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Consolidated Statement of Cash Flows

for the year ended 31 December 2015

  Notes 2015
€000
2014
€000
Operating activities      
Profit for the year   19,420 35,837
Adjustments to reconcile profit for the year to net cash flows:      
Income tax expense recognised in income statement 8 12,033 13,201
Interest expense and bank commissions   12,638 12,324
Loss on assets classified as held for sale  

547
Loss on disposal of tangible assets   1,016 393
Other financial income   (380) (1,181)
Depreciation and impairment of property, plant and equipment   9,423 9,055
Amortisation of intangible assets   1,581 1,931
Net foreign exchange gain   (2,007) (6,533)
Share-based compensation   1,094 653
Movement in provisions   (626) (1,732)
    54,192 64,495
Working capital adjustments      
Decrease/(increase) in trade receivables and other assets   44,869 (9,458)
(Increase) in inventories   (316) (456)
(Decrease) in trade payables and other liabilities   (44,123) (58,063)
    (430) (67,977)
Cash generated by operations   54,622 (3,482)
Income tax paid 8 (6,123) (13,405)
Net cash flows from operating activities   48,499 (16,887)
Investing activities      
Interest received   380 685
Payments to acquire intangible assets   (1,393) (1,146)
Purchase of property, plant and equipment   (7,246) (7,140)
Proceeds from sale of property, plant and equipment   363
Proceeds from asset previously classified as held for sale   120
Net cash flow from investing activities   (7,776) (7,601)
Financing activities      
Repayment of borrowings   (166,590) (7,240)
Repayment of PECs and CECs   (215)
New borrowings raised   132,310
Interest paid   (7,137) (11,145)
Other financial costs   (300)
Purchase of own shares   (713)
Dividends paid to equity holders of the parent   (7,513) (2,512)
Net cash flow from financing activities   (49,943) (21,112)
Net decrease in cash and cash equivalents   (9,220) (45,600)
Cash and cash equivalents at the start of the year   82,914 129,610
Effect of exchange rates on cash and cash equivalents   2,112 (1,096)
Cash and cash equivalents at the end of the year 11 75,806 82,914
Exceptional costs included in cash flow above      
Exceptional costs relating to the IPO included in cash flow from operating activities   142
Exceptional costs relating to the IPO included in financing activities  
Other exceptional costs   969
Total exceptional costs   1,111