Games Workshop Financial Results 2006

for the year to 28 May 2006

		Group		Company
	Notes	2006 £000	2005 £000	2006 £000	2005 £000

Cash flows from operating activities
Cash generated from operations	28	15,789	21,152	5,225	987
UK corporation tax paid		(1,665)	(4,141)	-	-
Overseas tax paid		(1,838)	(2,186)	-	-

Net cash from operating activities		12,286	14,825	5,225	987

Cash flows from investing activities
Purchases of property, plant and equipment		(8,321)	(10,726)	-	-
Proceeds on disposal of property, plant and equipment	28	32	49	-	-
Purchases of other intangible assets		(830)	(1,186)	-	-
Expenditure on product development		(2,505)	(2,102)	-	-
Loans granted to related parties		-	-	-	(860)
Interest received		234	346	96	194

Net cash from investing activities		(11,390)	(13,619)	96	(666)

Cash flows from financing activities
Proceeds from issue of ordinary share capital		207	727	233	1,302
Proceeds from borrowings		1,955	5,000	-	5,000
Repayment of borrowings		-	-	(2,400)	-
Loans received from related parties		-	-	227	1,036
Repayment of principal under finance leases		(143)	(165)	-	-
Equity dividends paid		(5,874)	(5,818)	(5,874)	(5,818)
Interest paid		(886)	(716)	(430)	(278)

Net cash from financing activities		(4,741)	(972)	(8,244)	1,242

Effects of foreign exchange rates		(5)	223	-	-

Net (decrease)/increase in cash and cash equivalents		(3,850)	457	(2,923)	1,563

Opening cash and cash equivalents		8,622	8,165	2,115	552

Closing cash and cash equivalents	19	4,772	8,622	(808)	2,115

For the purpose of the cash flow statement, cash and cash equivalents includes bank overdrafts (see note 19).

The accompanying notes are an integral part of these consolidated financial statements.