Page 53 - RFU Annual Report 2017

51
Financial Statements

Group Cash Flow Statement
for the year to 30 June 2017

2017 2016
£m £m

Cash flows from operating activities

(Loss)/profit on ordinary activities after taxation (4.0) 8.7

Adjustments for:
Amortisation of intangible assets 0.3 0.5
Depreciation of tangible assets 15.3 15.2
Loss on disposal of tangible fixed assets 0.2 0.2
Loss on disposal of intangible fixed assets 0.3 0.2
Corporation tax charge 1.1 1.2
Interest charge 1.6 1.4
Gain on the fair value of investment properties (1.5) (0.2)
(Gain)/loss on the fair value of fixed asset investments (0.6) 0.2
Interest received - (0.6)
Corporation tax paid (1.3) (1.0)
Decrease in stock 0.2 -
(Increase)/decrease in debtors (30.6) 30.2
Increase/(decrease) in creditors 4.0 (140.0)

Net cash flows from operating activities (15.0) (84.0)

Cash flows from investing activities
Purchase of intangible fixed assets (1.8) (2.4)
Purchase of tangible fixed assets (19.4) (12.2)
Proceeds on disposal of investment property 1.3 -
Purchase of investment property (0.9) -
Loans advanced to clubs (1.4) (0.8)
Loans repaid by clubs 1.4 1.1
Net movements of fixed asset investments 0.1 (1.3)
Income from investments - 0.6

Net cash flows from investing activities (20.7) (15.0)

Cash flows from financing activities
Draw down of bank loans 10.1 24.6
Debentures issued 28.2 36.6
Decrease in finance leases (0.4) (0.7)
Interest paid (0.7) (0.5)
Dividends paid to non-controlling interests (4.2) (5.0)

Net cash flows from financing activities 33.0 55.0

Net decrease in cash and cash equivalents (2.7) (44.0)
Cash and cash equivalents at beginning of year 27.2 71.2
Cash and cash equivalents at the end of year 24.5 27.2

Cash and cash equivalents at end of year comprise:

Cash at bank and in hand 24.5 27.2

Annual Report 2017