Adjustments for:
Share of results of associates (0.9) (1.1)
Depreciation of property, plant and equipment 42.6 43.9
Amortisation of intangible assets 8.7 9.4
Loss on disposal of property, plant and equipment 1.3 0.3
(Profit)/loss on disposal of subsidiary (note 31) (0.4) 1.0
Loss on disposal of associate (note 32) – 1.6
Impairment of assets 1.0 76.9
Net retirement benefits charge less contributions (4.6) (16.4)
Operating cash flows before movements in working capital 106.4 97.3
Increase in inventories (2.2) (5.9)
(Increase)/decrease in receivables (10.8) 0.5
Increase in payables 11.9 13.3
(Decrease)/increase in exceptional creditor (1.6) 1.5
Decrease in provisions (1.5) (3.0)
Cash generated by operations 102.2 103.7
Income taxes paid (1.0) (3.4)
Interest paid (60.5) (64.5)
Net cash from operating activities 40.7 35.8
34
CONTINGENT LIABILITIES AND COMMITMENTS
The Group may from time to time, and in the normal course of business, be subject to claims from customers and counterparties. The Group regularly
reviews all of these claims to determine any possible financial loss to the Group. No provision was considered necessary in the consolidated financial
statements. In addition, there are a number of legal claims or potential claims against the Group, the outcome of which cannot at present be foreseen.
Provision has been made for all probable liabilities.
As at 29 December 2012 the Group had purchase commitments for the next 12 months to guarantee supply and price of raw materials of
£117.5 million (2011: £51.6 million).
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