Page 58 - RFU Annual Report 2018

5 FINANCIAL STATEMENTS

GROUP CASH FLOW STATEMENT
FOR THE YEAR TO 30 JUNE 2018
6

2018 2017
£m £m
Cash flows from operating activities
Loss on ordinary activities after taxation (27.8) (4.0)

Adjustments for:
Amortisation of intangible assets 0.6 0.3
Depreciation of tangible assets 16.1 15.3
Loss on disposal of tangible fixed assets 0.1 0.2
Loss on disposal of intangible fixed assets - 0.3
Impairment of tangible fixed assets 0.2 -
Corporation tax charge 0.9 1.1
Interest charge 1.9 1.6
Loss/(gain) on fair value of fixed asset investments 1.5 (2.0)
Corporation tax paid (1.1) (1.3)
Decrease in stock 0.5 0.2
Decrease/(increase) in debtors 18.1 (30.6)
Increase in creditors 5.4 4.0
Loss on disposal of investment property 0.2 -

Net cash flows from operating activities 16.6 (14.9)

Cash flows from investing activities
Purchase of intangible fixed assets (0.9) (1.8)
Purchase of tangible fixed assets (56.7) (19.4)
Proceeds on disposal of investment property 1.2 1.3
Purchase of investment property - (0.9)
Loans advanced to clubs (1.3) (1.4)
Loans repaid by clubs 1.2 1.4
Income from investments (0.3) -
Purchase and subsequent resale of subsidiary shares 31.6 -
Costs of subsidiary share transaction (0.2) -

Net cash flows from investing activities (25.4) (20.8)

Cash flows from financing activities
Draw down of bank loans (net of fees) 9.6 10.1
Debentures issued 6.2 28.2
Decrease in finance leases (0.3) (0.4)
Interest paid (0.4) (0.7)
Dividends paid to non-controlling interests (3.5) (4.2)
Repayment of Compass loan (3.0) -

Net cash flows from financing activities 8.6 33.0

Net change in cash and cash equivalents (0.2) (2.7)

Cash and cash equivalents at beginning of year 24.5 27.2
Net change in cash and cash equivalents (0.2) (2.7)

Cash and cash equivalents at end of year 24.3 24.5

Annual
Report
2018