Consolidated Cash Flow

for the year ended 31 December 2009
	2009 €'000	2008 €’000
Loss from operations	(173,342)	(187,570)
Adjustments for:
Non cash exceptional items	144,520	150,619
Depreciation	1,020	2,222
Share of results from joint ventures	14,478	12,615
Provision for fair value of share based payments	337	23
Loss on disposal of tangible assets	117	21
Pension service costs	487	399
(Decrease)/Increase in provisions	(3,061)	4,585

Operating cash flows before movements in working capital	(15,444)	(27,086)
Decrease/(Increase) in inventories	34,517	(13,856)
Decrease in receivables	9,953	63,255
Decrease in payables	(29,177)	(48,846)

Cash used in operations	(151)	(26,533)
Taxation received/(paid)	8,115	(242)
Interest paid	(14,139)	(18,504)
Net cash used in operating activities	(6,175)	(45,279)
Investing activities
Interest received	34	831
Loans repaid by joint ventures	1,204	3,502
Proceeds on disposal of property, fixtures & equipment	103	1,296
Purchase of property, fixtures & equipment	(28)	(293)
Employer contributions to pension scheme	(609)	(517)
Acquisition of subsidiaries	-	(1,499)
Net cash from investing activities	704	3,320
Financing activities
Dividends paid	-	(6,044)
Share capital subscribed	-	37
Repayments of borrowings	(38,157)	(58,719)
Repayments of obligations under finance leases	(400)	(512)
New bank loans raised	24,812	47,941
(Decrease)/Increase in bank overdrafts	(2,442)	2,451
Net cash used in financing activities	(16,187)	(14,846)
Net decrease in cash and cash equivalents	(21,658)	(56,805)
Cash and cash equivalents at beginning of period	26,228	80,459
Effect of foreign exchange rate changes	691	2,574

Cash and cash equivalents at end of period
Bank balances and cash	5,261	26,228

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