Minerva Equity Limited - 31 March 2019 Final 19.08.2019 - Flipbook - Page 13
Minerva Equity Limited (formerly DMWSL 881 Limited)
Financial review (continued)
Cash flows
Consolidated cash flow for the period from
27 March 2018 to 31 March 2019
Period ended
31 March 2019
£ million
Net cash inflow from operating activities
(see note 25)
85.8
Tax paid
(3.1)
Net capital expenditure
(6.1)
Net cash flow before acquisitions and
financing
76.6
Net interest paid
Net cash expended on acquisitions
Net cash inflow from financing activities
Net increase in cash
(11.2)
(138.5)
129.4
56.3
Cash at beginning of period
Cash at end of period
56.3
The group has a strong track record of converting EBITDA to operating cash flow and this has
continued in the current period.
Corporation tax paid in the year totalled £3.1 million, reflecting the tax due on the Group’s profits.
The purchase of acquisitions, details of which are summarised in note 31, was funded substantially
from third party debt finance and by equity subscriptions from PE sponsors and management.
Company Performance
The result of the Company for the year was a loss of £1.2 million.
Pensions
The Group operates defined benefit and defined contribution schemes. The only material defined
benefit scheme is operated by MUS. This defined benefit scheme (‘MCARE’) is closed to future
accrual. The most recent triennial valuation of the MCARE scheme took place at 31 March 2017.
The deficit at 31 March 2019 in relation to the MCARE scheme was £1.5 million net of deferred tax.
Further details are provided in note 20 to the financial statements.
Going concern
Based on the Group’s financial projections and the current expectations of the directors about the
prospects of the Group, the financial statements have been prepared on the going concern basis.
Based on these projections, the directors consider that the company and the Group can meet its
obligations as they fall due for a period of at least twelve months from the date of the directors’
approval of these financial statements.
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