AVESCOGROUPPLC ANNUAL REPORT 2009 59
www.avesco.com
31. Cash generated from operations
Group Company
2009 2008 2009 2008
£000s £000s £000s £000s
Operating (loss)/profit (12,109) 7,413 (274) (282)
Adjustments for:
- depreciation of plant, property and equipment 19,641 16,101 - -
- amortisation of intangible assets 751 880 - -
- profit on sale of plant, property and equipment (1,079) (1,033) - -
- LTIP and share options - (45) - (45)
- Impairment of property, plant and equipment (IAS 36) 342 - - -
- Impairment of goodwill (IAS 36) 891 -
Excess of the acquirer’s interest in the fair value of acquiree’s
identifiable net assets released to the income statement - (7,200) - -
Changes in working capital (excluding the effects of acquisition
and exchange differences on consolidation):
- inventories 509 235 - -
- trade and other receivables 5,339 (3,578) 27 (89)
- trade and other payables (3,063) 917 140 (50)
Net movement in provisions (16) 110 - -
Cash generated from/(used in) operations 11,206 13,800 (107) (466)
32. Analysis of net debt
At 1 Other non Currency At 30
October Net cash cash translation September
2008 flow changes differences 2009
Group £000s £000s £000s £000s £000s
Cash at bank and in hand 4,845 1,685 - (1,999) 4,531
Bank overdrafts (141) (501) - (7) (649)
Net cash 4,704 1,184 - (2,006) 3,882
Bank loans due in less than one year - - - - -
Bank loans due in more than one year (14,225) 1,150 - (625) (13,700)
Finance lease obligations due in less than one year (5,712) 5,436 (5,585) (127) (5,988)
Finance lease obligations due in more than one year (4,613) (6,125) 5,585 (103) (5,256)
Net debt (19,846) 1,645 - (2,861) (21,062)
At 1 Other non Currency At 30
October Net cash cash translation September
2007 flow Acquisition changes differences 2008
Group £000s £000s £000s £000s £000s £000s
Cash at bank and in hand 8,651 (3,278) 650 - (1,178) 4,845
Bank overdrafts (175) 57 - - (23) (141)
Net cash 8,476 (3,221) 650 - (1,201) 4,704
Bank loans due in less than one year (1,074) - - 1,074 - -
Bank loans due in more than one year (3,324) (9,229) - (1,074) (598) (14,225)
Finance lease obligations due in
less than one year (6,423) 5,427 (3) (4,697) (16) (5,712)
Finance lease obligations due in
more than one year (5,940) (3,345) (12) 4,697 (13) (4,613)
Net debt (8,285) (10,368) 635 - (1,828) (19,846)
Non cash changes comprise transfers between categories of bank loans and finance lease obligations.
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