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v3.20.1

Analysis of cash flows (Tables) | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Summary of Analysis of Cash Flows | The following tables analyse the items included within the main cash flow headings on page F-18. Net cash from operating activities:
|  | 2019 £m |  |  | 2018 £m |  |  | 2017 £m |
Profit for the year |  |  | 717.9 |  |  |  | 1,139.4 |  |  |  | 1,912.3 |
Taxation |  |  | 353.8 |  |  |  | 323.9 |  |  |  | 197.0 |
Revaluation of financial instruments |  |  | 77.8 |  |  |  | (172.9 | ) |  |  | (262.2 | )
Finance costs |  |  | 376.4 |  |  |  | 289.3 |  |  |  | 269.8 |
Finance and investment income |  |  | (102.6 | ) |  |  | (104.8 | ) |  |  | (95.2 | )
Share of results of associates |  |  | (21.2 | ) |  |  | (43.5 | ) |  |  | (113.5 | )
Goodwill impairment on classification as held for sale |  |  | 94.5 |  |  |  | – |  |  |  | – |
Gain on sale of discontinued operations |  |  | (73.8 | ) |  |  | – |  |  |  | – |
Attributable tax expense on sale of discontinued operations |  |  | 157.4 |  |  |  | – |  |  |  | – |
Adjustments for: |  |  |  |  |  |  |  |  |  |  |  |
Non-cash share-based incentive plans (including share options) |  |  | 71.4 |  |  |  | 84.8 |  |  |  | 105.0 |
Depreciation of property, plant and equipment |  |  | 203.2 |  |  |  | 225.1 |  |  |  | 230.7 |
Depreciation of right-of-use assets |  |  | 317.9 |  |  |  | – |  |  |  | – |
Impairment of goodwill |  |  | 47.7 |  |  |  | 183.9 |  |  |  | 27.1 |
Amortisation and impairment of acquired intangible assets |  |  | 135.6 |  |  |  | 280.0 |  |  |  | 195.1 |
Amortisation of other intangible assets |  |  | 29.6 |  |  |  | 38.7 |  |  |  | 36.3 |
Investment write-downs |  |  | 7.5 |  |  |  | 2.0 |  |  |  | 95.9 |
Gains on disposal of investments and subsidiaries |  |  | (45.1 | ) |  |  | (235.5 | ) |  |  | (129.0 | )
(Gains)/losses on remeasurement of equity interests arising from a change in scope of ownership |  |  | (0.4 | ) |  |  | (2.0 | ) |  |  | 0.3 |
Gain on sale of freehold property in New York |  |  | (7.9 | ) |  |  | – |  |  |  | – |
Losses on sale of property, plant and equipment |  |  | 3.2 |  |  |  | 0.6 |  |  |  | 1.1 |
Decrease/(increase) in trade receivables and accrued income |  |  | 159.0 |  |  |  | (298.9 | ) |  |  | (90.4 | )
Increase/(decrease) in trade payables and deferred income |  |  | 394.7 |  |  |  | 500.9 |  |  |  | (170.8 | )
Increase in other receivables |  |  | (263.8 | ) |  |  | (52.9 | ) |  |  | (110.6 | )
Decrease in other payables – short-term |  |  | (16.4 | ) |  |  | (31.8 | ) |  |  | (122.8 | )
Increase in other payables – long-term |  |  | 53.7 |  |  |  | 0.4 |  |  |  | 20.1 |
Increase/(decrease) in provisions |  |  | 23.1 |  |  |  | 48.0 |  |  |  | (57.3 | )
Corporation and overseas tax paid |  |  | (536.0 | ) |  |  | (383.6 | ) |  |  | (424.7 | )
Payment on early settlement of bonds |  |  | (63.4 | ) |  |  | – |  |  |  | – |
Interest and similar charges paid |  |  | (270.6 | ) |  |  | (252.8 | ) |  |  | (246.6 | )
Interest paid on lease liabilities |  |  | (105.1 | ) |  |  | – |  |  |  | – |
Interest received |  |  | 80.8 |  |  |  | 90.4 |  |  |  | 76.9 |
