Consolidated cash flow statement

For the year ended 30 June 2020

Year ended Year ended

30 June 2020 30 June 2019
Note £m £m

Cash generated from operations 25 65.4 83.7

Net income taxes paid (2.4) (13.5)
Net cash inflow from operating activities * 63.0 70.2
Investing activities
Interest income 0.7 0.6
Purchase of property, plant and equipment * (12.7) (17.7)
Purchase of intangible assets * (23.0) (22.7)
Transfer of cash (to)/from escrow in respect of future capital expenditure * (0.6) 4.5
Purchase of investments (2.2) —
Net cash outflow arising from acquisitions 29 (110.3) (14.6)
Net cash outflow from investing activities (148.1) (49.9)
Financing activities
Dividends paid 24 (25.0) (24.9)
Principal element of lease obligations * (6.8) —
Interest element of lease obligations * (0.9) —
Interest paid (0.8) (0.1)
Proceeds on issue of shares 111.2 1.4
Facility arrangement fees — (0.9)
Utilisation of revolving credit facility (i) 22 127.0 —
Repayment of revolving credit facility (i) 22 (20.0) —
Purchase of own shares (0.1) (0.2)
Net cash inflow/(outflow) from financing activities 184.6 (24.7)

Increase/(decrease) in cash and cash equivalents 99.5 (4.4)

Cash and cash equivalents at beginning of year 87.1 90.2

Effect of foreign exchange rates 0.7 1.3
Cash and cash equivalents at end of year (ii) 187.3 87.1

Free Cash Flow (iii) 19.0 34.3

(i) During the year, drawings on the RCF comprised an initial amount of €120.0m (£103.4m) to fund the purchase of Expedeon (as set out in note 29). In February 2020,
a partial repayment amounting to £20.0m was made and the remaining borrowings redenominated into Sterling, leaving an outstanding balance of £82.0m. In March
2020, a subsequent drawing of £25.0m was made in order to provide operational flexibility in light of the COVID-19 pandemic bringing amounts drawn to £107.0m.
The maximum amount drawn under the RCF during the year was £107.0m.
(ii) Within cash and cash equivalents is £0.9m of cash relating to employee contributions to the Group’s share scheme ‘AbShare’, which is reserved for the purpose of
purchasing shares upon vesting.
(iii) Free Cash Flow comprises those items marked * and comprises net cash generated from operating activities less net capital expenditure, transfer of cash from/(to)
escrow in respect of future capital expenditure and the principal and interest elements of lease obligations.

Abcam plc Annual Report and Accounts 2020

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