Statement of Cash flows for the year end 31 Dec.

Cash flows from Operating Activities

€' m €' m
Operating Profit 540
Profit on sale of non current assets (4)
trade receivables (increase) (89)
trade payables (decrease) (37)
Depreciation 277
inventory (decrease) 49 196
Cash flows from Operations 736

Net Interest (95)

Tax Paid Note 1 (118)
Dividends paid (169) (382)
Net cash from operation 354

Cash flows from investing

Capital Expenditure (514)
Revenue from sales of non-current assets 35
Investments (29)
Net cash from investing activities (508)

Cash flows from Financing Activities

Net increase in borrowing Note 2 213
Share Premium 13
Issue of ordinary shares 3
Net cash from financing activities 229
Net increase in cash and cash equivalents 75

Cash and Cash equivilants @ 31 Dec 2018 164

Cash and Cash equivilants @ 31 Dec 2019 239
Note 1:
Adjustment for current year tax paid

Tax payable at end of 2018

Tax expense for current year
Total tax liability at end of 2019
Actual tax payable at end of 2019
Amount of tax to be paid this year

Note 2:

Net cash flows from operating activities

Net cash flows from investing activities
Cash flows from financing Activities
Issue of equity shares 3
Share Premium 13
Increase in borrowing 213
Net cash from financing activities
id
€' m
105
129
234
(116)
118

€' m
354
(508)

229