Annual Report 2010 in PDF - BBA Aviation

23. Cash fow from operating activities
Operating profit
Share of profit from associates
Profit from operations 99.3 81.2
Depreciation of property, plant and equipment 33.6 35.2
Amortisation of intangible assets 8.6 7.4
(Profit)/loss on sale of property, plant and equipment (3.0) 0.2
Share-based payment expense 2.0 2.5
Decrease in provisions (1.1) (0.7)
Pension scheme payments (3.5) (2.7)
Other non-cash items (0.4) 1.9
Unrealised foreign exchange movements 2.8 1.7
Non-cash impairments – 5.4
Loss on disposal of businesses – 0.4
Operating cash flows before movements in working capital 138.3 132.5
Decrease in working capital 15.9 57.9
Cash generated by operations 154.2 190.4
Income taxes paid (2.6) (11.6)
Net cash flow from operating activities 151.6 178.8
Dividends received from associates 1.1 1.2
Purchase of property, plant and equipment (20.4) (14.2)
Purchase of intangible assets † (7.4) (4.5)
Proceeds from disposal of property, plant and equipment 5.0 0.7
Interest received 3.5 17.5
Interest paid (17.8) (41.3)
Interest element of finance leases paid (0.4) (0.7)
Free cash flow 115.2 137.5
† Purchase of intangible assets excludes £nil (2009: £9.1 million) paid in relation to Ontic licences since the directors believe these payments are more akin to expenditure in relation to acquisitions,
and are therefore outside of the Group’s defnition of free cash fow. These amounts are included within purchase of intangible assets on the face of the cash fow statement.
2010
£m
100.4
(1.1)
2009
£m
82.3
(1.1)
Consolidated Financial Statements — 123