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=== Cash flow and balance sheet === {| class="wikitable" |+Exhibit 13: Summary cash flow<ref>Source: musicMagpie, Edison Investment Research.</ref> ! !FY18 !FY19 !H120 !H220 !FY20 !H121 !H221 !FY21 !FY22e !FY23e !FY24e |- |Operating cash flows |(0.0) |2.3 |5.5 |6.5 |12.0 |2.0 |0.3 |2.6 |8.9 |11.3 |14.5 |- |<nowiki>- Net income</nowiki> |(4.4) |(0.9) |2.6 |6.0 |8.6 |(17.6) |5.5 |(12.1) |1.3 |0.4 |3.0 |- |<nowiki>- Depreciation and amortisation</nowiki> |2.8 |2.6 |1.3 |1.3 |2.6 |1.5 |1.8 |3.3 |7.0 |9.3 |9.4 |- |<nowiki>- Working capital</nowiki> |(0.1) |(1.9) |0.5 |(1.1) |(0.6) |(0.2) |(4.7) |(4.9) |(0.6) |(0.2) |(0.3) |- |<nowiki>- Tax paid</nowiki> |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |(0.0) |(0.0) |(1.1) |- |Investing cash flows |(1.7) |(1.4) |(0.8) |(1.1) |(1.9) |(2.5) |(4.7) |(7.2) |(13.6) |(11.6) |(12.9) |- |<nowiki>- Capex</nowiki> |(1.7) |(1.4) |(0.3) |(0.2) |(0.4) |(1.6) |(2.8) |(4.4) |(9.6) |(9.1) |(10.4) |- |<nowiki>- Intangibles</nowiki> |0.0 |0.0 |(0.6) |(0.9) |(1.5) |(0.9) |(1.9) |(2.8) |(4.0) |(2.5) |(2.5) |- |Financing cash flows |2.7 |0.1 |(0.9) |(5.9) |(7.0) |1.9 |0.4 |2.3 |2.9 |1.8 |(1.2) |- |<nowiki>- Equity issue</nowiki> |0.0 |0.0 |0.0 |0.0 |0.0 |14.5 |(0.0) |14.5 |0.0 |0.0 |0.0 |- |<nowiki>- Borrowings</nowiki> |4.0 |2.4 |0.0 |(3.2) |(3.2) |(10.2) |1.0 |(9.2) |4.0 |3.0 |0.0 |- |Change in cash |1.0 |1.1 |3.8 |(0.5) |3.1 |1.4 |(4.1) |(2.3) |(1.8) |1.5 |0.3 |- |Cash at end |1.0 |2.0 |5.8 |5.4 |5.1 |6.4 |2.4 |2.9 |1.1 |2.6 |2.9 |- |Net debt/(cash) at end excl. IFRS 16 |11.1 |12.6 |9.6 |6.3 |6.3 |(6.4) |(1.8) |(1.8) |3.8 |5.3 |4.9 |- |Free cash flow pre-interest |(1.7) |0.9 |4.7 |5.4 |10.1 |(0.5) |(4.5) |(4.6) |(4.7) |(0.3) |1.5 |- |Free cash flow post-interest |(2.2) |(0.3) |4.2 |3.2 |7.4 |(2.5) |(4.8) |(6.9) |(5.1) |(0.9) |0.9 |- |Relative to sales: | | | | | | | | | | | |- |Operating cash flow |0.0% |1.8% |7.7% |7.9% |7.8% |2.7% |0.4% |1.8% |5.8% |6.8% |8.1% |- |Net income |(3.8%) |(0.7%) |3.6% |7.3% |5.6% |(24.2%) |7.5% |(8.3%) |0.8% |0.2% |1.7% |- |Working capital |(0.1%) |(1.4%) |0.7% |(1.3%) |(0.4%) |(0.2%) |(6.5%) |(3.4%) |(0.4%) |(0.1%) |(0.2%) |- |Capex |(1.4%) |(1.1%) |(0.4%) |(0.2%) |(0.3%) |(2.2%) |(3.9%) |(3.0%) |(6.2%) |(5.5%) |(5.8%) |- |Intangibles |0.0% |0.0% |(0.8%) |(1.1%) |(1.0%) |(1.3%) |(2.6%) |(1.9%) |(2.6%) |(1.5%) |(1.4%) |- |Total fixed asset investment |(1.4%) |(1.1%) |(1.2%) |(1.3%) |(1.2%) |(3.4%) |(6.5%) |(5.0%) |(8.8%) |(7.0%) |(7.2%) |- |Free cash flow pre-interest/sales % |(1.5%) |0.7% |6.6% |6.6% |6.6% |(0.8%) |(6.2%) |(3.2%) |(3.0%) |(0.2%) |0.9% |- |Free cash flow post-interest/sales % |(1.9%) |(0.2%) |5.9% |3.9% |4.8% |(3.5%) |(6.6%) |(4.7%) |(3.3%) |(0.5%) |0.5% |} There was a notable improvement in MMAG’s operating and free cash flow generation from FY18 to FY20. Excluding interest payments, free cash flow improved from an outflow of £1.7m in FY18 to an inflow of £10.1m in FY20. The key driver to the improved cash flow generation was the company’s higher profitability, offset in part by modestly higher investment in tangible and intangible assets. FY21’s operating cash flow was negatively affected by the one-off costs for the IPO. Working capital has represented a modest cash outflow on a consistent basis, which is impressive given the scale of the revenue growth from FY18 to FY20. Its forecast for higher investment in tangible assets from FY22 reflects the capitalisation of devices for rentals (Edison assumes £280 for each new phone in FY22–24) and the costs of rolling out the SMARTDrop kiosks (FY22 only). The capital investment leads to estimates of negative free cash flow in both FY22 and FY23.
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