NATS-Annual-Report-2015

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Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 90 Consolidated cash flow statement for the year ended 31 March 2015 2014 Note £m £m Net cash from operating activities 25 283.8 263.3 Cash flows from investing activities Interest received on short term investments 1.3 1.2 Purchase of property, plant and equipment and other intangible assets (148.7) (122.1) Proceeds of disposal of property, plant and equipment 1.2 2.9 Investment in joint ventures (0.1) (0.4) Changes in short term investments - 0.4 Dividend received from associate 0.2 0.2 Net cash outflow from investing activities (146.1) (117.8) Cash flows from financing activities Interest paid (31.1) (32.7) Interest received on derivative financial instruments 0.7 0.9 Repayment of bond principal (29.8) (28.4) Bank and other loans 25.0 (9.0) Dividends paid (77.0) (62.0) Repayment from/(loan to) joint ventures 0.2 (0.7) Net cash outflow from financing activities (112.0) (131.9) Increase in cash and cash equivalents during the year 25.7 13.6 Cash and cash equivalents at 1 April 211.6 198.0 Cash and cash equivalents at 31 March 237.3 211.6 Net debt (representing borrowings net of cash and short term investments) (378.7) (407.9) Financial Statements
Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 91 Notes forming part of the consolidated accounts 1. General information NATS Holdings Limited is a private limited company incorporated in England and Wales and domiciled in the United Kingdom and acting under the Companies Act 2006. The address of the registered office is on page 77. The nature of the group’s operations and its principal activities are set out in the Report of the directors and in the Strategic report. These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the group operates. 2. Accounting policies The following accounting policies have been applied consistently both in the current and prior years in dealing with items which are considered material in relation to the group’s financial statements. Basis of preparation and accounting The financial statements have been prepared on the going concern basis. For further detail please refer to page 21. The financial information has been prepared in accordance with International Financial Reporting Standards (IFRSs). The financial statements have also been prepared in accordance with IFRSs and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the European Union and therefore the group financial statements comply with Article 4 of the EU IAS Regulation. During the year, the group has adopted the amendments to IAS 32, on offsetting financial assets and liabilities, IAS 36 on recoverable amount disclosures for nonfinancial assets and IAS 39, on novation of derivatives and continuation of hedge accounting. The group has also adopted IFRIC Interpretation 21 ‘Levies’. The adoption of these amendments and the Interpretation has not had a significant impact on the group’s profit for the period, net assets or cash flows. At the date of authorisation of these financial statements, the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective (and in some cases had not yet been adopted by the EU): IFRS 9: Financial Instruments IFRS 15: Revenue from Contracts with Customers IFRS 10 and IAS 28 (amendments): Sale or Contributions of Assets Between an Investor and its Associate or Joint Venture IAS 1 (amendments): Disclosure Initiative IAS 16 and IAS 38 (amendments): Clarification of Acceptable Methods of Depreciation and Amortisation IAS 19 (amendments): Defined Benefit Plans: Employee Contributions IFRS 9 Financial Instruments deals with classification of financial assets and liabilities, hedge accounting and introduces a new expected credit losses model. The standard is expected to have two main impacts on the group: the adoption of the expected credit losses model in assessing the fair value of trade and contract receivables; and the option to recognise the impact of changes in own credit risk in other comprehensive income rather than the income statement. The standard is effective for reporting periods beginning on or after 1 January 2018 subject to EU endorsement. The group will assess the impact of IFRS 9 closer to the implementation date. IFRS 15 Revenue from Contracts with Customers deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. Revenue is recognised when a customer obtains control of a good or service and thus has the ability to direct the use and obtain benefits from the good or service. The standard replaces IAS 18 Revenue, IAS 11 Construction Contracts and the related interpretations. The standard is effective for annual periods beginning on or after 1 January 2017 but the IASB is currently consulting on whether to defer this date until 1 January 2018. The group will assess the impact of IFRS 15 closer to the implementation date. The directors do not expect that the adoption of the other standards and interpretations listed above will have a material impact on the financial statements in future periods. Financial Statements
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NATS-Annual-Report-2015

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