SLIDE 32 Investor Relations | April/May 2016
Summary cash flow | 2015
31
€’M €’M
Operating cash flows Adjusted EBITDA
56.1
Exclude JV EBIT
(1.7)
Dividends from JV’s
1.5 55.9
Recurring investment and other expenditure Maintenance Capex
(9.6)
Tax paid
(4.3)
Pension deficit payments incl MNOPF/MNRPF
(1.9)
Working capital / other
(7.5) (23.3)
Free cash flow before dividends
32.6
Dividends paid
(7.4)
Non recurring investment and other expenditure Acquisition of farming businesses
(26.8)
Farm purchase
(2.7)
Termination of Irish DB pension scheme
(20.0)
Non-recurring MNOPF/MNRPF payments
(3.3) (52.8)
Net cash outflow
(27.6)
Opening net debt
(11.7)
Closing net debt
(39.3)
- Strong cash generation in period.
Operating cash flows of €55.9m, equivalent to 18.6 cent per share
- Significant investment expenditure in
2015 including €29.5m purchase of farming assets in banana and melon categories
- €20m paid to eliminate deficit in Irish DB
pension scheme and all future liability. Accelerated pay down of new MNRPF liability
- Seasonal working capital compounded by
acquisitions at end of year. Reduced by €6m repayment of supplier loans
- Closing net debt of €39.3m. Equivalent to
0.7 times Adjusted EBITDA
