b'Consolidated cash flow statementFor the year ended 31 March 2020Year ended Year ended31 March 31 March2020 2019Note 000 000Cash flows from operating activities:Operating (loss)/profit (17,833) 2,004Adjustments to reconcile operating (loss)/profit to net cash flows used in operating activities:Depreciation of property, plant and equipment 16 73 84Depreciation of right-of-use assets 17 139 Fair value movements in investments 4 15,844 (3,916)Share-based payments charge 6 528 171Amortisation of intangible assets 15 852 301Working capital adjustments:(Increase)/decrease in trade and other receivables 19 (514) 306Increase/(decrease) in trade and other payables 21 1047 (4,030)Net cash generated from/(used in) operating activities 136 (5,080)Cash flows from direct investment activities:Purchase of direct investments 18 (17,449) (19,384)Investee company loan repayments 18 1,793 1,711Net cash used in direct investment activities (15,656) (17,673)Cash flows from other investing activities:Purchase of property, plant and equipment 16 (45) (92)Investee company loan redemption premiums and interest received 245 531Purchase of fund management contracts 13 (12,400) (Increase)/decrease in short-term liquidity investments 20 (1,027) 4,812Net cash (used in)/generated from other investing activities (13,227) 5,251Net cash used in total investing activities (28,883) (12,422)Cash flows from financing activities:Proceeds from the issue of Ordinary shares 25 30,000 Transaction costs relating to the issue of Ordinary shares 26 (1,879) Payment of lease liabilities (120) Interest paid (26) Redemption of subsidiary undertaking preference shares(196)Net cash generated from/(used in) financing activities 27,975 (196)Net decrease in cash and cash equivalents (772) (17,698)Cash and cash equivalents at the beginning of the year 25,210 42,908Cash and cash equivalents at the end of the year 20 24,438 25,21076 Mercia Asset Management PLCAnnual Report and Accounts 2020'