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Safestore Holdings plc
Interim report
for the six months ended 30 April 2011
Consolidated cash flow statement
for the six months ended 30 April 2011
| Six months ended 30 April 2011 (unaudited) £'000 |
Six months ended 30 April 2010 (unaudited) £'000 |
Year ended 31 October 2010 (audited) £'000 |
|
Profit before income tax |
973 | 6,677 | 29,221 |
Loss/(gain) on the revaluation of investment properties |
13,802 | (4,950) | (18,472) |
Loss on non-current assets |
— | — | 280 |
Impairment of non-current assets |
265 | — | — |
Change in fair value of derivatives |
325 | (343) | (461) |
Depreciation |
84 | 84 | 168 |
Finance income |
(3,739) | (595) | (721) |
Finance expense |
11,508 | 21,412 | 38,416 |
Employee share options |
45 | 34 | 189 |
Decrease/(increase) in inventories |
3 | (17) | (28) |
Increase in receivables |
(4,262) | (3,081) | (2,886) |
Increase in payables |
3,048 | 2,337 | 608 |
Decrease in provisions |
— | (109) | (109) |
Cash inflows from operating activities |
22,052 | 21,449 | 46,205 |
Interest paid |
(10,291) | (8,975) | (18,564) |
Interest received |
— | 93 | 139 |
Tax paid |
(8) | (9) | (19) |
Net cash inflows from operating activities |
11,753 | 12,558 | 27,761 |
Investing activities |
|||
Expenditure on investment and development properties |
(10,445) | (7,907) | (23,313) |
Net proceeds from disposal of development properties |
— | — | 559 |
Purchase of property, plant and equipment |
(470) | (123) | (227) |
Purchase of available for sale financial assets |
— | (340) | — |
Net cash outflows from investing activities |
(10,915) | (8,370) | (22,981) |
Financing activities |
|||
Equity dividends paid |
(6,094) | (5,625) | (8,812) |
Net proceeds from issue of new borrowings |
8,000 | 326,026 | 326,026 |
Debt issue costs |
— | (7,680) | (8,161) |
Payments in relation to financial instruments |
— | (8,746) | (8,746) |
Finance lease principal payments |
(2,720) | (2,838) | (5,635) |
Repayment of borrowings |
— | (310,026) | (310,026) |
Net cash outflows from financing activities |
(814) | (8,889) | (15,354) |
Net increase/(decrease) in cash and cash equivalents |
24 | (4,701) | (10,574) |
Exchange gains/(losses) on cash and cash equivalents |
185 | (354) | (297) |
Opening cash and cash equivalents |
15,481 | 26,352 | 26,352 |
Closing cash and cash equivalents |
15,690 | 21,297 | 15,481 |
