VHE Holdings PLC

Preliminary Results - Part 3

VHE Holdings PLC
12 June 2001



PART 3 

                               VHE HOLDINGS PLC                               
                          GROUP CASH FLOW STATEMENT                           
                       For the Year Ended 31 March 2001                       
                                                               2001       2000
                                                              £'000      £'000

Net cash (outflow)/inflow from operating activities            (205)     4,177

Returns on investments and servicing of finance
Bank interest received                                           59         49
Interest paid on Bank and other loans                          (373)     (481)
Interest paid on finance leases and hire purchase agreements    (38)      (69)

Net cash outflow on investments and servicing of finance       (352)     (501)

Taxation
UK corporation tax received/(paid)                               56      (292)

Capital expenditure
Purchase of tangible fixed assets                              (150)     (127)
Sale of tangible fixed assets                                   256        733

                                                                106        606

Equity dividends paid                                             -          -

Net cash (outflow)/inflow before financing                     (395)     3,990

Financing
Repayment of loans                                             (607)     (629)
Repayment of principal under finance leases 
and hire purchase agreements                                   (547)     (813)

Net cash (outflow) from financing                            (1,154)   (1,442)

(Decrease)/Increase in cash                                  (1,549)     2,548


         Reconciliation of operating profit/(loss) to net cash outflow        
                          from operating activities                           
      
                                                    Year ended      Year ended
                                                 31 March 2001   31 March 2000
                                                         £'000           £'000

Operating profit/(loss)                                  1,389         (7,325)
Depreciation, amortisation of grants and
profit on sales of tangible fixed assets                   673           1,055
Decrease in stocks                                          91             395
Decrease in debtors                                      1,016          10,221
(Decrease) in creditors                                 (3,374)          (169)

(Outflow)/Inflow from operating activities                (205)          4,177


                             Analysis of net debt 
                            
                           At 1 April  Cash Flow  Other non-cash   At 31 March
                                 2000                    changes          2001
                                £'000      £'000           £'000         £'000
Cash at bank and in hand        1,129     (1,549)              -         (420)
Debt due after one year          (800)                       800             -
Debt due within one year         (607)       607            (800)        (800)
Finance leases and hire 
purchase agreements              (656)       547            (363)        (472)

Net Debt                         (934)      (395)           (363)      (1,692)


            Reconciliation of net cashflow to movement in net debt            
       
                                                     Year ended     Year ended
                                                  31 March 2001  31 March 2000
                                                          £'000          £'000

(Decrease)/Increase in cash in the period               (1,549)          2,548
Cash outflow from decrease in debt                       1,154           1,442
     
           
Change in net debt resulting from cashflows               (395)          3,990
Other non-cash items:
New finance leases                                        (363)          (376)
            
Movement in net debt in the period                        (758)          3,614
Net debt at beginning of period                           (934)        (4,548)

Net debt at end of period                               (1,692)          (934)


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