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Consolidated Statement of Cash Flows

for the year ended 31 December 2017

  Notes 2017
€000
2016
€000
Operating activities      
Profit for the year   11,329 28,437
Adjustments to reconcile profit for the year to net cashflows:      
Income tax expense recognised in income statement 13 15,980 10,734
Interest expense and bank commissions 9 3,169 2,668
Loss on disposal of tangible assets   538 185
Other financial income 9 (681) (220)
Depreciation of property, plant and equipment 18 9,894 9,739
Amortisation of intangible assets 16 1,318 1,485
Impairment of goodwill 8 14,900 -
Net foreign exchange loss/(gain) 9 84 (1,483)
Share-based compensation 34 1,942 81
Share of loss of equity-accounted investees, net of tax 22 331 -
Increase/(decrease) in provisions   775 (323)
    59,579 51,303
Working capital adjustments      
(Increase)/decrease in trade receivables and other assets   (30,505) (1,596)
(Increase)/decrease in inventories   (1,443) 6,058
Increase in trade payables and other liabilities   25,988 5,140
    (5,960) 9,602
Cash generated by operations   53,619 60,905
Income tax paid 13 (6,959) (6,831)
Net cashflow from operating activities   46,660 54,074
Investing activities      
Interest received   681 220
Payments to acquire intangible assets 16 (1,376) (5,838)
Proceeds from sale of property, plant and equipment   98 -
Purchase of property, plant and equipment 18 (3,710) (6,727)
Purchase of equity-accounted investees 22 (15,000) -
Net cashflow from investing activities   (19,307) (12,345)
Financing activities      
Repayment of borrowings 23 (20,128) -
New borrowings raised   - 2,712
Interest paid   (3,147) (2,571)
Purchase of own shares   (116) -
Dividends paid to equity holders of the parent 29 (15,730) (37,427)
Net cashflow from financing activities   (39,121) (37,286)
Net (decrease)/increase in cash and cash equivalents   (11,768) 4,443
Cash and cash equivalents at the start of the year   74,956 75,806
Effect of exchange rates on cash and cash equivalents   (1,847) (5,293)
Cash and cash equivalents at the end of the year 32 61,341 74,956