Financial statements N otes to the consolidated financial statements continued 23. Cashflow from operations The following table shows the items included in the cash flows from operations. 2021 2020 Notes £000 £000 £000 £000 Cash flows from operating activities (Loss)/profit before income tax (55,650) 3,096 Financial income and expenses 8 12,251 5,038 Depreciation and amortisation 56,456 37,015 Share-based compensation 22 13,876 12,331 Acquisition and set-up related expenses 7 83,496 14,338 1 7 (9,985) – Contingent consideration paid 73,511 14,338 Loss on the net monetary position 1,344 – Increase in trade and other receivables (131,662) (29,282) Increase in trade and other payables 98,370 29,892 Cash flows from operations 68,496 72,428 Note: 1. Contingent consideration tied to employment is deemed remuneration expenses according to IFRS 3. 24. Dividends Up to the date of approval of these financial statements and in 2021 and 2020 no dividends were paid or proposed by S4Capital plc to its shareowners. 25. Related party transactions Compensation for key management personnel is made up as follows: 2021 2020 £000 £000 Short-term employee benefits 1,548 1,547 Share-based payments 7,144 7,144 Total 8,692 8,691 Details of compensation for key management personnel are disclosed on pages 81 to 83. S4Capital Group did not have any other related party transactions during the financial year (2020: nil). 158 S4Capital Annual Report and Accounts 2021