Cash Flow Statement
For the year ended 31 December 2008
| Notes | 2008 €’000 |
2007 €’000 |
|
| Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities | |||
| Operating Profit | 26,969 | 21,664 | |
| Amortisation of capital grants | 18 | (625) | (763) |
| Depreciation charges | 6,910 | 6,941 | |
| Profit on disposal of tangible assets | - | (3) | |
| Increase in stocks | (12) | (3) | |
| Decrease/(Increase) in debtors | 2,489 | (2,776) | |
| (Decrease)/Increase in creditors | (7,422) | 5,998 | |
| Change in relation to pension provision | (12,370) | (46,055) | |
| Net cash inflow/(outflow) from operating activities | 15,939 | (14,997) | |
| Cash Flow Statement | |||
| Net cash inflow/(outflow) from operating activities | 15,939 | (14,997) | |
| Dividends from Joint Ventures and Associates | 11 | - | 375 |
| Returns on investments and servicing of finance | 25 | (994) | 225 |
| Taxation | 362 | (29,880) | |
| Capital Expenditure and financial investment | 25 | (25,734) | 94,848 |
| (10,427) | 50,571 | ||
| Equity Dividends paid | (5,108) | (4,200) | |
| (15,535) | 46,371 | ||
| Financing | 25 | 16,000 | (58,462) |
| Increase/(Decrease) in cash | 465 | (12,091) | |
| Reconciliation of Net Cash Flow to Movement in Net Debt | |||
| Increase/(Decrease) in cash in the year | 26 | 465 | (12,091) |
| Cash flow from (Increase)/Decrease in debt | 26 | (16,000) | 58,462 |
| Change in net debt | (15,535) | 46,371 | |
| Opening net debt | 26 | (18,120) | (64,491) |
| Closing net debt | 26 | (33,655) | (18,120) |
On Behalf of the Board
BW Kerr
E Connellan
26 March 2009