Free Cash Flow

This table is an excerpt from our full year results for the year ended 1 January 2012 announced on 15 February 2012
For the year ended 1 January 2012

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Download our 2011 Annual Report

	2011	2010
	£m	£m
Net cash inflow from operating activities	137.4	148.1
Net capital expenditure	(25.5)	(17.0)
Restructuring costs and other one-off items	(8.1)	(7.8)
Net interest paid	(20.4)	(22.7)
Tax paid	(25.6)	(24.1)
Free cash flow before acquisitions and dividends	57.8	76.5
Cash flows in respect of acquisitions	(10.4)	(32.9)
Dividends paid	(18.4)	(15.4)
Exchange movement and other items	(8.2)	(11.7)
Movement in net debt in period	(20.8)	(16.5)
Opening net debt	(236.2)	(252.7)
Closing net debt*	(215.4)	(236.2)

* Net debt is defined as interest-bearing loans and borrowings, bank overdrafts less cash and cash equivalents.