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Cash generated from operations
 12 Months Ended
Dec. 31, 2019
Text block [abstract]  
Cash generated from operations
33. Cash generated from operations
 
All figures in £ millions
  
Notes
 
  
2019
 
 
2018
 
 
2017
 
Profit
  
  
 
266
 
 
 
590
 
 
 
408
 
Adjustments for:
  
  
 
 
Income tax
  
  
 
(34
) 
 
 
(92
) 
 
 
13
 
Depreciation
  
 
10
 
  
 
123
 
 
 
66
 
 
 
90
 
Amortisation and impairment of acquired intangibles and goodwill
  
 
11
 
  
 
151
 
 
 
99
 
 
 
138
 
Amortisation of software
  
 
11
 
  
 
115
 
 
 
88
 
 
 
85
 
Net finance costs
  
 
6
 
  
 
43
 
 
 
55
 
 
 
30
 
Charges relating to GMP equalisation
  
  
 
—  
 
 
 
8
 
 
 
—  
 
Share of results of joint ventures and associates
  
 
12
 
  
 
(54
) 
 
 
(44
) 
 
 
(78
) 
Profit on disposal of subsidiaries, associates, investments and fixed assets
  
  
 
(9
) 
 
 
(315
) 
 
 
(116
) 
Net profit on disposal of right-of-use assets held under leases
  
  
 
(4
) 
 
 
—  
 
 
 
—  
 
Net foreign exchange adjustment from transactions
  
  
 
(21
) 
 
 
28
 
 
 
(26
) 
Investment income
  
  
 
(2
) 
 
 
—  
 
 
 
—  
 
Share-based payment costs
  
 
26
 
  
 
25
 
 
 
37
 
 
 
33
 
Pre-publication
  
  
 
(55
) 
 
 
(37
) 
 
 
(35
) 
Inventories
  
  
 
(20
) 
 
 
(10
) 
 
 
24
 
Trade and other receivables
  
  
 
59
 
 
 
(15
) 
 
 
133
 
Trade and other liabilities
  
  
 
(157
) 
 
 
35
 
 
 
6
 
Retirement benefit obligations
  
  
 
5
 
 
 
(9
) 
 
 
(232
) 
Provisions for other liabilities and charges
  
  
 
49
 
 
 
63
 
 
 
(11
) 
    
 
 
  
 
 
  
 
 
 
Net cash generated from operations
  
  
 
480
 
 
 
547
 
 
 
462
 
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.
Operating cash flow,operating free cash flow and total free cash flow are non-GAAP (non-statutory) measures and have been disclosed and reconciled in the above table as they are commonly used by investors to measure the cash performance of the Group. In the cash flow statement, proceeds from sale of property, plant and equipment comprise:
 
All figures in £ millions
  
2019
 
  
2018
 
  
2017
 
Net book amount
  
 
3
 
  
 
41
 
  
 
12
 
Profit/(loss) on sale of property, plant and equipment
  
 
(2
) 
  
 
87
 
  
 
(12
) 
  
 
 
   
 
 
   
 
 
 
Proceeds from sale of property, plant and equipment
  
 
1
 
  
 
128
 
  
 
—  
 
  
 
 
   
 
 
   
 
 
 
 
The movements in the Group’s current and
non-current
borrowings are as follows:
 
All figures in £ millions
 
2018
 
 
IFRS 16

Transition
 
 
New leases/

disposal of
leases
 
 
Transfer from
non-current
to current
 
 
Financing
cash flows
 
 
Foreign
exchange
movements
 
 
Fair value
and other
movements
 
 
2019
 
Financial liabilities
 
 
 
 
 
 
 
 
Non-current
borrowings
 
 
643
 
 
 
792
 
 
 
61
 
 
 
(88
) 
 
 
230
 
 
 
(80
) 
 
 
9
 
 
 
1,567
 
Current borrowings
 
 
25
 
 
 
89
 
 
 
—  
 
 
 
88
 
 
 
(139
) 
 
 
16
 
 
 
—  
 
 
 
79
 
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Total
 
 
668
 
 
 
881
 
 
 
61
 
 
 
—  
 
 
 
91
 
 
 
(64
) 
 
 
9
 
 
 
1,646
 
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Non-current
borrowings include bonds, derivative financial instruments and leases. Current borrowings include loans repayable within one year and leases, but exclude overdrafts classified within cash and cash equivalents.