Page size A A A

Group statement of cash flows

for the financial year ended 31 December 2011

	2011 €'000	2010 €'000
Cash flows from operating activities
Cash generated from operations	145,386	107,214
Interest received	3,134	3,054
Interest paid	(29,729)	(25,613)
Tax paid	(12,738)	(11,955)

Net cash from operating activities	106,053	72,700

Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired	(114,252)	-
Payment of deferred consideration on acquisition of subsidiaries	(1,146)	(644)
Purchase of property, plant and equipment	(47,239)	(31,631)
Purchase of intangible assets	(1,646)	(4,333)
Dividends received from joint ventures	14,761	11,210
Loans repaid by joint ventures	-	23,280
Decrease in available for sale financial assests	2,283	438
Proceeds from sale of property, plant and equipment	420	1,163

Net cash outflow from investing activities	(146,819)	(517)

Cash flows from financing activities
Proceeds from issue of ordinary shares	1,221	522
Purchase of own shares	(2,075)	-
Private debt placement	226,828	-
(Decrease)/increase in borrowings	(160,780)	21,823
Finance lease principal payments	(968)	(926)
Dividends paid to Company shareholders	(22,942)	(20,453)
Dividends paid to non-controlling interests	(387)	(187)
Capital grants received	564	1,432

Net cash inflow from financing activities	41,461	2,211

Net increase in cash and cash equivalents	695	74,394

Cash and cash equivalents at the beginning of the year	229,101	152,789
Effects of exchange rate changes on cash and cash equivalents	1,577	1,918

Cash and cash equivalents at the end of the year	231,373	229,101

Reconciliation of net cash flow to movement in net debt	2011 €'000	2010 €'000

Net increase in cash and cash equivalents	695	74,394
Cash movements from debt financing	(65,080)	(20,897)

	(64,385)	53,497

Fair value movement of interest rate swaps qualifying as fair value hedges	387	(2,165)
Exchange translation adjustment on net debt	(8,211)	(16,836)

Movement in net debt in the year	(72,209)	34,496
Net debt at the beginning of the year	(408,122)	(442,618)

Net debt at the end of the year	(480,331)	(408,122)

Net debt comprises:
Borrowings	(711,704)	(637,223)
Cash and cash equivalents	231,373	229,101
	(480,331)	(408,122)

View the Group Statement of cash flows per the 2011 Annual Report (92.6KB)