Annual Report 2016

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Consolidated Statement of Cash Flows

for the year ended 30 March 2016

Note30 March 2016
€’000
25 March 2015
€’000
Cash flows from operating activities
Profit for the financial year17,28235,046
Adjustment for:
Depreciation of property, plant and equipment1046,24644,183
Amortisation of intangible assets124,3463,414
Fair value movement on investment properties11(7,489)(14,505)
Profit on sale of property, plant equipment10(357)(175)
Capital grants amortisation17(1,747)(1,608)
Impairment of tangible and intangible assets10 & 1224,490245
Gain on pension restructuring26(10,700)-
Emission allowances surrendered4,1152,902
Loss on termination of discontinued operations22-4,637
Share of loss of joint ventures14442382
Net finance costs814,89112,752
Tax expense95,82813,882
Operating cash flows before changes in working capital and provisions97,347101,155
Changes in:
Trade and other payables(8,270)6,809
Trade and other receivables9,647(7,321)
Inventories(2,866)(9,803)
Provisions6,625439
Increase in cash contributions over pension charge(11,816)(2,067)
(6,680)(11,943)
Interest paid(17,257)(16,717)
Tax paid(4,583)(10,765)
Cash generated from operating activities68,82761,730
Cash flows from investing activities
Proceeds on disposal of property, plant and equipment101,661319
Intangible asset purchase12(16,441)(11,485)
Capital grant received174,3891,124
Purchase of property, plant and equipment10(29,604)(99,903)
Capital expenditure on investment property11(1,906)(1,895)
Investment in joint ventures14(24,008)(1,775)
Interest received71370
Net cash used in investing activities(65,838)(113,245)
Cash flows from financing activities
Repayment of unsecured loan notes-(40,714)
Cash receipts on derivatives84,6902,824
Dividends paid(10,141)(11,171)
Acquisition of non-controlling interest-(239)
Dividends paid to non-controlling interest-(138)
Net cash used in financing activities(5,451)(49,438)
Net decrease in cash and cash equivalents(2,462)(100,953)

The accompanying notes are an integral part of these financial statements.