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 | 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 | 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 | (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 | (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 | 38.5 | 150.4 |