At 31 December 2021	Note	2021 £m	(Restated) 20201,2 £m	(Restated) 20191,2 £m
Non-current assets
Intangible assets	14	1,778.5	1,851.8	1,901.8
Property, plant and equipment	15	1,129.6	1,233.2	1,348.2
Non-current financial assets	17	32.6	14.3	24.9
Investments accounted for using the equity method	18	13.7	15.6	17.9
Trade and other receivables	20	147.1	91.7	9.6
Finance lease receivable	35	12.7	10.6	3.6
Deferred tax assets	27	150.6	140.5	31.8
Defined benefit pension assets	34	3.8	12.3	14.2
Total non-current assets		3,268.6	3,370.0	3,352.0
Current assets
Inventories	21	28.8	27.0	29.4
Trade and other receivables	22	428.3	391.7	496.8
Finance lease receivable	35	4.1	4.3	1.4
Derivative financial instruments	17	31.0	44.9	44.5
Current tax assets		3.3	2.6	1.6
Cash and cash equivalents	23	508.4	629.8	715.8
Total curent assets		1,003.9	1,100.3	1,289.5
Assets classified as held for sale	19	18.6	18.8	4.3
Total assets		4,291.1	4,489.1	4,645.8
Non-current liabilities
Borrowings	28	(1,294.3)	(1,313.0)	(1,091.0)
Derivative financial instruments	28	(11.1)	(10.6)	(9.6)
Deferred tax liability	27	(39.2)	(40.7)	(56.4)
Other non-current liabilities	25	(123.8)	(202.7)	(178.2)
Defined benefit pension liability	34	(99.2)	(147.4)	(104.2)
Provisions	26	(68.8)	(54.8)	(43.1)
Total non-current liabilities		(1,636.4)	(1,769.2)	(1,482.5)
Current liabilities
Trade and other payables	24	(787.7)	(783.0)	(998.4)
Borrowings	28	(302.3)	(354.6)	(944.8)
Derivative financial instruments	28	(24.5)	(23.0)	(37.8)
Current tax liabilities		(3.0)	(2.2)	(8.8)
Provisions	26	(89.0)	(81.1)	(61.0)
Total current liabilities		(1,206.5)	(1,243.9)	(2,050.8)
Total liabilities		(2,842.9)	(3,013.1)	(3,533.3)
Net assets		1,448.2	1,476.0	1,112.5
Shareholders’ equity
Called up share capital	32	30.7	30.7	25.6
Share premium account		533.6	533.6	532.7
Own shares		(4.5)	(3.5)	(6.0)
Hybrid reserve		513.0	497.6	–
Other reserves	33	380.1	367.8	130.7
Retained earnings		(45.8)	9.6	391.4
Total shareholders' equity		1,407.1	1,435.8	1,074.4
Non-controlling interest in equity		41.1	40.2	38.1
Total equity		1,448.2	1,476.0	1,112.5

^{1 Restated for a change in accounting policy where amounts outstanding in relation to advance subsidy factoring arrangements have been reclassified from trade and
other payables to borrowings. See note 2 for further information
2 Restated to reflect a change in the presentation of cash and cash equivalents and bank overdrafts.} 

Group Balance Sheet in Excel format
Notes to the consolidated accounts in PDF format 

