consolidated cash flow statement
for the year ended 31 december 2011
| 2011 €'000 |
2010 €'000 |
||
Earnings before taxes |
(67,085) | 33,726 | |
Adjustments for: |
|||
Net Interest Income |
(451) | (377) | |
Depreciation and amortisation |
16,107 | 13,096 | |
Impairment charge |
27,874 | — | |
Inventory writedown |
22,866 | — | |
Charge for retirement benefit obligation and share based payments |
19 | (129) | |
Charge for provisions |
17,019 | 849 | |
| Loss from the disposal of property, plant and equipment and intangibles | 249 | 60 | |
| Unrealised losses / (gains) in foreign currency exchange | 2,784 | (2,938) | |
| Change in deferred income | (2,862) | (2,755) | |
| 16,520 | 41,532 | ||
Changes in working capital |
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Increase in inventories |
(19,117) | (12,633) | |
Decrease in accounts receivables |
26,734 | 6,349 | |
(Decrease)/increase in accounts payables and advance payments |
(15,197) | 4,863 | |
Decrease/(increase) in other assets |
976 | (21,846) | |
Decrease in other liabilities |
(151) | (260) | |
| 9,765 | 18,005 | ||
Income taxes paid |
(9,063) | (7,762) | |
Interest received |
855 | 1,061 | |
Net cash from operating activities |
1,557 | 11,304 | |
Cash flow from investing activities |
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Proceeds from sale of property, plant and equipment |
60 | 24 | |
Proceeds from investment grants and subsidies |
1,097 | 3,304 | |
Payments to acquire property, plant and equipment |
(21,867) | (19,871) | |
Net cash used in investing activities |
(20,710) | (16,543) | |
| Cash flow from financing activities | |||
(Repayment)/receipt of bank and other borrowings |
(317) | 11,141 | |
| Dividends paid | (8,120) | (12,139) | |
| Interest paid | (404) | (684) | |
| Losses in foreign currency exchange | (2,784) | — | |
Shares acquired by EBT |
— | (4,266) | |
| Net cash used in financing activities | (11,625) | (5,948) | |
| Net change in cash and cash equivalents available | (30,778) | (11,184) | |
| Effects of foreign exchange rate changes on cash and cash equivalents | 1,142 | 12,083 | |
Cash and equivalents at beginning of period |
101,300 | 100,404 | |
Cash and equivalents at end of period |
71,664 | 101,300 | |
The accompanying notes form an integral part of these financial statements.
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