Table:
|  | 2019 | 2018 |
| --- | --- | --- |
|  | £m | £m |
| Net cash from operating activities as reported under IFRS | 227.4 | 212.6 |
| Acquisition and disposal costs | 2.5 | 0.2 |
| Net capital expenditure excluding acquired intangibles from acquisitions | (59.0) | (31.5) |
| Tax paid | 78.4 | 61.6 |
| Repayments of principal under lease liabilities | (11.2) | – |
| Adjusted cash from operations | 238.1 | 242.9 |
Paragraphs:
Adjusted cash flow
A reconciliation showing the items that bridge between net cash from operating activities as reported under IFRS to an adjusted basis is given below. Adjusted cash from operations is used by the Board to monitor the performance of the Group, with a focus on elements of cashflow, such as Net capital expenditure, which are subject to day to day control by the business.
Adjusted cash conversion in 2019 is 84% (2018: 91%). Cash conversion is calculated as adjusted cash from operations divided by adjusted operating profit.
The adjusted cash flow is included in the Financial Review on page 58.
Question:
How is cash conversion calculated?
Answer: as adjusted cash from operations divided by adjusted operating profit