Consolidated Cash Flow Statement
for the year ended 31 March 2009
| 31 March 2009 €’000 |
31 March 2008 €’000 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| (Loss)/profit for the period | (45,635) | 1,058,309 |
| Adjustments for: | ||
| Depreciation | 37,268 | 70,960 |
| Impairment of property, plant and equipment | 500 | 64,249 |
| Amortisation of intangible assets | 19,660 | 14,099 |
| Impairment of intangible assets | 226 | 5,318 |
| Impairment of goodwill | 232 | 875 |
| Impairment of investment in joint ventures | - | 4,531 |
| Impairment of investment property | 603 | - |
| Financial income | (42,729) | (23,395) |
| Financial expense | 19,657 | 52,941 |
| Share of loss of joint ventures and associates | 2,013 | 2,100 |
| Gain on disposal of West-Link concession | - | (420,379) |
| Gain on disposal of Airtricity Holdings Limited | - | (291,229) |
| Gain on disposal of Airtricity’s North America business unit | - | (521,337) |
| Gain on part disposal of windfarm subsidiary | - | (2,732) |
| Gain on sale of property, plant and equipment | (595) | (277) |
| Gain on disposal of subsidiary | (3,357) | - |
| Gain on sale of Bent Tree | (1,743) | - |
| Amortisation of government grants | (70) | (30) |
| Release of provisions | (1,221) | - |
| Aftercare charges | 1,895 | 1,355 |
| Restructuring provision | - | 14,800 |
| Deferred revenue provision | 572 | 973 |
| Site restoration expenditure | (1,624) | (1,221) |
| Free rent provision | 62 | 293 |
| Other provisions | (1,950) | 20,761 |
| Restructuring costs paid | (4,183) | (356) |
| Share-based payment expenses | 21,940 | 32,813 |
| Income tax (credit)/expense | (7,731) | 69,118 |
| OPERATING CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL | (6,210) | 152,539 |
| Decrease/(increase) in trade and other receivables | 11,648 | (131,206) |
| (Increase)/decrease in inventories | (10,767) | 2,696 |
| (Decrease)/increase in trade and other payables | (53,438) | 80,742 |
| CASH GENERATED FROM OPERATIONS | (58,767) | 104,771 |
| Income taxes repaid/(paid) | 322 | (7,532) |
| NET CASH FROM OPERATING ACTIVITIES | (58,445) | 97,239 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Interest received | 17,599 | 19,541 |
| Acquisition of subsidiaries, net of cash/overdrafts acquired | (87,065) | (230,328) |
| Acquisition expenses paid | (3,892) | (4,873) |
| Acquisition of property, plant and equipment | (129,046) | (693,382) |
| Acquisition of joint ventures and associates | (1,248) | (268) |
| Investment in joint ventures and associates | (38,415) | (4,606) |
| Dividends received from joint ventures | 1,082 | 2,242 |
| Loan repaid by joint venture | 2,357 | - |
| Merger related costs | (140) | - |
| Acquisition of intangible assets | (3,036) | (6,012) |
| Acquisition related costs | (331) | (2,263) |
| Acquisition of investment | (136) | - |
| Additional investment in unquoted shares | (19,627) | - |
| Costs associated with additional investment in unquoted shares | (1,224) | - |
| Acquisition of minority interest in subsidiary | (2,430) | - |
| Disposal of West-Link concession | - | 488,250 |
| Disposal of Airtricity Holdings Limited | - | 778,533 |
| Disposal of Airtricity’s North American business unit | - | 577,812 |
| Airtricity Holdings Limited net cash on balance sheet disposed/merged | - | (792,192) |
| Disposal of part of windfarm subsidiary | - | 56,688 |
| Disposal of subsidiaries | 10,234 | - |
| Net cash on balance sheets of subsidiaries disposed | (10,481) | - |
| Disposal of property, plant and equipment | 1,460 | 797 |
| Disposal of investments | 180 | - |
| Disposal transaction costs paid | (6) | (79,822) |
| Dividends paid to minority interest shareholders | (280) | (1,462) |
| Loan to related party | (620) | (3,495) |
| Repayment of loan by related party | 3,495 | - |
| Deferred purchase consideration paid | (4,044) | (1,902) |
| NET CASH FROM INVESTING ACTIVITIES | (265,614) | 103,258 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from the issue of share capital | 768 | 864 |
| Additional share capital subscribed by minority shareholders, net | 5,399 | - |
| Sale of own shares | 199 | - |
| Purchase of own shares under share redemption offer | (257,734) | - |
| Share redemption expenses | (1,703) | - |
| Purchase of own share capital by subsidiary | (1,776) | (31) |
| Movement in restricted cash deposits | 774 | (55,419) |
| Government grants received | 1,600 | - |
| Drawdown of borrowings | 77,323 | 589,639 |
| Repayment of borrowings | (27,628) | (138,528) |
| Repayment of finance leases | (9,084) | (5,116) |
| Interest paid in respect of financing activities | (11,808) | (77,930) |
| Dividends paid | (12,410) | (12,568) |
| NET CASH FROM FINANCING ACTIVITIES | (236,080) | 300,911 |
| Net (decrease)/increase in cash and cash equivalents | (560,139) | 501,408 |
| Cash and cash equivalents at start of year | 761,255 | 259,847 |
| Effect of exchange rate fluctuations on cash held | 24,847 | - |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 225,963 | 761,255 |
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