Table:
|  | FY19 | FY181 |
| --- | --- | --- |
|  | $M | $M |
| Cash EBITDA2 | 167.9 | 199.2 |
| Net deferral of revenue | (49.7) | (129.6) |
| Net deferral of expenses | 0.9 | 8.4 |
| Foreign exchange | 1.5 | (8.1) |
| Depreciation | (11.6) | (11.6) |
| Adjusted operating profit | 109.0 | 58.3 |
| Net deferral of revenue | 49.7 | 129.6 |
| Net deferral of expenses | (0.9) | (8.4) |
| Exceptional items 3 | (3.1) | (13.0) |
| Depreciation | 11.6 | 11.6 |
| Foreign exchange | (1.5) | 8.1 |
| Change in working capital 2 | (5.2) | (12.2) |
| Corporation tax paid 2 | (16.7) | (26.3) |
| Net cash flow from operating activities | 142.9 | 147.7 |
| Exceptional items 3 | 3.1 | 13.0 |
| Net capital expenditure 2 | (22.2) | (21.1) |
| Unlevered free cash flow | 123.8 | 139.6 |
Paragraphs:
Cash flow
Net cash flow from operating activities decreased by $4.8 million to $142.9 million from $147.7 million in the prior period. The small overall decrease was due to a $9.9 million reduction in the cashflow outflow on exceptional items, a $7.0 million improved use of working capital within the business, both being offset by an increase in overheads, primarily in relation to Sales and Marketing expenses.
Unlevered free cashflow decreased by $15.8 million to $123.8 million from $139.6 million in the prior-period representing the reduction in net cash flow from operating activities adjusted for the cashflow impact of exceptional items.
1 Restated for the adoption of IFRS 15 and change in accounting policy in respect of research and development expenditure tax credit scheme (“RDEC”) and provision for interest on uncertain tax positions, as explained in note 2 of the Financial Statements
2 Unlevered free cash flow is also represented by the sum of the marked rows and has been presented to enhance understanding of the Group’s cash generation capability
3 Excludes non-cash movements on exceptional items
Question:
What components are factored in when calculating the unlevered free cash flow from the net cash flow from operating activities?