The following information is provided for SAPIENT Limited in respect of the year ended 31 December 2003:

SAPIENT Limited Statement of Comprehensive Income for the Year Ended 31 December 2003 

SAPIENT Limited Statement of Financial Position as at 31 December 2003 

Additional Information:
1. Depreciation of non-current assets has been charged to distribution costs.
2. Included in administration expenses is €30,000 paid in connection with the share issue.
3. Plant with a net book value of €600,000, which had originally cost €1,000,000, was sold during the year. 4 4. Equipment with a net book value of €60,000, which had originally cost €200,000, was sold during the year.
5. All non-current asset additions during the year were paid for in cash.
6. Investments included within current assets relate to a nine-month term deposit that matures on | February 2004. If the deposit is withdrawn before the maturity date, all rights to interest in the month of withdrawal are forfeited.
7. Dividends of €40,000 were debited to equity during the year ended 31 December 2003.
Requirement Using both the direct and indirect methods, prepare a statement of cash flows for SAPIENT Ltd. for the year ended 31 December 2003 in accordance with IAS 7 Statement of Cash Flows.

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Revenue Cost of sales Gross profit Distribution costs '000 '000 4,020 (2,060) 1,960 (816)