Annual Report & Accounts 2006 - Euromoney Institutional Investor ...

GROUPCASH FLOW STATEMENTFor the year ended September 30 2006Cash flow from operating activities2006 2005£000’s£000’sOperating profit 39,732 38,277Share of operating profit in associates and joint ventures (1,208) (624)Loss on disposal of business 1,483 315Intangible amortisation 381 150Goodwill impairment 519 –Share option expense 4,428 1,380Depreciation of property, plant and equipment 2,925 1,595Utilisation of property rental provision (348) (148)(Gain)/loss on disposal of property, plant and equipment (1,286) 87Operating cash flows before movements in working capital 46,626 41,032Increase in receivables (9,822) (4,395)Increase in payables 22,753 6,181Cash generated by operations 59,557 42,818Income taxes paid (6,884) (6,797)Net cash from operating activities 52,673 36,021Investing activitiesDividends paid to minorities (1,724) (943)Dividends received from associate 756 –Interest received 662 345Purchases of property, plant and equipment (7,694) (5,387)Proceeds on disposal of property, plant and equipment 1,975 20Purchase of available for sale investments (19,740) –Purchase of additional interest in subsidiary undertakings (14,507) (12,231)Acquisition of associate and joint ventures (3,424) (6,097)Disposal of subsidiary 150 500Net cash used in investing activities (43,546) (23,793)Financing activitiesDividends paid (14,563) (13,376)Interest paid (696) (3,756)Issue of new share capital 730 2,960Increase in borrowings 3,336 42,932Repayment of borrowings – (39,540)Loan repaid to DMGT group company (71,991) (15,384)Loan received from DMGT group company 76,399 15,622Net cash used in financing activities (6,785) (10,542)Net increase in cash and cash equivalents 2,342 1,686Cash and cash equivalents at beginning of year 24,932 23,099Effect of foreign exchange rate movements (1,006) 147Cash and cash equivalents at end of year 26,268 24,93242 Euromoney Institutional Investor PLC