NATS-Annual-Report-2015

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Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 136 Notes forming part of the consolidated accounts (continued) 25. Notes to the cash flow statement 2015 2014 £m £m Operating profit from continuing operations 226.6 167.5 Adjustments for: Impairment of goodwill 17.0 32.0 Depreciation of property, plant and equipment 79.3 78.0 Amortisation of intangible assets 30.2 27.7 Impairment losses 0.8 2.0 Deferred grants released (0.8) (0.7) Loss/(profit) on disposal of property, plant and equipment 0.2 (4.2) R&D above the line revenue adjustment (0.8) (0.5) Adjustment for pension funding (33.7) (32.1) Operating cash flows before movements in working capital 318.8 269.7 Increase in trade and other receivables (17.2) (3.2) Increase in trade, other payables and provisions 16.9 28.8 Cash generated from operations 318.5 295.3 Tax paid (34.7) (32.0) Net cash from operating activities 283.8 263.3 Cash and cash equivalents, which are presented as a single class of asset on the face of the balance sheet, comprise cash at bank and short term highly liquid investments with a maturity of three months or less. Financial Statements
Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 137 Notes forming part of the consolidated accounts (continued) 26. Financial commitments 2015 2014 £m £m Amounts contracted but not provided for in the accounts 69.4 44.8 Minimum lease payments under operating leases recognised in the income statement 23.3 23.5 At the balance sheet date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 2015 2014 £m £m Within one year 23.4 23.6 In the second to fifth years inclusive 49.7 61.5 After five years 25.7 31.6 98.8 116.7 Operating lease payments represent rentals payable by the group for certain of its properties, equipment used for air navigation and vehicles. Leases are negotiated on varying terms depending on the type of asset leased. NERL entered into a finance lease agreement in March 2015. The leased asset and lease obligations will be recognised during the financial year ending 31 March 2016 on transfer of the asset to NERL. The fair value of the asset at transfer is expected to be £2.0m and future minimum lease payments are expected to fall due as follows: 2015 2014 £m £m Within one year 0.2 - In the second to fifth years inclusive 0.7 - After five years 1.1 - 2.0 - Guarantees NATS Holdings Limited has given guarantees to the Ministry of Defence (MOD) in relation to NERL’s performance under its contract with the MOD. As part of the tendering process for new contracts, the NATS group may be required to put in place a tender or bid guarantee which expires once the contract is awarded. Where tenders are successful, contractual terms may also require performance or advance payment guarantees. These guarantees vary in length depending on the life of the contract and may run until the expiry of the contract. The total guarantees provided in these respects at 31 March 2015 was £4.9m (2014: £4.6m). Financial Statements
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NATS-Annual-Report-2015

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