Consolidated statement of cash flows

As at 31 March

Note

2026

2025

€m

€m

Operating activities

Profit/(Loss) after taxation

(206)

(204)

Adjustments for:

Tax

6

(6)

(53)

(Profit)/Loss on disposal of property, plant and equipment

2

(12)

(17)

Interest income

5

(6)

-

Interest expense

5

42

55

Share of results of joint ventures and associates

9(iii)

(2)

(1)

Depreciation and amortisation including impairments (net of grants released)

2

313

296

Movement pension prepayments

(1)

1

Movement in provisions and pension prepayments

127

129

Movement in spares

(35)

(19)

Movement in inventories

20

202

Movement in receivables

5

96

Movement in payables

193

(9)

Rationalisation costs provided/(released)

18

88

(4)

Utilisation of rationalisation provisions

18

(1)

(6)

Cash (used in) / generated from operations

519

466

Interest paid

(36)

(42)

Interest element of lease rental payments

(9)

(8)

Taxation paid

(1)

(8)

Net cash flow (used in) / generated from operating activities

473

408

Investing activities

Purchase of property, plant and equipment

8

(251)

(300)

Sale of property, plant and equipment

8

17

23

Purchase of other intangible assets

7

(17)

(4)

Dividends from joint ventures and associates

9

1

2

Acquisition of subsidiary company

7

(115)

-

Interest received

6

-

Net cash flow used in investing activities

(359)

(279)

Financing activities

Proceeds of loans from Group Companies

-

150

Repayment of loans to Group Companies

-

(150)

New loans (including drawdowns of revolving credit facilitiy)

80

325

Repayment of borrowings (including repayments of revolving credit facitily)

(324)

(97)

Capital element of lease rental payment

25

(23)

(24)

Net cash flow generated from/(used in) financing activities

(267)

204

Increase / (Decrease) in cash and cash equivalents

(153)

333

Total cash movement

(153)

333

Cash and cash equivalents at beginning of period

428

95

Cash and cash equivalents at end of period

275

428

Cash and cash equivalents consist of:

Cash and short-term deposits

13

275

428

Bank overdrafts

-

-