Morgan Advanced Materials
Cash Flow Full Year 2023
For the year ended 31 December 2023
|
Year ended 31 December 2023 |
Year ended |
||
| Note | £m |
£m | |
| Operating activities | |||
| Profit for the year from continuing operations | 55.6 |
95.6 | |
| Profit for the year from discontinued operations | 7 | 0.7 | 1.1 |
| Adjustments for: | |||
| Depreciation - property, plant and equipment | 31.9 |
30.3 | |
| Depreciation - right-of-use assets | 7.6 | 7.8 | |
| Amortisation | 3.3 | 4.7 | |
| Net financing costs | 5 | 14.1 | 9.2 |
| Profit on disposal of business | 2,4 | - |
(0.4) |
| Non-cash specific adjusting items included in operating profit | (2.5) | 6.6 | |
| Fair value gain on equity instruments held at FVTPL | (0.9) | - | |
| Profit on sale of property, plant and equipment | (1.6) |
(0.3) | |
| Income tax expense | 6 | 22.2 |
36.0 |
| Equity-settled share-based payment expenses | 2.9 | 5.1 | |
| Cash generated from operations before changes in working capital and provisions | 133.3 |
195.7 | |
| Increase in trade and other receivables |
(4.0) |
(26.5) |
|
| Increase in inventories | (12.3) |
(25.2) | |
| Increase in trade and other payables | 13.3 |
7.0 | |
| Decrease in provisions | (3.4) | (4.9) | |
| Payments to defined benefit pension plans (net of IAS 19 pension charges) | 14 |
(0.2) |
(85.9) |
| Cash generated from operations | 126.7 |
60.2 | |
| Interest paid - borrowings and overdrafts |
(15.5) |
(7.0) | |
| Interest paid - lease liabilities | (2.4) | (2.4) | |
| Income tax paid | (30.3) |
(31.8) | |
| Net cash from operating activities | 78.5 |
19.0 | |
| Investing activities | |||
| Purchase of property, plant and equipment and software | (60.4) |
(58.0) | |
| Purchase of investments | (5.6) |
- | |
| Proceeds from sale of property, plant and equipment | 1.8 |
0.6 | |
| Grants received for purchase of equipment | 0.1 | - | |
| Interest received | 3.9 | 1.6 | |
| Disposal of investments | - | 0.4 | |
| Net cash from investing activities | (60.2) |
(55.4) | |
| Financing activities | |||
| Purchase of own shares for share incentive schemes | (4.7) |
(2.9) | |
| Proceeds from exercise of share options | 0.6 |
0.5 | |
| Increase in borrowings |
247.2 |
113.3 | |
| Repayment of borrowings | (193.9) |
(39.0) | |
| Payment of lease liabilities | (8.9) | (9.0) | |
| Dividends paid to shareholders of the Company | (34.2) | (31.6) | |
| Dividends paid to non-controlling interests | (8.1) | (7.9) | |
| Net cash from financing activities | (2.0) |
23.4 | |
| Net decrease in cash and cash equivalents | 16.3 |
(13.0) | |
| Cash and cash equivalents at start of the year | 117.7 |
127.3 | |
| Effect of exchange rate fluctuations on cash held | (9.5) |
3.4 | |
| Cash and cash equivalents at year end | 12 | 124.5 | 117.7 |
See our full Financial Highlights to learn more, or view our Balance Sheet and Income Statement to see our latest performance.