Cash generated from operations (Tables)

12 Months Ended

Dec. 31, 2019

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Summary of 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

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	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		—

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	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