EirGrid plc Annual Report 2011

Consolidated Cash Flow Statement
for the year to 30 September 2011
Notes Year to Year to
30 Sep 2011 30 Sep 2010
€ ’000 € ’000
Cash flows from operating activities
Profit after taxation 26,584 11,917
Loss on disposal of property, plant and equipment 2 102
Depreciation of property, plant and equipment 12 20,473 18,668
Impairment of goodwill and intangible assets 10 3,453 1,939
Interest and other income (4,224) (1,358)
Finance costs 3,051 3,148
Pension charge 3,888 4,021
Section 75 pension expense - 6,449
Income tax expense 4,875 1,944
Section 75 pension payment - (6,449)
Pension contributions paid (5,374) (5,434)
Impact of fair value movements on derivative financial instruments - (784)
52,728 34,163
Movements in working capital
Increase in trade and other receivables (64,467) (14,477)
Increase/(decrease) in trade and other payables 31,421 (17,326)
Cash generated from operations 19,682 2,360
Income taxes paid (1,100) (4,551)
Interest received 1,555 935
Finance costs paid (3,051) (3,148)
Net cash generated from/(used in) operating activities 17,086 (4,404)
Cash flows from investing activities
Adjustment to consideration – Section 75 indemnity - 4,406
Purchase of property, plant and equipment (168,454) (65,615)
Capital grants received 15 33,000 2,318
Net cash used in investing activities (135,454) (58,891)
Cash flows from financing activities
(Decrease)/increase in bank overdrafts (2,645) 2,669
Proceeds from borrowings 143,296 135,122
Borrowings repaid (26,894) (111,768)
Payments in relation to loan arrangement fees - (4,142)
Sale of derivative financial instruments - 2,515
Net cash generated from financing activities 113,757 24,396
Net decrease in cash and cash equivalents (4,611) (38,899)
Cash and cash equivalents at start of year 114,373 153,904
Effect of foreign exchange on cash and cash equivalents (231) (632)
Cash and cash equivalents at end of year 17 109,531 114,373
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