Consolidated Statement of Cash Flows for
the
Year Ended December 31, 1997
| 31 December | 31 December | 31 December | 31 December | ||
| 1995 | 1996 | 1997 | 1997 | ||
| Notes | IR£ | IR£ | IR£ | US$ | |
| Net cash outflow from operating activities | 19 | (498,548 ) | (2,122,964 ) | (989,779 ) | (1,407,466 ) |
| ________ | ________ | ________ | ________ | ||
| Returns
on investments and servicing of finance Interest received |
83,001 | 226,488 | 102,124 | 145,221 | |
| Interest paid | (13,502 ) | (9,299 ) | (122,808 ) | (174,633 ) | |
| Finance interest paid | (2,239 ) | (1,281 ) | (488 ) | (694 ) | |
| ________ | ________ | ________ | ________ | ||
| 67,260 | 215,908 | (21,172 ) | (30,106 ) | ||
| ________ | ________ | ________ | ________ | ||
| Capital
expenditure and financial investment Purchase of tangible fixed assets |
23 | (87,612 ) | (275,179 ) | (2,450,386 ) | (3,484,449 ) |
| Purchase of intangible fixed assets | (237 ) | (7,068 ) | (212,777 ) | (302,569 ) | |
| Purchase of financial fixed assets | - | (1,182,532 ) | (419,173 ) | (596,064 ) | |
| Purchase of goodwill for product
line net of deferred consideration |
- | (43,192 ) | (75,758 ) | (107,728 ) | |
| (Increase) decrease in loan to unconnected third party | - | (262,121 ) | 135,422 | 192,570 | |
| ________ | ________ | ________ | ________ | ||
| (87,849 ) | (1,770,092 ) | (3,022,672 ) | (4,298,240 ) | ||
| ________ | ________ | ________ | ________ | ||
| Acquisitions Acquisition of subsidiary undertakings |
- | - | (3,216,318 ) | (4,573,604 ) | |
| ________ | ________ | ________ | ________ | ||
| Cash outflow before use of liquid resources and financing | (519,137 ) | (3,677,148 ) | (7,249,941) | (10,309,416 ) | |
| ________ | ________ | ________ | ________ | ||
| Management of liquid resources | 23 | 805,632 | (20,436 ) | 37,713 | 53,628 |
| Financing | |||||
| Loan from unconnected third party | - | - | 131,782 | 187,394 | |
| Sale of treasury shares | - | 1,158,684 | - | - | |
| Issue of shares | 4,680,638 | 1,069,281 | 3,015,585 | 4,288,162 | |
| Expenses paid in respect of share issues | (427,027 ) | (50,977 ) | (321,113 ) | (456,623 ) | |
| Capital element of finance leases repaid | (22,451 ) | (8,741 ) | (10,977 ) | (15,609 ) | |
| (Decrease) increase in long term debt | (53,841 ) | (28,238 ) | 1,416,393 | 2,014,111 | |
| Issue of 4% convertible debenture | - | - | 2,020,638 | 2,873,347 | |
| ________ | ________ | ________ | ________ | ||
| 4,177,319 | 2,140,009 | 6,252,308 | 8,890,782 | ||
| ________ | ________ | ________ | ________ | ||
| (Decrease) increase in cash | 4,463,814 | (1,557,575 ) | (959,920 ) | (1,365,006 ) | |
| ________ | ________ | ________ | ________ | ||
| Reconciliation
of net cash flow to movement in net funds (Decrease) increase in cash |
4,463,814 | (1,557,575 ) | (959,920 ) | (1,365,006 ) | |
| Decrease (increase) in long term debt | 53,841 | 28,238 | (1,416,393 ) | (2,014,111 ) | |
| (Decrease) increase in liquid resources | (805,632 ) | 20,436 | (37,713 ) | (53,628 ) | |
| Capital element of finance leases repaid | 22,451 | 8,741 | 10,977 | 15,609 | |
| ________ | ________ | ________ | ________ | ||
| Change in net funds resulting from cash flows | 3,734,474 | (1,500,160 ) | (2,403,049 ) | (3,417,136 ) | |
| ________ | ________ | ________ | ________ | ||
| New finance leases | - | - | (53,830 ) | (76,546 ) | |
| Loans acquired with subsidiary undertakings | - | - | (1,136,497 ) | (1,616,099 ) | |
| Other non cash movements | 742,391 | 344,185 | 688,763 | 979,421 | |
| Translation difference | (16,562 ) | (198,000 ) | (128,143 ) | (182,219 ) | |
| ________ | ________ | ________ | ________ | ||
| Movement in net funds in the year | 4,460,303 | (1,353,975 ) | (3,032,756 ) | (4,312,579 ) | |
| Net funds at 1 January | 201,110 | 4,661,413 | 3,307,438 | 4,703,177 | |
| ________ | ________ | ________ | ________ | ||
| Net funds at 31 December | 4,661,413 | 3,307,438 | 274,682 | 390,598 | |
| ________ | ________ | ________ | ________ |
Comparative amounts have been restated to reflect the requirements of FRS 1 revised.