Group statement of cash flows

for the financial year ended 1 January 2011

	2010 €'000	2009 €'000
Cash flows from operating activities
Cash generated from operations	107,214	104,710
Interest received	3,054	5,352
Interest paid	(25,613)	(30,484)
Tax paid	(11,955)	(5,533)

Net cash from operating activities	72,700	74,045

Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired	-	(521)
Payment of deferred consideration on acquisition of subsidiaries	(644)	(762)
Purchase of property, plant and equipment	(31,631)	(47,463)
Purchase of intangible assets	(4,333)	3,724
Dividends received from joint ventures	11,210	17,924
Loans repaid by/(advanced to) joint ventures	23,280	(21,508)
Decrease in available for sale financial assests	438	433
Proceeds from sale of property, plant and equipment	1,163	1,609

Net cash outflow from investing activities	(517)	(54,012)

Cash flows from financing activities
Proceeds from issue of ordinary shares	522	-
Increase in borrowings	21,823	16,642
Finance lease principal payments	(926)	(908)
Dividends paid to Company shareholders	(20,453)	(19,484)
Dividends paid to non-controlling interests	(187)	(2,000)
Capital grants received	1,432	6,793

Net cash inflow from financing activities	2,211	1,043

Net increase in cash and cash equivalents	74,394	21,076

Cash and cash equivalents at the beginning of the year	152,789	132,572
Effects of exchange rate changes on cash and cash equivalents	1,918	(859)

Cash and cash equivalents at the end of the year	229,101	152,789

Reconciliation of net cash flow to movement in net debt	2010 €'000	2009 €'000

Net increase in cash and cash equivalents	74,394	21,076
Cash movements from debt financing	(20,897)	(15,734)

	53,497	5,342

Fair value movement of interest rate swaps qualifying as fair value hedges	(2,165)	597
Exchange translation adjustment on net debt	(16,836)	3,526

Movement in net debt in the year	34,496	9,465
Net debt at the beginning of the year	(442,618)	(452,083)

Net debt at the end of year	(408,122)	(442,618)

Net debt comprises:
Borrowings	(637,223)	(595,407)
Cash and cash equivalents	229,101	152,789
	(408,122)	(442,618)

View the Group Statement of cash flows per the 2010 Annual Report (57KB)