Group statement of cash flows

for the year ended 2 January 2010

	2008 €'000	2007 €'000
Cash flows from operating activities
Cash generated from operations	104,710	146,946
Interest received	5,352	7,149
Interest paid	(30,484)	(30,768)
Tax paid	(5,533)	(26,096)

Net cash from operating activities	74,045	97,231

Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired	(521)	(217,942)
Payment of deferred consideration on acquisition of subsidiaries	(762)	(11,427)
Purchase of property, plant and equipment	(51,187)	(84,507)
Dividends received from joint ventures	17,924	451
Loans advanced to joint ventures	(21,508)	(12,602)
Disposal of available for sale financial assets	433	2,513
Proceeds from sale of property, plant and equipment	1,609	7,629
Disposal proceeds received - exit from Pigmeat	--	3,308
Insurance proceeds received - exit from Pigmeat	--	8,820

Net cash used in investing activities	(54,012)	(303,757)

Cash flows from financing activities
Proceeds from issue of ordinary shares	--	360
Purchase of treasury shares	--	(1,665)
Increase in borrowings	16,642	188,090
Finance lease principal payments	(908)	(934)
Dividends paid to Company shareholders	(19,484)	(18,502)
Dividends paid to minority interests	(2,000)	--
Capital grants received	6,793	9,655

Net cash from financing activities	1,043	177,004

Net increase/(decrease) in cash and cash equivalents	21,076	(29,522)

Cash and cash equivalents at the beginning of the year	132,572	159,819
Effects of exchange rate changes on cash and cash equivalents	(859)	2,275

Cash and cash equivalents at the end of the year	152,789	132,572

	2009 €'000	2008 €'000
Reconciliation of net cash flow to movement in net debt
Net increase/(decrease) in cash and cash equivalents	21,076	(29,522)
Cash movements from debt financing	(15,734)	(187,156)

	5,342	(216,678)

Fair value of interest rate swaps qualifying as fair value hedges	597	(5,544)
Exchange translation adjustment on net debt	3,526	(9,686)

Movement in net debt in the year	9,465	(231,908)
Net debt at the beginning of the year	(452,083)	(220,175)

Net debt at end of year	(442,618)	(452,083)
Net debt comprises:
	2009 €'000	2008 €'000

Borrowings	(595,407)	(584,655)
Cash and cash equivalents	152,789	132,572
	(442,618)	(452,083)

View the Group income statement per the 2009 Annual Report (2.79M)