EirGrid plc Annual Report 2011

Company 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 22,952 12,923
Loss on disposal of property, plant and equipment 2 102
Depreciation of property, plant and equipment 12 16,143 14,851
Interest and other income (4,771) (1,600)
Finance costs 4,605 2,071
Pension charge 3,010 3,275
Income tax expense 3,210 1,371
Pension contributions paid (4,753) (4,473)
Impact of fair value movements on derivative financial instruments - (784)
40,398 27,736
Movements in working capital
Increase in trade and other receivables (50,348) (14,913)
Increase/(decrease) in trade and other payables 24,741 (23,435)
Cash generated from/(used in) operations 14,791 (10,612)
Income taxes paid (552) (3,444)
Interest received 2,137 1,177
Finance costs paid (3,959) (2,071)
Net cash generated from/(used in) operating activities 12,417 (14,950)
Cash flows from investing activities
Advances to subsidiary (89,844) (22,875)
Purchase of property, plant and equipment (10,931) (47,769)
Capital grants received 15 - 2,318
Net cash used in investing activities (100,775) (68,326)
Cash flows from financing activities
(Decrease)/increase in bank overdrafts (2,645) 2,669
Proceeds from borrowings 89,844 122,496
Borrowings repaid (18,822) (107,072)
Sale of derivative financial instruments - 2,515
Net cash generated from financing activities 68,377 20,608
Net decrease in cash and cash equivalents (19,981) (62,668)
Cash and cash equivalents at start of year 78,796 141,464
Cash and cash equivalents at end of year 17 58,815 78,796
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