Cash generated from operations (Tables)

12 Months Ended

Dec. 31, 2018

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Summary of 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

Summary of Proceeds from Sale of Property, Plant and Equipment

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

Summary of Current and Non-current Borrowings

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