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Consolidated Cash Flow Statement Dec 31 2004

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Year Ended 31 December 2004   2004 2003
  €'000 €'000
Net cash inflow/(outflow) from operating activities   23,258 22,704
   
Returns on investment and servicing of finance      
Interest received   383 394
Interest paid   (3,786) (3,658)
Finance lease interest paid   (33) (50)
Dividends received   - 12
Dividends paid to minority interests   (606) -
Costs of senior unsecured notes issued   - (22)
 
    (4042) (3,324)
       
Taxation payments   (825) (1,237)
   
Capital expenditure and financial investment      
Purchase of tangible fixed assets   (2,011) (979)
Sale of tangible fixed assets   110 58
Expenditure on intangible fixed assets   - 943
   
  (1,901) 22
   
Acquisitions and Disposals      
Purchase of subsidiary undertakings   (492) 177
Deferred consideration on prior year acquisitions   (29,136) (8,724)
Interest on loan notes issued on acquisitions   (75) (170)
Sale of investments   - 635
Sale of interest in subsidiary undertaking   8,381 1,885
   
    (21,322) (6,197)
   
Equity dividends paid   (1,444) (1,431)
   
       
Cash outflow/(inflow) before management of liquid resourcesand financing   (6,276) 10,537
   
Management of liquid resources   - -
Financing      
Issue of share capital   63 63
Repayment of debt   (245) (1,022)
Exceptional Item - repayment of debt related to discontinued endowment business   (1,494) (13,293)
New loans in year   20,897 -
Expenses of share issue and sale of treasury shares   - (2)
Senior unsecured notes repaid   (13,408) -
Capital element of finance lease rentals   (294) (212)
   
       
Net cash outflow from financing   5,519 (17,893)
   
Movement in cash (757) (3,927)
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