Group Cash Flow Statement

for the year ended 30 June 2016

2016
£m
2015
£m
Cash flows from operating activities
Operating profit28.959.8
Adjustments for non-cash items
— Unrealised net revaluation gains on investment and development properties(10.2)(42.3)
— Profit on disposal of investment properties(0.1)
— Depreciation0.10.1
— Share-based payments0.20.2
— Profit on sale of property, plant and equipment
— Amortisation of lease incentives(0.3)(0.7)
Other movements arising from operations
— Increase in trading properties
— (Increase)/decrease in receivables(1.6)0.5 
— Increase/(decrease) in payables1.5(1.5)
Net cash generated from operations18.616.0
Interest received-
Interest paid(3.3)(3.3)
Preference dividends paid
Corporation tax refunded
Net cash inflow from operating activities15.312.7
Cash flows from investing activities
Acquisition of and additions to investment and development properties(4.1)(8.1)
Proceeds on disposal of investment and development properties-0.4
Net expenditure on property, plant and equipment(0.1)(0.1)
Net cash outflow from investing activities(4.2)(7.8)
Cash flows from financing activities
Net increase in borrowings2.3 6.3
Repayment of debenture stock(4.2)
Equity dividends paid(13.2)(7.1)
Net cash outflow from financing activities(10.9)(5.0)
Net increase/(decrease) in cash and cash equivalents0.2(0.1)
Cash and cash equivalents at 1 July6.97.0
Cash and cash equivalents at 30 June7.16.9