| | | 2012 | 2011 | | | | £000 | £000 | | Operating activities | | | | | Profit/(loss) before tax (i) | | 20,981 | (21,870) | | Adjustments to reconcile profit/(loss) before tax to net cash flows from operating activities | | | | | Foreign exchange (gain)/loss | | (151) | 15 | | Net finance costs | | 3,021 | 3,488 | | Share of results of associates | | (129) | (136) | | Amortisation and impairment of intangible assets | | 71 | 45,000 | | Depreciation of property, plant and equipment | | 1,758 | 1,597 | | Profit from sale of property, plant and equipment | | (191) | (31) | | Share based payments | | 556 | 605 | | Difference between pension contributions paid and amounts recognised in the income statement | | (728) | (1,512) | | (Increase)/decrease in inventories | | (110) | 208 | | Decrease in trade and other receivables | | 956 | 2,102 | | Decrease in trade and other payables | | (6,806) | (415) | | (Decrease)/increase in provisions | | (30) | 37 | | | | ––––––– | ––––––– | | Cash generated from operations before exceptional costs | | 19,198 | 29,088 | | | | | | | Exceptional costs | | - | (19) | | Tax paid | | (1,237) | (2,288) | | | | ––––––– | ––––––– | | Net cash inflow from operating activities | | 17,961 | 26,781 | | | | ––––––– | ––––––– | | Investing activities | | | | | Interest received | | 85 | 165 | | Proceeds on disposal of property, plant and equipment | | 272 | 31 | | Purchase of property, plant and equipment | | (2,436) | (2,155) | | Dividends received from associates | | 151 | 182 | | Outflow on acquisition of subsidiary undertaking | | (1,670) | - | | Outflow on acquisition of radio licences | | (180) | - | | | | ––––––– | ––––––– | | Net cash flows from investing activities | | (3,778) | (1,777) | | | | ––––––– | ––––––– | | Financing activities | | | | | Borrowing costs | | (2,200) | (3,032) | | Refinancing costs | | (1,059) | - | | Swap cost | | (551) | (550) | | Dividends paid to equity shareholders | | (5,934) | (4,279) | | Dividends paid to non-controlling interests | | (300) | (421) | | Acquisition of treasury shares | | - | (265) | | Repayment of borrowings | | (65,948) | (20,474) | | Proceeds from borrowings | | 65,595 | - | | | | ––––––– | ––––––– | | Net cash flows used in financing activities | | (10,397) | (29,021) | | | | ––––––– | ––––––– | | Net increase/(decrease) in cash and cash equivalents | | 3,786 | (4,017) | | | | | | | Net foreign exchange differences | | (33) | (28) | | Cash and cash equivalents at 1 January | | 7,205 | 11,250 | | | | ––––––– | ––––––– | | Cash and cash equivalents at 31 December | | 10,958 | 7,205 | | | | ––––––– | ––––––– |
(i) The 2012 figures represent continuing operations. The 2011 comparative includes both continuing and discontinued operations. | | | |