Annual Report 2014

GROUP CASH FLOW STATEMENT

For the year ended 28 February 2014

2014

2013

(restated)

Notes

€m

€m

 

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year attributable to equity shareholders

83.3

89.4

Finance income

-

(0.1)

Finance expense

11.0

5.0

Income tax expense

12.2

15.7

Depreciation of property, plant & equipment

23.8

21.6

Amortisation of intangible assets

0.2

0.1

Net loss on disposal of property, plant & equipment

1.2

-

Share of equity accounted investees’ profit after tax

(0.5)

-

Charge for equity settled share-based employee benefits

0.8

3.0

Pension contributions paid less amount charged to income statement

(6.3)

(6.6)

 

125.7

128.1

 

Decrease/(increase) in inventories

3.6

(0.7)

Increase in trade & other receivables

(13.0)

(14.8)

Decrease in trade & other payables

(2.9)

(18.4)

Decrease in provisions

(1.3)

(4.9)

 

112.1

89.3

 

Interest received

-

0.1

Interest and similar costs paid

(8.3)

(2.0)

Income taxes paid

(13.7)

(8.5)

Net cash inflow from operating activities

90.1

78.9

 

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant & equipment

(38.5)

(24.1)

Net proceeds on disposal of property, plant & equipment

10.0

-

Acquisition of brand/deferred consideration paid on acquisition of brand

-

(3.7)

Acquisition of business

11

(8.6)

(229.8)

Acquisition of equity accounted investee(s)

11, 14

(12.0)

(2.9)

 

Net cash outflow from investing activities

(49.1)

(260.5)

 

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from exercise of share options

5.0

3.5

Proceeds from issue of new shares following acquisition of subsidiary

-

5.3

Net proceeds from sale of shares held by Employee Trust

1.2

6.6

Drawdown of debt

76.2

251.2

Repayment of debt

(57.3)

(65.2)

Payment of issue costs

-

(2.8)

Dividends paid

(27.9)

(21.2)

 

Net cash (outflow)/inflow from financing activities

(2.8)

177.4

 

Net increase/(decrease) in cash & cash equivalents

38.2

(4.2)

Cash & cash equivalents at beginning of year

121.0

128.3

Translation adjustment

3.6

(3.1)

 

Cash & cash equivalents at end of year

162.8

121.0

A reconciliation of cash & cash equivalents to net debt is presented in note 20 to the financial statements.

On behalf of the Board

Sir B Stewart

S Glancey

Chairman

Group Chief Executive Officer