Notes to the Financial Statements
Notes to the Financial Statements
continued
continued
28 Employee share awards
30 Reconciliation of net cash flow to movement in net debt
Long term incentive plan
As set out in note 23, the Company operates a long term incentive plan for certain executive directors and managerial employees
under which conditional shares have been granted, subject to the achievement of demanding Group performance measures and
operational targets. The Company can redeem these shares if certain criteria are not met.
2016
€’000
Increase/(decrease) in cash and overdrafts in the year
2015
€’000
15,730
Cash related exceptional items (7,599) (2,862)
11,153 12,868
Depreciation 2,919 2,444
Amortisation of computer software 3,022 2,813
Decrease/(increase) in inventory 1,280 (875)
Decrease in receivables 1,886 6,111
Increase in payables 7,960 6,299
(736) (30)
27,484 29,630
Operating profit before operating exceptional items 5,458 9,803
Cash related exceptional items (4,041) (4,055)
1,417 5,748
98 95
(18,498) 3,021
4,094 9,041
(557) -
(13,446) 17,905
Increase in payables
Foreign currency translation adjustments
Cash (outflow)/inflow from operating activities
7,709
32,051 3,952
Debt acquired during the year (note 31) (14,635) (11)
2,421 -
19,837 3,941
Net debt at beginning of year (65,926) (69,867)
Net debt at end of year (46,089) (65,926)
(5,528) 4,247
COMPANY
(Decrease)/increase in cash and overdrafts in the year
Cash flow from movement in borrowings
Debt acquired during the year (note 31)
-
4,247
- -
(5,528) 4,247
Net debt at beginning of year (5,443) (9,690)
(10,971) (5,443)
Net debt at end of year
1 January
2016
€’000 Cash
flow
€’000 Acquisitions Disposals €’000 €’000 31 December
2016
€’000
13,781 3,322 - - 17,103
Bank loans repayable within one year (56,469) 12,920 (841) 796 (43,594)
31 Analysis of changes in net debt
GROUP
Bank loans payable after one year (23,238) 15,809 (13,794) 1,625 (19,598)
Bank loans (79,707) 28,729 (14,635) 2,421 (63,192)
Net debt (65,926) 32,051 (14,635) 2,421 (46,089)
9,557 (5,528) - (3,750) Bank loans payable after one year (15,000) 3,750 Bank loans (15,000) - (5,443) (5,528)
COMPANY
Cash and cash equivalents
Bank loans repayable within one year
Net debt
80 | Annual Report 2016
- (5,528) Movement in net debt in the year
Cash and cash equivalents
COMPANY
(Increase)/decrease in receivables
28,729
(Decrease)/increase in net debt resulting from cash flows
18,752
Depreciation
(3,757)
Cash flow from movement in borrowings
Movement in net debt in the year
Operating profit before operating exceptional items
Cash inflow from operating activities
3,322 Decrease in net debt resulting from cash flows
Debt disposed of during the year (note 31)
GROUP
Foreign currency translation adjustments
2015
€’000
GROUP
As at 31 December 2016, the Company has allotted 8,884,512 ordinary shares of €0.08 each (2015: 8,884,512 shares) to members
of the Uniphar executive management team under the long term incentive plan. The shares were allotted for an issue price of €0.08
per ordinary share. As at 31 December 2016, 1,184,602 shares (2015: 1,184,602 shares) have been called up and fully paid. As at 31
December 2016, the Company has in issue 7,699,910 (2015: 7,699,910 shares) partly paid ordinary shares of €0.08 each. Until the
vesting conditions are met, these shares are partly paid at €0.02 per share pending further calls by the Company. No charge to the
Income Statement arises in either 2016 or 2015 in respect of this arrangement because the fair value is deemed to be the same as
the nominal value.
29 Reconciliation of operating profit to cash flow from operating activities
2016
€’000
4,029
- - (3,750)
- - (15,000)
(11,250)
(10,971)
Annual Report 2016 | 81