Company Cash Flow Statement

For the Year ended 31 March 2010

 

  31 March
2010
€’000
31 March
2009
€’000
     
CASH FLOWS FROM OPERATING ACTIVITIES    
(Loss)/profit for the year (191,291) 36,889
     
Adjustments for:    
Depreciation 235 123
Impairment of investment 70,835 232
Financial income (5,341) (19,923)
Financial expense 18 13
Net foreign exchange loss/(gain) 1,094 (42,315)
Dividend income (10,222) (5,001)
Restructuring provision (7,000) 554
Other provisions 706 (1,221)
Restructuring costs paid (89) -
Non-cash movement in balances with subsidiary undertakings 120,000 -
Share-based payment expense 9,560 9,323
Income tax (credit)/expense (2,273) 4,900
OPERATING CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL AND PROVISIONS (13,768) (16,426)
Decrease in trade and other receivables 1,614 1,258
Increase/(decrease) in trade and other payables 586 (10,433)
CASH USED IN OPERATIONS (11,568) (25,601)
Income taxes refunded/(paid) 9 (10)
NET CASH USED IN OPERATING ACTIVITIES (11,559) (25,611)
     
CASH FLOWS FROM INVESTING ACTIVITIES    
Interest received 1,333 13,650
Additional investment in subsidiaries (9,998) (42,354)
Funds (advanced to)/received from subsidiary undertakings, net (19,540) 299,440
Dividends received from subsidiary 10,222 5,001
Investment in unquoted shares (1,118) -
Repayment of loan by related party - 3,495
Proceeds in Escrow from sale of Airtricity Holdings Limited received 49,703 -
Acquisition of intangible assets (200) -
Acquisition of property, plant and equipment (127) (337)
NET CASH FROM INVESTING ACTIVITIES 30,275 278,895
     
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issue of share capital 1 768
Purchase of own shares (5,520) (257,734)
Share redemption expenses - (1,703)
Interest paid (18) (13)
Dividends paid (14,625) (12,416)
NET CASH FROM FINANCING ACTIVITIES (20,162) (271,098)
     
Net decrease in cash and cash equivalents (1,446) (17,814)
Cash and cash equivalents at start of year 1,731 3,035
Effect of exchange rate fluctuations on cash held 303 16,510
CASH AND CASH EQUIVALENTS AT END OF YEAR 588 1,731

 

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

 

On behalf of the Board

 

Tom Roche

Director

Jim Barry

Director

 

Approved by the Directors on 1 November 2010