Group cash flow statement
For the year ended 28 February 2011

  2011
€m
2010
€m
     
CASH FLOWS FROM OPERATING ACTIVITIES    
Profit for the year attributable to equity shareholders 300.4 73.5
Finance income (1.2) (2.0)
Finance expense 10.6 9.2
Income tax expense 8.8 8.0
Depreciation of property, plant & equipment 21.2 16.8
Amortisation of intangible assets 0.1 -
Profit on disposal of subsidiary undertakings (224.7) -
Profit on disposal of property, plant & equipment - (0.1)
Exceptional profit from discontinued operations (0.9) (2.7)
Charge for share-based employee benefits 4.0 2.5
Pension contributions paid less amount charged to income statement (4.9) (6.7)
  113.4 98.5
     
Decrease in inventories 8.8 8.3
Decrease/(increase) in trade & other receivables 9.0 (11.3)
Increase in trade & other payables 15.4 40.0
Decrease in provisions (3.2) (13.0)
  143.4 122.5
     
Interest received 1.2 1.4
Interest and similar costs paid (8.3) (8.4)
Settlement gain on derivative financial instruments - 4.5
Income taxes paid (8.4) (4.7)
     
Net cash inflow from operating activities 127.9 115.3
     
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property, plant & equipment (21.1) (5.6)
Sale of property, plant & equipment - 0.2
Acquisition of businesses (31.7) (237.7)
Proceeds on disposal of subsidiary undertakings 294.9 2.1
     
Net cash inflow/(outflow) from investing activities 242.1 (241.0)
     
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of share options 1.2 0.8
Proceeds from issue of new shares/exercise of Interests under Joint Share Ownership Plan 3.6 0.7
New bank loans drawn down - 171.0
Repayment of debt (348.2) -
Issue costs paid - (1.4)
Dividends paid (12.1) (14.7)
     
Net cash (outflow)/inflow from financing activities (355.5) 156.4
     
Net increase in cash & cash equivalents 14.5 30.7
Cash & cash equivalents at beginning of year 113.5 83.0
Translation adjustment 0.7 (0.2)
     
Cash & cash equivalents at end of year 128.7 113.5

A reconciliation of cash & cash equivalents to net debt is presented in note 21 to the financial statements.


On behalf of the Board

Sir B Stewart J Dunsmore
Chairman Chief Executive Officer

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