Consolidated Statement of Cash Flows

for the financial year ended 31 December 2021

2021

2020

Notes

€m

€m

Loss for the financial year

(4.9)

(19.0)

Adjustments for:

Finance costs (net)

3.9

7.6

Income tax expense

0.8

1.0

Retirement benefit scheme movements

34

0.6

9.3

Depreciation of property, plant and equipment

31.9

29.3

Amortisation of intangible assets

0.3

0.2

Depreciation of right-of-use assets

20.3

9.5

Impairment charges

-

2.3

Share-based payment expense less market purchase cost

0.3

0.2

Increase in provisions

1.1

0.2

Working capital movements

34

11.7

10.6

Cash generated from operations

66.0

51.2

Income taxes paid

(0.8)

(1.4)

Interest paid

(8.4)

(3.7)

Net cash inflow from operating activities

56.8

46.1

Cash flow from investing activities

Proceeds on disposal of property, plant and equipment

2.8

4.9

Lease inception costs

(0.3)

-

Return of vessel contract deposit

-

33.0

Purchases of property, plant and equipment and intangible assets

34

(55.2)

(30.1)

Net cash (outflow) / inflow from investing activities

(52.7)

7.8

Cash flow from financing activities

Share buyback

(19.8)

(1.7)

Repayments of leases liabilities

34

(19.8)

(9.2)

Repayments of bank loans

(87.5)

(3.7)

Drawdown of bank loans

10.0

-

Proceeds on issue of ordinary share capital

0.7

0.2

Net cash (outflow) from financing activities

(116.4)

(14.4)

Net (decrease) / increase in cash and cash equivalents

(112.3)

39.5

Cash and cash equivalents at beginning of year

150.4

110.9

Effect of foreign exchange rate changes

0.4

-

Cash and cash equivalents at end of year

19

38.5

150.4