33. Cash generated from operations


All figures in £ millions	Notes		2017			2016			2015
Profit/(loss)				408			(2,335	)		823
Adjustments for:
Income tax				13			(222	)		(24	)
Depreciation		10		90			95			75
Amortisation and impairment of acquired intangibles and goodwill		11		138			2,733			1,051
Amortisation of software		11		85			84			74
Net finance costs		6		30			60			29
Share of results of joint ventures and associates		12		(78	)		(97	)		(68	)
Profit on disposal of subsidiaries, associates, investments and fixed assets				(116	)		40			(1,194	)
Net foreign exchange adjustment from transactions				(26	)		43			22
Share-based payment costs		26		33			22			26
Pre-publication				(35	)		(19	)		(57	)
Inventories				24			17			10
Trade and other receivables				133			156			(99	)
Trade and other liabilities				6			61			(80	)
Retirement benefit obligations				(232	)		(106	)		(57	)
Provisions for other liabilities and charges				(11	)		(10	)		(13	)

Net cash generated from operations				462			522			518

Net cash generated from operations is translated at an exchange rate approximating the rate at the date of cash flow. The difference between this rate and the average rate used to translate profit gives rise to a currency adjustment in the reconciliation between net profit and net cash generated from operations. This adjustment reflects the timing difference between recognition of profit and the related cash receipts or payments.

In the cash flow statement, proceeds from sale of property, plant and equipment comprise:


All figures in £ millions	2017			2016			2015
Net book amount		12			9			6
Loss on sale of property, plant and equipment		(12	)		(5	)		(4	)

Proceeds from sale of property, plant and equipment		—			4			2

The movements in the Group’s current and non-current borrowings are as follows:


	2016		Financing cash flows			Foreign exchange movements			Fair value and other movements			2017
Financial liabilities
Non-current borrowings		2,517		(1,292	)		(149	)		(10	)		1,066
Current borrowings		9		(7	)		(1	)		3			4

Total		2,526		(1,299	)		(150	)		(7	)		1,070


	2015		Financing cash flows			Foreign exchange movements		Fair value and other movements			2016
Financial liabilities
Non-current borrowings		2,106		(3	)		416		(2	)		2,517
Current borrowings		247		(248	)		5		5			9

Total		2,353		(251	)		421		3			2,526

Non-current borrowings include bonds, derivative financial instruments and finance leases. Current borrowings include loans repayable within one year and finance leases, but exclude overdrafts classified within cash and cash equivalents.