Consolidated Statement of Cash Flows

For the Year ended 31 March 2010

 

  Notes 31 March
2010
€’000
31 March
2009
€’000
       
CASH FLOWS FROM OPERATING ACTIVITIES      
Loss for the year   (285,536) (45,635)
       
Adjustments for:      
Depreciation 11 42,843 37,268
Impairment of property, plant and equipment 11 4,311 500
Impairment of goodwill 12 98,458 232
Amortisation of intangible assets 13 19,531 19,660
Impairment of intangible assets 13 84,561 226
Fair value movement in investment property 14 902 603
Financial income 7 (7,274) (42,729)
Financial expense 7 16,581 19,657
Share of (profit)/loss of joint ventures and associates 15 (13,359) 2,013
Loss/(gain) on sale of property, plant and equipment 3 195 (595)
Gain on disposal of subsidiary 3 (175) (3,357)
Gain on sale of Bent Tree 3 - (1,743)
Amortisation of government grants 3 (22) (70)
Government grant receivable 18 (5,191) -
Release of provisions 24 (7,000) (1,221)
Aftercare charges 24 1,759 1,895
Deferred income provision 23 397 572
Site restoration expenditure 24 (5,512) (1,624)
Free rent provision   (321) 62
Onerous contract provision   10,784 -
Other provisions   62 (1,950)
Restructuring costs paid 24 (89) (4,183)
Share-based payment expenses 33 17,063 21,940
Income tax credit 8 (22,138) (7,731)
OPERATING CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL AND PROVISIONS   (49,170) (6,210)
       
(Increase)/decrease in trade and other receivables   (7,732) 11,648
Increase in inventories   (103) (10,767)
Increase/(decrease) in trade and other payables   21,164 (53,438)
CASH USED IN OPERATIONS   (35,841) (58,767)
Income taxes (paid)/repaid   (2,745) 322
NET CASH USED IN OPERATING ACTIVITIES   (38,586) (58,445)
       
CASH FLOWS FROM INVESTING ACTIVITIES      
Interest received   4,150 17,599
Acquisition of subsidiaries, net of cash/overdrafts acquired 31 1,304 (87,065)
Acquisition expenses paid 31 (1,477) (3,892)
Acquisition of property, plant and equipment   (214,353) (129,046)
Acquisition of joint ventures and associates 15 - (1,248)
Investment in joint ventures and associates 15 (3,731) (38,415)
Dividends received from joint ventures   1,750 1,082
Loan repaid by joint venture 15 2,250 2,357
Merger related costs   - (140)
Acquisition of intangible assets   (3,895) (3,036)
Acquisition related costs 12 (179) (331)
Acquisition of investment 16 (1,211) (136)
Additional investment in unquoted shares 16 (2,004) (19,627)
Costs associated with additional investment in unquoted shares 16 - (1,224)
Acquisition of minority interest in subsidiary   (1,675) (2,430)
Disposal of subsidiaries   100 10,234
Net cash on balance sheets of subsidiaries disposed/merged   (228) (10,481)
Disposal of property, plant and equipment   392 1,460
Disposal of investments   150 180
Disposal transaction costs paid   (30) (6)
Dividends paid to minority interest shareholders   (1,467) (280)
Loan to related party   - (620)
Repayment of loan by related party   5,312 3,495
Proceeds in Escrow from sale of Airtricity Holdings Limited received 19 49,703 -
Deferred purchase consideration paid 24 (6,144) (4,044)
Purchase consideration refunded   152 -
NET CASH FROM INVESTING ACTIVITIES   (171,131) (265,614)
       
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from the issue of share capital   1 768
Additional share capital subscribed by minority shareholders, net   5,053 5,399
Sale of own shares   - 199
Purchase of own shares under share redemption offer   (5,520) (257,734)
Share redemption expenses   - (1,703)
Purchase of own share capital by subsidiary   - (1,776)
Movement in restricted cash deposits 16,19 (9,925) 774
Government grants received 24 721 1,600
Drawdown of borrowings   143,692 77,323
Repayment of borrowings   (33,440) (27,628)
Repayment of finance leases   (9,596) (9,084)
Loan arrangement fees paid   (8,831) -
Interest paid in respect of financing activities   (9,138) (11,808)
Dividends paid 9 (14,611) (12,410)
NET CASH FROM FINANCING ACTIVITIES   58,406 (236,080)
       
Net decrease in cash and cash equivalents   (151,311) (560,139)
Cash and cash equivalents at start of year   225,963 761,255
Effect of exchange rate fluctuations on cash held   (4,274) 24,847
CASH AND CASH EQUIVALENTS AT END OF YEAR 20 70,378 225,963

 

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