Annual Report & Accounts 2012 - Euromoney Institutional Investor ...
Annual Report & Accounts 2012 - Euromoney Institutional Investor ...
Annual Report & Accounts 2012 - Euromoney Institutional Investor ...
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<strong>Euromoney</strong> <strong>Institutional</strong> <strong>Investor</strong> PLC <strong>Annual</strong> <strong>Report</strong> and <strong>Accounts</strong> <strong>2012</strong><br />
www.euromoneyplc.com<br />
Consolidated Statement of Cash Flows<br />
for the year ended September 30 <strong>2012</strong><br />
Our Performance<br />
Cash flow from operating activities<br />
Operating profit 95,934 77,765<br />
Share of results in associates (459) (408)<br />
Acquired intangible amortisation 14,782 12,221<br />
Licences and software amortisation 339 302<br />
Long-term incentive expense 6,301 16,094<br />
Intangible impairment – 120<br />
Depreciation of property, plant and equipment 3,408 2,651<br />
Loss on disposal of property, plant and equipment 53 11<br />
Increase in provisions 844 1,033<br />
Operating cash flows before movements in working capital 121,202 109,789<br />
Decrease/(increase) in receivables 4,905 (7,464)<br />
(Decrease)/increase in payables (3,932) 15,645<br />
Cash generated from operations 122,175 117,970<br />
Income taxes paid (11,065) (27,022)<br />
Group relief tax paid (4,204) –<br />
Net cash from operating activities 106,906 90,948<br />
Investing activities<br />
Dividends paid to non-controlling interests (299) (28)<br />
Dividends received from associate 291 656<br />
Interest received 306 293<br />
Purchase of intangible assets (819) (557)<br />
Purchase of property, plant and equipment (1,665) (2,112)<br />
Proceeds from disposal of property, plant and equipment 2 95<br />
Payment following working capital adjustment from purchase of subsidiary (1,151) –<br />
Purchase of subsidiary undertaking (5,099) (64,773)<br />
Purchase of associate (567) –<br />
Net cash used in investing activities (9,001) (66,426)<br />
Financing activities<br />
Dividends paid (7,484) (6,117)<br />
Interest paid (5,218) (6,644)<br />
Interest paid on loan notes (12) (17)<br />
Issue of new share capital 1,059 718<br />
Payment of acquisition deferred consideration (612) (2,423)<br />
Purchase of additional interest in subsidiary undertakings (924) (50)<br />
Proceeds from disposal of interest in subsidiary undertakings – 891<br />
Proceeds received from non-controlling interest 1,828 –<br />
Settlement of derivative assets/liabilities (332) (746)<br />
Redemption of loan notes (386) (420)<br />
Loan repaid to DMGT group company (139,067) (506,567)<br />
Loan received from DMGT group company 54,700 498,067<br />
Net cash used in financing activities (96,448) (23,308)<br />
Net increase in cash and cash equivalents 1,457 1,214<br />
Cash and cash equivalents at beginning of year 12,497 11,190<br />
Effect of foreign exchange rate movements (410) 93<br />
Cash and cash equivalents at end of year 13,544 12,497<br />
<strong>2012</strong><br />
£000<br />
2011<br />
£000<br />
Consolidated Statement of Cash Flows<br />
Company <strong>Accounts</strong> Group <strong>Accounts</strong> Our Governance<br />
Cash and cash equivalents include bank overdrafts.<br />
59
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