Accounts
| For the year ended 31 December 2009 €000 |
For the year ended 31 December 2008 €000 |
|
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Profit before tax | 70,339 | 41,453 |
| Tax | (828) | (762) |
| Adjustments to reconcile net income to net cash provided by operating activities (see below) | 1,176 | 28,051 |
| Net cash provided by operating activities | 70,687 | 68,742 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Long term deposits | 172 | (391) |
| Long term loan | (1,141) | (692) |
| Dividend received from equity accounted associates | 18,528 | – |
| Acquisition of property, plant and equipment | (5,886) | (3,389) |
| Proceeds from sale of available for sale investments | – | 311 |
| Investments in equity-accounted associates | – | (165,376) |
| Acquisition of intangible assets | (2,309) | (1,925) |
| Acquisition of business | – | (19,542) |
| Acquisition of subsidiary, net of cash acquired (note 13) | (11,310) | – |
| Capitalised development costs | (5,503) | (6,138) |
| Net cash used in investing activities | (7,449) | (197,142) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Dividends paid | (39,562) | (35,893) |
| Public offering proceeds | – | 140,989 |
| Share issue costs | – | (2,874) |
| Exercise of options | 3,466 | 2,917 |
| Net cash (used in)/provided by financing activities | (36,096) | 105,139 |
| INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 27,142 | (23,261) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 31,558 | 54,819 |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 58,700 | 31,558 |
| ADJUSTMENT TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ||
| Income and expenses not affecting operating cash flows: | ||
| Depreciation | 2,372 | 1,678 |
| Amortisation | 6,406 | 4,234 |
| Income from associate | (22,534) | – |
| Amortization of intangibles in associate | 10,513 | – |
| Decline in fair value of available for sale investment | 399 | 16,698 |
| Employee stock option plan expenses | 5,150 | 4,125 |
| Others | 122 | (6) |
| Changes in operating assets and liabilities: | ||
| Decrease/(increase) in trade receivables | 3,486 | (2,159) |
| (Increase)/decrease in other receivables | (3,076) | 758 |
| Increase in trade payables | 3,097 | 3,840 |
| (Decrease)/increase in other payables | (1,457) | 2,514 |
| Decrease in deferred revenues | (3,302) | (3,631) |
| 1,176 | 28,051 | |