TT Electronics : Full Year 2022 Group Cashflow Statement

Sheet1

£million	2022	2021
Cash flows from operating activities
(Loss)/Profit for the year	(13.2)	12.8
Taxation	3.1	3.2
Net finance costs	6.7	3.3
Restructuring costs and non underlying asset impairments	43.3	7.8
Acquisition related costs	7.2	7.7
Adjusted operating profit	47.1	34.8
Adjustments for:
Depreciation	13.9	13.6
Amortisation of intangible assets	2.2	2.5
Impairment of property, plant and equipment and intangible assets	-	-
Share based payment expense	4.8	3.8
Other items	0.5	1.1
Increase in inventories	(40.4)	(42.6)
Increase in receivables	(26.3)	(15.7)
Increase in payables and provisions	27.9	42.0
Adjusted operating cash flow	29.7	39.5
Special payments to pension funds	-	(5.5)
Restructuring and acquisition related costs	(11.1)	(15.0)
Net cash generated from operations	18.6	19.0
Net income taxes paid	(5.9)	(4.7)
Net cash flow from operating activities	12.7	14.3
Cash flows from investing activities
Purchase of property, plant and equipment	(11.4)	(14.6)
Proceeds from sale of property, plant and equipment and government grants received	0.3	9.3
Capitalised development expenditure	(2.3)	(1.9)
Purchase of other intangibles	(0.6)	(0.5)
Acquisitions of businesses	(8.3)	(0.5)
Cash with acquired businesses	-	-
Net cash flow used in investing activities	(22.3)	(8.2)
Cash flows from financing activities
Issue of share capital	0.4	1.4
Interest paid	(7.5)	(4.0)
Repayment of borrowings	(149.3)	(86.9)
Proceeds from borrowings	174.3	96.4
Capital payment of lease liabilities	(4.3)	(3.9)
Other items	(1.0)	(0.5)
Dividends paid to minority shareholders	(2.0)	-
Dividends paid by the Company	(10.2)	(11.4)
Net cash flow from / (used in) financing activities	0.4	(8.9)
Net (decrease)/increase in cash and cash equivalents	(9.2)	(2.8)
Cash and cash equivalents at beginning of year	67.2	69.0
Exchange differences	3.3	1.0
Cash and cash equivalents at end of year	61.3	67.2
Cash and cash equivalents comprise:
Cash at bank and in hand	65.0	68.3
Bank overdrafts	(3.7)	(1.1)
61.3	67.2