Investment income |  |  | 18.3 |  |  |  | 15.4 |  |  |  | 16.8 |
Dividends from associates |  |  | 33.3 |  |  |  | 49.7 |  |  |  | 46.8 |
Net cash inflow from operating activities |  |  | 1,850.5 |  |  |  | 1,693.8 |  |  |  | 1,408.1 |
Acquisitions and disposals: |  |  |  |  |  |  |  |  |  |  |  |
|  | 2019 £m |  |  | 2018 £m |  |  | 2017 £m |
Initial cash consideration |  |  | (3.9 | ) |  |  | (126.7 | ) |  |  | (214.8 | )
Cash and cash equivalents acquired |  |  | – |  |  |  | 11.3 |  |  |  | 28.9 |
Earnout payments |  |  | (130.2 | ) |  |  | (120.2 | ) |  |  | (199.1 | )
Purchase of other investments (including associates) |  |  | (27.2 | ) |  |  | (48.1 | ) |  |  | (92.5 | )
Acquisitions |  |  | (161.3 | ) |  |  | (283.7 | ) |  |  | (477.5 | )
Proceeds on disposal of investments and subsidiaries 1 |  |  | 2,468.5 |  |  |  | 849.0 |  |  |  | 296.0 |
Cash and cash equivalents disposed |  |  | (327.5 | ) |  |  | (15.1 | ) |  |  | – |
Disposals of investments and subsidiaries |  |  | 2,141.0 |  |  |  | (833.9 | ) |  |  | 296.0 |
Cash consideration for non-controlling interests |  |  | (62.7 | ) |  |  | (109.9 | ) |  |  | (47.3 | )
Net acquisition payments and disposal proceeds |  |  | 1,917.0 |  |  |  | 440.3 |  |  |  | (228.8 | )
Note
1 |  | Proceeds on disposal of investments and subsidiaries includes return of capital from investments in associates.
Share repurchases and buybacks: |  |  |  |  |  |  |
|  | 2019 £m |  |  | 2018 £m |  |  | 2017 £m |
Purchase of own shares by ESOP Trusts |  |  | – |  |  |  | (102.8 | ) |  |  | (214.6 | )
Shares purchased into treasury |  |  | (43.8 | ) |  |  | (104.3 | ) |  |  | (289.6 | )
Net cash outflow |  |  | (43.8 | ) |  |  | (207.1 | ) |  |  | (504.2 | )
Net (decrease)/increase in borrowings: |
|  | 2019 £m |  |  | 2018 £m |  |  | 2017 £m |
(Decrease)/increase in drawings on bank loans |  | (70.6) |  |  | (819.3) |  |  | 785.6 |
Repayment of € 600 million bonds |  | (512.7) |  |  | – |  |  | – |
Repayment of $812 million bonds |  | (618.8) |  |  | – |  |  | – |
Partial repayment of $272 million bonds |  | (135.4) |  |  | (20.8) |  |  | – |
Partial repayment of $450 million bonds |  | (176.2) |  |  | (37.3) |  |  | – |
Repayment of £200 million bonds |  | (199.5) |  |  | – |  |  | – |
Proceeds from issue of € 250 million bonds |  |  | – |  |  |  | 218.8 |  |  |  | 214.0 |
Proceeds from issue of € 500 million bonds |  |  | – |  |  |  | 438.0 |  |  |  | – |
Repayment of € 252 million bonds |  |  | – |  |  |  | (220.0 | ) |  |  | – |
Repayment of £400 million bonds |  |  | – |  |  |  | – |  |  |  | (400.0 | )
Net cash (outflow)/inflow |  |  | (1,713.2 | ) |  |  | (440.6 | ) |  |  | 599.6 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |
|  | 2019 £m |  |  | 2018 £m |  |  | 2017 £m |
Cash at bank and in hand |  | 2,105.4 |  |  | 2,010.8 |  |  | 2,049.6 |
Short-term bank deposits |  |  | 863.6 |  |  |  | 632.4 |  |  |  | 341.8 |
Overdrafts 1 |  |  | (235.7 | ) |  |  | (442.0 | ) |  |  | (393.2 | )
|  |  | 2,733.3 |  |  |  | 2,201.2 |  |  |  | 1,998.2 |
Note
1 |  | Bank overdrafts are included in cash and cash equivalents because they form an integral part of the Group’s cash management.

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