Annual Report 2012 - Development Securities PLC

Consolidated Cash Flow Statement
For the 14-month period ended 29th February 2012
Notes
29th February
2012
£’000
Financial Statements
31st December
2010
£’000
Cash flows from operating activities 22 (18,852) (69,805)
Cash used in operations
Interest paid (12,341) (13,831)
Income tax paid (329) (867)
Net cash used in operating activities (31,522) (84,503)
Cash flows from investing activities
Interest received 978 1,065
Proceeds on disposal of plant and equipment 33 200
Proceeds on disposal of investment properties 262 25,005
Purchase of plant and equipment (1,177) (1,479)
Purchase of investment properties (22,244) (34,124)
Cash outflow to joint ventures and associates (16,855) (7,062)
Purchase of subsidiary, net of cash acquired — (1,574)
Investment in financial assets (8,669) (11,770)
Cash inflow from financial assets 2,278 —
Net cash used in investing activities (45,394) (29,739)
Cash flows from financing activities
Dividends paid (5,874) (3,948)
Issue of new shares (net of transaction costs) — 93,726
Repayments of borrowings (18,658) (48,289)
New bank loans raised (net of transaction costs) 46,273 95,661
Equity investment from non-controlling interests 1,000 —
Decrease/(increase) in monies held in restricted accounts and deposits 12,401 (9,620)
Net cash from financing activities 35,142 127,530
Net (decrease)/increase in cash and cash equivalents (41,774) 13,288
Cash and cash equivalents at the beginning of the period 76,283 63,188
Net foreign currency differences arising on retranslation of cash and cash equivalents (108) (193)
Cash and cash equivalents at the end of the period 34,401 76,283
Cash and cash equivalents comprise:
Cash at bank and in hand 35,585 77,114
Bank overdrafts 18(b) (1,184) (831)
Cash and cash equivalents at the end of the period 34,401 76,283
29th February
2012
£’000
31st December
2010
£’000
Net debt comprises:
Cash and short-term deposits 35,585 77,114
Monies held in restricted accounts and deposits 14,595 26,996
Financial liabilities:
— Current borrowings 18(b) (9,879) (523)
— Non-current borrowings 18(b) (193,177) (174,976)
Net debt (152,876) (71,389)
The notes on pages 70 to 105 are an integral part of these Consolidated financial statements.
Development Securities PLC / Annual Report 2012 69