Year ended 31 December
|
€’000 |
Note |
2010 |
2009 |
|
Operating activities |
|||
|
Net profit before income tax |
135,217 |
117,253 |
|
|
Adjustments for: |
|||
|
Depreciation and impairment of property, plant and equipment |
21,802 |
18,823 |
|
|
Amortisation of intangible assets |
4,179 |
2,726 |
|
|
Change in fair value of borrowings |
5,146 |
– |
|
|
Impairment Iran |
7,139 |
– |
|
|
Deferred income |
(28) |
(84) |
|
|
Share incentive plan |
1,116 |
– |
|
|
Unrealised exchange rate differences |
1,178 |
(15,257) |
|
|
(Profit)/loss on disposal of property, plant and equipment, intangible assets and investment property |
(496) |
78 |
|
|
Financial income |
(12,401) |
(564) |
|
|
Financial expenses |
40,058 |
31,247 |
|
|
Operating profit before changes in working capital and provisions |
202,910 |
154,222 |
|
|
Increase in trade and other receivables, prepaid expenses and derivative financial assets |
(19,368) |
(3,066) |
|
|
(Increase)/decrease in inventories |
(66,916) |
19,460 |
|
|
Increase in trade and other payables, accrued expenses and derivative financial liabilities |
24,320 |
9,312 |
|
|
Decrease in provisions |
(1,211) |
(2,982) |
|
|
Cash generated from operations |
139,735 |
176,946 |
|
|
Interest and bank charges paid |
(25,297) |
(27,494) |
|
|
Income taxes paid |
(24,137) |
(17,765) |
|
|
Cash flow from operating activities |
90,301 |
131,687 |
|
|
Investing activities |
|||
|
Proceeds on sale of property, plant and equipment, intangible assets and investment property |
1,587 |
311 |
|
|
Interest received |
4,490 |
564 |
|
|
Purchases of property, plant and equipment, and investment property |
(62,675) |
(21,664) |
|
|
Purchases of intangible assets |
(5,404) |
(7,660) |
|
|
Cash flow used in investing activities |
(62,002) |
(28,449) |
|
|
Financing activities |
|||
|
Proceeds from borrowings |
216,677 |
311,040 |
|
|
Repayments of borrowings |
(202,750) |
(310,000) |
|
|
Proceeds from sale of own shares |
– |
114 |
|
|
Proceeds from issuance of new shares |
3,947 |
3,487 |
|
|
Payments of finance lease liabilities |
(89) |
– |
|
|
Dividends paid |
(70,978) |
(70,307) |
|
|
Cash flow used in financing activities |
(53,193) |
(65,666) |
|
|
Change in cash and cash equivalents |
(24,894) |
37,572 |
|
|
Cash and cash equivalents at 1 January |
107,092 |
68,310 |
|
|
Effect of exchange rate fluctuations on cash held |
3,835 |
1,210 |
|
|
Cash and cash equivalents at the end of the year net of bank overdrafts |
86,033 |
107,092 |
The attached notes form an integral part of the consolidated financial statements.