|
|
|
| For the year ended 31 December 2010 |
|
2010 |
|
|
2009 |
| |
|
€'000 |
|
|
€'000 |
| Profit before taxation |
|
25,554 |
|
|
13,580 |
| Finance income |
|
(18,534) |
|
|
(38,115) |
| Finance expense |
|
26,001 |
 |
|
29,419 |
| Operating profit |
|
33,021 |
|
|
4,884 |
| |
|
|
|
|
|
| Depreciation |
|
44,524 |
|
|
47,939 |
| Intangible amortisation |
|
2,212 |
|
|
2,212 |
| Goodwill write-off on termination |
|
- |
|
|
135 |
| Goodwill impairment loss |
|
- |
|
|
5,469 |
| Share-based payments charge/(credit) |
|
581 |
|
|
(1,364) |
| Non-cash
movement in operating provisions |
|
4,596 |
|
|
4,420 |
| Non-cash
movement on asset impairment |
|
10,039 |
|
|
- |
| Profit
on sale of property, plant and equipment |
|
(563) |
|
|
(6,819) |
| Contributions to pension schemes in excess of IAS 19 charge |
|
(3,799) |
|
|
(11,975) |
| Decrease in working capital |
|
8,792 |
|
|
93,719 |
| Cash generated from operations |
|
99,403 |
|
|
138,620 |
| |
|
|
|
|
|
| Interest paid |
|
(13,955) |
|
|
(21,241) |
| Income
taxes paid |
|
(974) |
|
|
(1,069) |
| Cash
flows from operating activities |
|
84,474 |
|
|
116,310 |
| |
|
|
|
|
|
| Investing
activities |
|
|
|
|
|
| Inflows |
|
|
|
|
|
| Proceeds
from sale of property, plant and equipment |
|
4,262 |
|
|
13,210 |
| Investment profit realised in cash |
|
- |
|
|
22,058 |
| Interest
received |
|
7,062 |
|
|
5,242 |
| Sale of financial assets |
|
44 |
|
|
35 |
| |
|
11,368 |
|
|
40,545 |
| Outflows |
|
|
|
|
|
| Acquisition
of subsidiary undertakings and businesses |
|
(1,638) |
|
|
(2,255) |
| Net
cash acquired with subsidiary undertakings |
|
102 |
|
|
604 |
| Deferred
acquisition consideration paid |
|
(853) |
|
|
(1,556) |
| Claims paid on provisions |
|
(3,725) |
|
|
(1,903) |
| Purchase
of property, plant and equipment |
|
(9,608) |
|
|
(12,420) |
| Investment in associate |
|
- |
|
|
(3,690) |
| |
|
(15,722) |
|
|
(21,220) |
| |
|
|
|
|
|
| Cash
flows from investing activities |
|
(4,354) |
|
|
19,325 |
| |
|
|
|
|
|
| Financing
activities |
|
|
|
|
|
| Inflows |
|
|
|
|
|
| Proceeds
from the issue of share capital |
|
1,450 |
|
|
873 |
| Net
proceeds from borrowings |
|
280,984 |
|
|
73,679 |
| |
|
282,434 |
|
|
74,552 |
| Outflows |
|
|
|
|
|
| Repayment
of borrowings |
|
(390,460) |
|
|
(78,007) |
| Dividends Paid |
|
(11,551) |
|
|
- |
| Purchase
of 'A' ordinary shares |
|
- |
|
|
(17,276) |
| Payment
of finance lease liabilities |
|
(520) |
|
|
(383) |
| Redemption
of loan notes payable net of derivatives |
|
(34,776) |
|
|
(49,370) |
| |
|
(437,307) |
|
|
(145,036) |
| |
|
|
|
|
|
| Cash
flows from financing activities |
|
(154,873) |
|
|
(70,484) |
| |
|
|
|
|
|
| Net
(decrease)/increase in cash and cash equivalents |
|
(74,753) |
|
|
65,151 |
| |
|
|
|
|
|
| Cash
and cash equivalents at 1 January |
|
301,984 |
|
|
224,827 |
| Effect
of exchange rate fluctuations on cash held |
|
7,044 |
|
|
12,006 |
| |
|
|
|
|
|
| Cash
and cash equivalents at 31 December |
|
234,275 |
|
|
301,984 |
| Cash and cash equivalents are broken down as follows: |
|
|
|
|
|
| Cash
at bank and short-term deposits |
|
234,275 |
|
|
301,985 |
| Overdrafts |
|
- |
|
|
(1) |
| |
|
234,275 |
|
|
301,984 |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
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