Shaftesbury AR 2017 LR

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FINANCIAL STATEMENTS Shaftesbury Annual Report 2017 Cash flow statements For the year ended 30 September 2017 NOTES GROUP 2017 £M AS RESTATED 2016 £M COMPANY 2017 £M AS RESTATED 2016 £M Cash flows from operating activities Cash generated from operating activities 22 76.7 74.6 (13.8) (11.0) Interest received 0.1 0.1 0.1 0.1 Interest paid (32.8) (32.7) (11.1) (18.0) Net cash generated from operating activities 44.0 42.0 (24.8) (28.9) Cash flows from investing activities Investment property acquisitions (40.1) (59.7) - - Investment property disposals 6 13.4 - - - Capital expenditure on investment properties (41.5) (29.2) - - Purchase of property, plant and equipment (0.1) (0.3) (0.1) (0.3) Dividends received from joint venture 4.8 1.7 4.8 1.7 Decrease in loans to joint venture - 0.5 - 0.5 Decrease in loans to subsidiaries - - 575.2 76.6 Increase in loans to subsidiaries - - (82.4) (93.0) Acquisition of subsidiary - - (9.8) (1.7) Net cash used in investing activities (63.5) (87.0) 487.7 (16.2) Cash flows from financing activities Proceeds from exercise of share options 0.1 0.1 0.1 0.1 Proceeds from borrowings 146.5 114.5 146.5 107.2 Repayment of borrowings (437.2) (23.5) (437.2) (23.5) Proceeds from issue of mortgage bonds 16 493.2 - - - Repayment of debenture stock 16 (10.4) - (10.4) - Mortgage bond issue costs (6.1) - - - Termination of derivative financial instruments 17 (92.1) - (92.1) - Equity dividends paid 21 (44.5) (38.2) (44.5) (38.2) Net cash from financing activities 49.5 52.9 (437.6) 45.6 Net change in cash and cash equivalents 30.0 7.9 25.3 0.5 Cash and cash equivalents at 1 October 14 15.6 7.7 0.5 - Cash and cash equivalents at 30 September 14 45.6 15.6 25.8 0.5 The prior year comparatives have been restated in the Company cash flow statement, to present movements in loans to subsidiaries on a gross basis and in the Group cash flow statement, to reclassify £2.3 million between cash generated from operating activities and cash used for investment property acquisitions. In both cases, the directors consider the restatements more fairly present the cash flows for the Group and Company. These changes have no impact on the net change in cash and cash equivalents, net assets or reported results in either of the years presented. 116
FINANCIAL STATEMENTS Shaftesbury Annual Report 2017 Statements of changes in equity For the year ended 30 September 2017 NOTES SHARE CAPITAL £M SHARE PREMIUM £M SHARE-BASED PAYMENTS RESERVE £M RETAINED EARNINGS £M TOTAL EQUITY £M Group At 1 October 2015 69.6 124.7 4.0 2,127.1 2,325.4 Profit and total comprehensive income for the year - - - 99.1 99.1 Transactions with owners: Dividends paid 21 - - - (39.4) (39.4) Exercise of share options 18 0.1 0.1 - (0.1) 0.1 Fair value of share-based payments 5 - - 1.9 - 1.9 Release on exercise of share options - - (2.3) 2.3 - At 30 September 2016 69.7 124.8 3.6 2,189.0 2,387.1 Profit and total comprehensive income for the year - - - 301.6 301.6 Transactions with owners: Dividends paid 21 - - - (43.3) (43.3) Exercise of share options 18 0.1 0.1 - (0.1) 0.1 Fair value of share-based payments 5 - - 1.4 - 1.4 Release on exercise of share options - - (2.0) 2.0 - At 30 September 2017 69.8 124.9 3.0 2,449.2 2,646.9 Company At 1 October 2015 69.6 124.7 4.0 624.4 822.7 Profit and total comprehensive income for the year - - - 282.9 282.9 Transactions with owners: Dividends paid 21 - - - (39.4) (39.4) Exercise of share options 18 0.1 0.1 - (0.1) 0.1 Fair value of share-based payments 5 - - 1.9 - 1.9 Release on exercise of share options - - (2.3) 2.3 - At 30 September 2016 69.7 124.8 3.6 870.1 1,068.2 Profit and total comprehensive income for the year - - - 57.7 57.7 Transactions with owners: Dividends paid 21 - - - (43.3) (43.3) Exercise of share options 18 0.1 0.1 - (0.1) 0.1 Fair value of share-based payments 5 - - 1.4 - 1.4 Release on exercise of share options - - (2.0) 2.0 - At 30 September 2017 69.8 124.9 3.0 886.4 1,084.1 The Company’s distributable reserves are disclosed in note 19 to the financial statements. 117
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Strategic report Overview Shaftesbu
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Shaftesbury AR 2017 LR

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