33. Cash generated from operations


All figures in £ millions	Notes		2018			2017			2016
Profit				590			408			(2,335	)
Adjustments for:
Income tax				(92	)		13			(222	)
Depreciation		10		66			90			95
Amortisation and impairment of acquired intangibles and goodwill		11		99			138			2,733
Amortisation of software		11		88			85			84
Net finance costs		6		55			30			60
Charges relating to GMP equalisation				8			—			—
Share of results of joint ventures and associates		12		(44	)		(78	)		(97	)
Profit on disposal of subsidiaries, associates, investments and fixed assets				(315	)		(116	)		40
Net foreign exchange adjustment from transactions				28			(26	)		43
Share-based payment costs		26		37			33			22
Pre-publication				(37	)		(35	)		(19	)
Inventories				(10	)		24			17
Trade and other receivables				(15	)		133			156
Trade and other liabilities				35			6			61
Retirement benefit obligations				(9	)		(232	)		(106	)
Provisions for other liabilities and charges				63			(11	)		(10	)

Net cash generated from operations				547			462			522

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	2018		2017			2016
Net book amount		41		12			9
Profit/(loss) on sale of property, plant and equipment		87		(12	)		(5	)

Proceeds from sale of property, plant and equipment		128		—			4

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


All figures in £ millions	2017		Financing cash flows			Foreign exchange movements		Fair value and other movements		2018
Financial liabilities
Non-current borrowings		1,066		(441	)		10		8		643
Current borrowings		4		(1	)		22		—		25

Total		1,070		(442	)		32		8		668


	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.