PA Group Annual Report 2007
GROUP CASH FLOW STATEMENT
for the year ended 31 December
Notes 2007 2006
£000 £000
Net cash inflow from operating activities 25 2,964 5,539
Dividends received from joint ventures 2,758 2,711
Return on investment and servicing of finance 26 (767) (229)
Tax paid (1,335) (2,207)
3,620 5,814

Capital expenditure
Payments to acquire tangible fixed assets (4,364) (3,978)
Purchase of trademarks 10 (9) (5)
(4,373) (3,983)

Acquisitions and disposals
Purchase of associate - (2,165)
Purchase of subsidiaries 10 (74) (8,682)
Cash acquired with subsidiaries - 469
Sale of subsidiary - 6,682
Cash disposed of with sale of subsidiary - (13)
Repayment of loan to joint venture 12 50 -
(24) (3,709)

Equity dividends paid 9 (1,300) (2,300)

Net cash outflow before use of liquid resources and financing (2,077) (4,178)

Management of liquid resources
Decrease in short term deposits 27 748 709

Financing 27
New bank loan - 4,253
Loan repayments (1,156) (1,822)
Capital element of finance lease payment (301) (46)
(1,457) 2,385

Decrease in cash 27 (2,786) (1,084)

Reconciliation of net cash flow to movement in net debt 27
Net debt at 1 January (6,251) (845)
Decrease in cash (2,786) (1,084)
Decrease in short term deposits (748) (709)
Decrease/(increase) in borrowings 1,457 (2,385)
Other non-cash changes - (1,228)
Net debt at 31 December (8,328) (6,251)
18
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