Consolidated statement of cash flows 3 For the year ended 31 December 2021 2021 2020 Notes £000 £000 Cash flows from operations 23 68,496 72,428 Income taxes paid (13,874) (10,758) Net cash flows from operating activities 54,622 61,670 Cash flows from investing activities Investments in intangible assets 11 (3,458) (34) Investments in property, plant and equipment 12 (11,119) ( 7,396) Acquisition of subsidiaries, net of cash acquired (86,604) (124,155) Tax paid as result of acquisition (5,116) – Financial fixed assets (323) 871 Cash flows from investing activities (106,620) (130,714) Cash flows from financing activities Proceeds from issuance of shares 1,143 113,386 Additional borrowings during the year 18 342,994 45,622 Payment of lease liabilities 19 (10,903) (12,175) Repayments of loans and borrowings 18 (110,895) – Transaction costs paid on borrowings (8,379) (244) Interest paid (5,530) ( 742) Cash flows from financing activities 208,430 145,847 Net movement in cash and cash equivalents 156,432 76,803 Cash and cash equivalents beginning of the year 142,052 66,106 Exchange gain/(loss) on cash and cash equivalents 23 638 (857) 1 142,052 Cash and cash equivalents at 31 December 299,122 Note: 1. Including bank overdrafts of £1.9 million. Details are disclosed in Note 17. The accompanying notes on pages 113 to 160 form an integral part of the financial statements. S4Capital Annual Report and Accounts 2021 111