Company Cash Flow Statement
for the year ended 31 March 2009
| 31 March 2009 €’000 |
31 March 2008 €’000 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Profit for the year | 36,889 | 479,485 |
| Adjustments for: | ||
| Depreciation | 123 | 82 |
| Impairment of investment | 232 | 19,927 |
| Financial income | (19,923) | (3,127) |
| Financial expense | 13 | 79 |
| Net foreign exchange (gain)/loss | (42,315) | 4,379 |
| Dividend income | (5,001) | - |
| Gain on disposal of Airtricity Holdings Limited | - | (532,100) |
| Restructuring provision | 554 | 10,000 |
| Other provisions | (1,221) | 20,000 |
| Share-based payment expenses | 9,323 | 2,087 |
| Income tax credit | 4,900 | (935) |
| OPERATING CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL AND PROVISIONS | (16,426) | (123) |
| Decrease in trade and other receivables | 1,258 | 395 |
| (Decrease)/increase in trade payables | (10,433) | 6,242 |
| CASH GENERATED FROM OPERATIONS | (25,601) | 6,514 |
| Income taxes paid | (10) | (4) |
| NET CASH FROM OPERATING ACTIVITIES | (25,611) | 6,510 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Interest received | 13,650 | 108 |
| Additional investment in subsidiaries | (42,354) | (53,085) |
| Loans to subsidiary undertakings | - | (25,782) |
| Purchase of subsidiary holding from group company | - | (51,181) |
| Disposal of subsidiary holding to group company | - | 39,411 |
| Disposal of Airtricity Holdings Limited | - | 778,533 |
| Disposal costs paid | - | (19,890) |
| Funds received from/(advanced to) subsidiary undertakings, net | 299,440 | (652,384) |
| Dividends received from subsidiary | 5,001 | - |
| Loan to related party | - | (3,495) |
| Repayment of loan by related party | 3,495 | - |
| Acquisition of property, plant and equipment | (337) | (125) |
| NET CASH FROM INVESTING ACTIVITIES | 278,895 | 12,110 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from the issue of share capital | 768 | 28,647 |
| Purchase of own shares under share redemption offer | (257,734) | - |
| Share redemption expenses | (1,703) | - |
| Funds paid to subsidiaries to acquire shares in the Company | - | (27,783) |
| Interest paid | (13) | (79) |
| Dividends paid | (12,416) | (12,578) |
| NET CASH FROM FINANCING ACTIVITIES | (271,098) | (11,793) |
| Net (decrease)/increase in cash and cash equivalents | (17,814) | 6,827 |
| Cash and cash equivalents at start of year | 3,035 | (3,792) |
| Effect of exchange rate fluctuations on cash held | 16,510 | - |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,731 | 3,035 |
The accompanying notes form an integral part of these financial statements.
On behalf of the Board
Tom Roche Chairman |
Jim Barry Chief Executive |
Approved by the Directors on 16 July 2009