Page 63 - Beeks Financial Cloud Group Annual Report 2021

Beeks Financial Cloud Group PLC
Consolidated Statement of Cash Flow For the year ended 30 June 2021
2021 2020
Note £000 £000
Cash flows from operating activities

Profit before taxation for the year 1,255 678
Adjustments for:
Depreciation and amortisation 3,059 1,861
Share options 546 312
Gain on revaluation of contingent consideration (1,989) -
Impairment 994 -
Foreign exchange (6) 17

Interest received (5) (2)
Finance fees and interest 190 192
Operating cash flows 4,044 3,058

(Increase) in receivables (874) (419)
Increase/ (decrease) in payables 2,336 678

Operational cash flows after movement in working capital 5,506 3,317

Corporation tax paid (33) (23)
Net cash inflow from operating activities 5,473 3,294

Cash flows from investing activities
Capitalised development costs 9 (2,005) (720)
Payments for property, plant and equipment 10 (4,746) (2,819)
Payments for prior period acquisition (555) (750) FINANCE
Proceeds from grant income 669 115
Net cash (outflow)/ inflow from investing activities (6,637) (4,174)

Cash flows from financing activities
Repayment of existing loan borrowings (3,736) (324)
Dividends paid (180) (178)
Lease liabilities (485) (731)

Interest on lease liabilities (99) (87)
Deferred consideration (460) -
Issue of loans 3,050 1,485
Finance fees and interest 5 (190) (192)
Interest received 5 2
Proceeds from the issue of share capital 5,198 -

Net cash outflow from financing activities 3,103 (25)

Net increase/(decrease) in cash and cash equivalents 1,939 (905)
Cash and cash equivalents at beginning of year 1,433 2,338

Cash and cash equivalents at end of year 13 3,372 1,433
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The above statement of changes in equity should be read in conjunction with the accompanying notes.