26. Notes to the Group Cashflow Statement

       
(a) Reconciliation of operating profits to net cash inflow from operating activities      
  Notes 2011 2010
    €'000 €'000
Operating profit   32,354 44,673
Depreciation 2 10,255 10,259
Depletion 10 8,681 9,101
Impairment of fixed assets 10(vi) - 1,392
Amortisation of goodwill 12 118 118
Profit on sale of tangible fixed assets 26(d) (7,911) (8,895)
Revaluation of IForUT units 11 (47) 12
Amortisation of grants 23 (302) (855)
Disposal of shareholding in JV - (193)
Movement in provisions and liabilities 20 (833) 827
Movement in pension fund liability   6,144 (3,060)
Movement in working capital      
(Increase)/decrease in stocks 26(g) (6,747) 13
(Increase)/decrease in debtors 26(g) (2,699) 14,064 
Increase in creditors 26(g) 9,528 3,996
  48,491 71,452
       
(b) Interest paid and received
2011 2010

  €'000 €'000
Interest charge 6 8,585 9,274
Interest received 6 (3) (614)
Movement of interest accrual 26(g) (13) 1,445
  8,569 10,105
       
(c) Additions to tangible fixed assets
2011 2010
  €'000 €'000
Fixed asset additions 10 42,484 45,474
Less: non cash consideration (depreciation)   (63) (102)
  42,421 45,372
 
(d) Sale of tangible fixed assets   2011 2010

  €'000 €'000
Net book value of assets sold 10 713 1,868
Profit on disposals of assets   7,911 8,895
Cash consideration   8,624 10,763
         

(e) Analysis of changes in financing during the year
 
     
  Share
Capital
Share
Capital
Conversion
Capital
Grants
Finance
Lease
Obligations
  €’000 €’000 €’000 €’000
At 1 January 2011 795,060 6,145 153,612 6
Capital grants received - - 1,709 -
Additional finance leases obligations - - - 31
Movement in capital grants receivable - - (194) -
Capital grants amortised - - (302) -
At 31 December 2011 795,060 6,145 154,825 37
       

(f) Analysis of movement in net debt
     
  Balance
1 Jan
Cash
Flows
Balance
31 Dec
  €’000 €’000 €’000
Cash at bank 9,428 6,157 15,585
Debt due within one year  (6) (31) (37)
Debt due after one year (160,000) (10,000) (170,000)

(150,578) (3,874) (154,452)
       

(g) Analysis of movement in working capital
     
  Balance
1 Jan*
Balance
31 Dec
Cash Flows
  €’000 €’000 €’000
Stock 17,449 24,196 (6,747)
Debtors 58,432 60,937 (2,505)
Less capital grants receivable (2,339) (2,145) (194)
56,093 58,792 (2,699)
Creditors (excluding corporation tax,
capital grants, overdrafts and leases)
42,942 59,483 9,541
less: accrued interest (2,245) (2,258) (13)
47,697 57,225 9,528

 

     
(h) Reconciliation of net cashflow to movements in net debt    
  2011 2010
  €'000 €'000
Increase in cash in the period 6,157 29,059
Cash (inflow)/outflow on finance leases (31) 16
Cash inflow on bank loans (10,000) (2,300)
(3,874) 26,775
Net debt at the beginning of the year (150,578) (177,353)
Net debt at the end of the year (154,452) (150,578)


*As stated in note 32 certain comparative figures have been restated where necessary