26. Notes to the Group Cashflow Statement
| A. Reconciliation of operating profits to net cash inflow from operating activities | |||
| Notes | 2009 | 2008 | |
| €'000 | €'000 | ||
| Operating profit | 20,435 | 21,092 | |
| Finance lease interest | 2 | - | 9 |
| Depreciation | 2 | 8,961 | 11,077 |
| Depletion | 10 | 18,439 | 12,765 |
| Impairment of fixed assets | 10(vi) | 3,100 | 8,706 |
| Amortisation of goodwill | 12 | 117 | 312 |
| Impairment of goodwill | 12 | - | 651 |
| Impairment of associate | 11 | 144 | - |
| Profit on sale of tangible fixed assets | 26(d) | (15,906) | (10,839) |
| Revaluation of IForUT units | 11 | 153 | (448) |
| Amortisation of grants | 23 | (345) | (568) |
| Amortisation of grants related to immature sales | 5 | (1,466) | - |
| Amortisation of grants related to fixed asset impairment | 23 | - | (457) |
| Movement in provisions and liabilities | 20 | (44) | 37 |
| Movement in pension fund liability | (12,554) | 332 | |
| Movement in working capital | |||
| Decrease in stocks | 26(g) | 5,585 | 2,035 |
| (Increase)/Decrease in debtors | 26(g) | (7,218) | 6,020 |
| Decrease in creditors | 26(g) | (8,258) | (10,224) |
| 11,143 | 40,500 | ||
| B. Interest paid and received | |||
| Interest charge | 6 | 8,530 | 7,238 |
| Interest received | 6 | (83) | (18) |
| Movement of interest accrual | 26(g) | (1,952) | 115 |
| 6,495 | 7,335 | ||
| C. Additions to tangible fixed assets | |||
| Fixed asset additions | 10 | 40,698 | 58,092 |
| Less: non cash consideration (depreciation) | (72) | (114) | |
| 40,626 | 57,978 | ||
| D. Sale of tangible fixed assets | |||
| Net book value of assets sold | 10 | 658 | 346 |
| Profit on disposals of assets | 15,906 | 10,839 | |
| Cash consideration | 16,564 | 11,185 |
E. Analysis of changes in financing during the year |
||||
| Share Capital |
Share Capital Conversion |
Capital Grants |
Finance Lease |
|
| €’000 | €’000 | €’000 | €’000 | |
| At 1 January 2009 | 795,060 | 6,145 | 150,729 | 83 |
| Capital grants received | - | - | 2,466 | - |
| Repayment of finance leases | - | - | - | (61) |
| Movement in capital grants receivable | - | - | 926 | - |
| Capital grants amortised | - | - | (345) | - |
| Capital grants released | - | - | (1,466) | - |
| At 31 December 2009 | 795,060 | 6,145 | 152,310 | 22 |
F. Analysis of movement in net debt |
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| Balance 1 Jan |
Cash Flows |
Balance 31 Dec |
|
| €’000 | €’000 | €’000 | |
| Cash at bank | 2,534 | (1,037) | 1,497 |
| Bank overdraft | (11,638) | (9,490) | (21,128) |
| (9,104) | (10,527) | (19,631) | |
| Debt due within one year | (32,574) | 32,552 | (22) |
| Debt due after one year | (119,509) | (38,191) | (157,700) |
| At 31 December | (161,187) | (16,166) | (177,353) |
G. Analysis of movement in working capital |
|||
| Balance 1 Jan |
Balance 31 Dec |
Cash Flows | |
| €’000 | €’000 | €’000 | |
| Stock | 23,047 | 17,462 | 5,585 |
| Debtors (excluding corporation tax) | 60,072 | 68,216 | 8,144 |
| Less capital grants receivable | (1,919) | (2,845) | (926) |
| 58,153 | 65,371 | 7,218 | |
| Creditors (excluding corporation tax and capital grants) | 48,911 | 42,605 | (6,306) |
| less: accrued interest | (1,738) | (3,690) | (1,952) |
| At 31 December | 47,173 | 38,915 | (8,258) |
| H. Reconciliation of net cashflow to movements in net debt | ||
| 2009 | 2008 | |
| €'000 | €'000 | |
| (Decrease) in cash in the period | (10,527) | (19,659) |
| Cash outflow on finance leases | 61 | 183 |
| Cash (inflow)/outflow on bank loans | (5,700) | 8,000 |
| (16,166) | (11,476) | |
| Net debt at the beginning of the year | (161,187) | (149,711) |
| Net debt at the end of the year | (177,353) | (161,187) |