Group Statement of Cash Flows for the year ended 30 June 2016

Note2016
£000
2015
£000
Cash flow from operating activities
Profit for the year before tax32,88434,028
Adjustments for:
— depreciation12179120
— profit on disposal of property, plant and equipment(9)
— share-based payments665625
— fair value adjustment for the value of the DGVL option13541
— revaluation of investment properties(18,015)(14,519)
— interest expense7,4258,373
— interest and similar income(477)(201)
— share of loss of joint ventures232135
— share of loss of associates138
Corporation tax payments(2,158)(678)
Change in working capital:
— (increase)/decrease in inventories(16,797)13,819
— decrease in trade and other receivables6692,434
— decrease in trade and other payables(2,781)(7,870)
Net cash inflow from operating activities1,95536,807
Cash flow from investing activities
Interest received199
Purchases of property, plant and equipment12(329)(299)
Purchases of investment property11(1,021)(11,481)
Sale of property, plant and equipment12
Acquisition of subsidiaries(804)(250)
Loans provided to joint ventures(5,810)(3,246)
Investment in joint ventures(202)(1,622)
Loans provided to associates(4,266)
Investment in associates(251)
Net cash outflow from investing activities(12,671)(16,699)
Cash flow from financing activities
Interest paid(5,203)(7,172)
Repayment of borrowings(28,417)(36,568)
New loans42,84535,544
Equity dividends paid to ordinary shareholders(2,832)(1,217)
Purchase of own shares for Long Term Incentive Plan(331)(382)
Net cash inflow/(outflow) from financing activities6,062(9,795)
Net (decrease)/increase in cash and cash equivalents(4,654)10,313
Net cash and cash equivalents at beginning of year21,37711,064
Net cash and cash equivalents at end of year16,72321,377

The accompanying accounting policies and notes form part of these financial statements.

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