Annual report & review 2006 - Shopic.com

Summary financial statements
16 Notes on Consolidated Cash Flow Statement
2006 2005
Restated
€m €m
Net cash inflow from operating activities
Operating profit 104.9 101.0
Depreciation of tangible assets 33.5 38.7
Amortisation of goodwill 21.8 22.4
Provisions for impairment in respect of financial assets 0.5 (0.7)
Provision for long term incentive plans 2.3 1.8
Provision for profit sharing schemes 1.7 1.6
Decrease/(increase) in stocks 10.2 (2.2)
Increase in debtors (57.0) (16.7)
Increase in creditors 13.2 7.8
Increase/(decrease) in provisions and pension 6.0 (9.6)
Currency translation adjustment (1.5) (6.5)
135.6 137.6
Purchase of subsidiary undertakings
Purchase of subsidiary undertakings – 10.5
Sale of subsidiary undertakings (3.1) –
Net cash acquired with subsidiary undertakings – (0.8)
Deferred consideration paid 3.1 1.3
– 11.0
Reconciliation of net cash flow to movement in net debt
Increase/(decrease) in cash in year 35.0 (28.9)
Cash flow from change in debt and finance leases 101.3 88.5
Issue costs paid 2.1 –
Decrease in net debt resulting from cash flows 138.4 59.6
Debt and other loans disposed of during the year 6.2 –
Amortisation of issue costs (2.7) (4.0)
Currency translation adjustment (2.5) (5.6)
Movement in net debt in the year 139.4 50.0
Net debt at 1 January (325.7) (375.7)
Net debt at 31 December (186.3) (325.7)
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Musgrave Group Plc Annual Report & Review 2006