Enterprise Ireland
Annual Report and Accounts 2004

Financial Statements - Cash Flow Statement

• Return to Main Report Index

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• Report of the Comptroller and Auditor General for presentation to the Houses of the Oireachtas
• Board Members’ Report
• Statement on the System of Internal Financial Control
• Accounting Policies
• Income and Expenditure Account
• Balance Sheet
• Cash Flow Statement
• Notes to the Financial Statements

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• Appendix 1

For Year Ended 31 December 2004

	2004 €'000	2003 €'000
Reconciliation of Net Movement for the Year to Net Cash Inflow from Operating Activities
Excess Income over Expenditure	11,021	5,093
Bank Interest	(72)	(115)
Dividends	(1,857)	(1,844)
Diminution in Value of Fixed Assets	23,134	25,840
Loss/(Profit) on Disposal of Tangible Fixed Assets	94	(118)
Profit on Disposal of Financial Fixed Assets	(6,340)	(5,453)
Decrease in Financial Incentive Assets	766	1,601
Decrease in Debtors	2,076	3,691
Decrease in Creditors	(1,322)	(5,627)
Net Cash Inflow from Operating Activities	27,500	23,068
Cash Flow Statement
Net Cash Inflow from Operating Activities	27,500	23,068
Contribution to Exchequer	(4,801)	(265)
Contribution from other Organisations	777	631
Returns on Investments and Servicing of Finance
Bank Interest received	72	115
Dividends received	1,857	1,844
	25,405	25,393
Investing Activities
Payments to acquire Fixed Assets
Tangible	(2,321)	(3,292)
Financial:
Investments in Shares	(25,684)	(22,774)
Seed and Venture Capital Fund	(16,249)	(14,520)
Receipts from disposal of Fixed Assets
Tangible	45	156
Financial:
Investments in Shares	13,143	12,492
Seed and Venture Capital Fund	1,930	-
Net Cash Outflow from Investing Activities	(29,136)	(27,938)
Decrease in Cash and Cash Equivalents	(3,731)	(2,545)
Reconciliation of Net Cash Flow to Movement in Net Funds
Net Funds at 31 December	6,682	10,413
Net Funds at 1 January	10,413	12,958
Movement in Net Funds in the Year	(3,731)	(2,545)

The Accounting Policies, Cashflow Statement, Notes 1 to 21 and Appendix 1 form part of these financial statements.

On behalf of the Board of Enterprise Ireland:

Patrick J Molloy, Chairman

Frank Ryan, Chief Executive Officer.