ARC International plc Announces Unaudited Preliminary Results For the Year Ended December 31, 2008

Consolidated cash flow statement
For the year ended December 31, 2008
   
Year ended Year ended
Dec 31 Dec 31
2008 2007
(unaudited) (audited)
    £'000     £'000  
Cash flows from operating activities
Net loss for the year (7,301 ) (2,504 )
Adjustments for:
Interest receivable (883 ) (1,470 )
Tax credit (1,135 ) (1,389 )
Amortization 2,268 1,211
Depreciation 867 475
Loss on disposal of property, plant and equipment 7 20
Asset disposal from restructuring 218 -
Share based award expense 252 286
Share loss from associate 8 22
Decrease in inventories 72 153
Increase in trade and other receivables (678 ) (477 )
Decrease in trade and other payables (816 ) (1,224 )
Increase/(decrease) in provisions   1,546     (161 )
Cash used in operations (5,575 ) (5,058 )
 
Interest received & paid 894 1,636
Taxes paid (31 ) (28 )
Tax credits received   1,368     701  
Net cash used in operating activities (3,344 ) (2,749 )
 
Cash flows from investing activities
Purchase of property, plant and equipment (1,174 ) (1,502 )
Purchase of intangible assets (688 ) (196 )
Capitalization of R&D assets (249 ) (271 )
Movements on short term investments 3,108 2,355
Investment in associate (37 ) (286 )
Acquisition of subsidiaries, net of cash acquired   (2,472 )   (5,847 )
Net cash used in investing activities (1,512 ) (5,747 )
 
Cash flows from financing activities
Purchase of shares by ESOP (768 ) -
Net proceeds from issue of ordinary shares   -     504  
Net cash generated from financing activities (768 ) 504
 
Effects of exchange rate changes   155     (54 )
Net decrease in cash and cash equivalents (5,469 ) (8,046 )
 
Cash and cash equivalents at January 1   10,100     18,146  
Cash and cash equivalents at end of period   4,631     10,100  

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