For the year ended 31 December 2021
	Note	2021 £m	20201 £m
Cash generated from operations	39	231.1	(48.3)
Tax paid		(19.2)	(8.1)
Interest paid		(45.0)	(64.7)
Interest received		4.0	7.1
Net cash flow from operating activities		170.9	(114.0)
Cash flows from investing activities
Payments to acquire businesses, net of cash acquired	19	(20.8)	(9.6)
Deferred consideration for businesses acquired	19	(13.0)	(27.3)
Proceeds from the disposal of business, net of cash disposed	19	(0.9)	4.4
Purchase of property, plant and equipment		(168.5)	(215.3)
(Costs)/Proceeds from disposal of property, plant and equipment		13.7	17.7
Payments to acquire intangible assets		(44.4)	(22.7)
Proceeds from disposal of intangible assets		0.7	2.3
Payments to settle net investment hedge derivative contracts		–	(15.7)
Receipts on settlement of net investment hedge derivative contracts		35.1	10.9
Receipts/(payments) relating to associates and investments		0.9	(0.1)
Net cash flow from investing activities		(197.2)	(255.4)
Cash flows from financing activities
Share issue proceeds2		–	230.1
Issuance of hybrid instrument3		(0.5)	495.5
Dividends paid to holders of hybrid instrument		(5.3)	-
Principal lease payments		(118.2)	(97.7)
Increase in borrowings		243.0	858.3
Repayment of borrowings		(220.1)	(1,049.2)
Payments to settle foreign exchange forward contracts		(11.9)	(39.8)
Receipts on settlement of foreign exchange forward contracts		20.7	18.8
Purchase of own shares		(2.5)	(3.9)
Acquisition of non-controlling interests4		(18.3)	(4.0)
Dividends paid to non-controlling interests		(0.4)	(2.2)
Dividends paid to shareholders of the Company	12	-	–
Net cash flow from financing activities		(113.5)	405.9
Increase in cash and cash equivalents		(139.8)	36.5
Opening cash and cash equivalents		520.5	478.3
(Decrease)/Increase in cash and cash equivalents		(139.8)	36.5
Foreign exchange		(4.5)	5.7
Closing cash and cash equivalents	23	376.2	520.5

1 Prior year amounts have been restated with respect to advance subsidy factoring receipts and payments – see note 2 for further information
2 Prior year amounts are net of transaction fees totalling £5.3m
3 Net of transaction fees totalling £4.5m incurred during 2020. A further £0.5m of transaction costs were paid in 2021
4 Amounts in 2021 include £17.7m paid on exercise of 10% of the WeDriveU put liability

Group Cash Flow Statement in Excel format
Notes to the consolidated accounts in PDF format 

	2021 £m	20203,4 £m	20193,4 £m	2018 £m	2017 £m
Group normalised
Revenue	2,170.3	1,955.9	2,744.4	2,450.7	2,321.2
Underlying operating profit/(loss)	87.0	(50.8)	295.3	257.7	241.5
Return on capital	3.4%	(2.1)%	12.4%	12.4%	11.9%
Basic EPS	0.1	(14.6)	34.5	32.9	29.1
IFRS
Revenue	2,170.3	1,955.9	2,744.4	2,450.7	2,321.2
Operating (loss)/profit	(36.2)	(381.4)	242.3	215.4	197.9
PBT	(84.9)	(447.7)	187.0	177.7	156.4
Basic EPS	(16.8)	(57.9)	27.6	26.6	25.7
Dividends per share	Nil	Nil	16.4	14.9	13.5
Net (debt)/funds
Cash4	508.4	520.5	478.3	117.7	314.3
	(132.2)	(109.3)	(237.5)	-	-
Other debt receivable4	1.0	1.2	2.4	2.1	0.7
Bonds	(640.9)	(647.0)	(1,081.9)	(852.4)	(851.9)
Bank loans3	(189.6)1	(23.5)	(184.5)	(9.0)	(115.6)
Fair value of derivatives included in financing activities	(3.7)	(4.7)	15.0	6.4	11.3
Lease liabilities²	(218.9)	(311.3)	(385.0)	(142.6)	(173.1)
Other debt payable	(393.9)	(476.8)	(68.3)	(73.7)	(73.6)
Net debt3	(1,069.8)	(941.6)	(1,241.5)	(951.5)	(887.9)

 

^{1 Net of arrangement fees totalling £1.5m on bank and other loans
2 Lease liabilities are reported net of finance lease receivables that are reported separately from borrowings on the face of the Group’s Balance Sheet
3 Net debt in 2020 and 2019 have been restated for a change in presentation in advance subsidy factoring liabilities from other payables to borrowings
4 Restated to reflect a change in the presentation of cash and cash equivalents and bank overdrafts. See note 2 for further information} 

Five Year Summary in Excel format
Notes to the consolidated accounts in PDF format