The draft financial statements of CCE Limited for the year ended 31 December 2017 are as follows:

Cash and cash equivalents at 31 December are made up as follows:

Notes to draft financial statements:

1. Interest expense was €400, of which €170 was paid during the period. €100 relating to interest expense of the prior period was also paid during the period. €200 of interest was received during the period.

2. Dividends paid were €1,200.
3. The liability for tax at the beginning and end of the period was €1,000 and €400, respectively.
4, During the period, a further €15 tax was provided for. Withholding tax on dividends received amounted to €105, thus leading to the total tax expense of €120.
5. During the period, CCE Limited acquired property, plant and equipment with an aggregate cost of €1,900, of which €900 was acquired by means of a lease that resulted in the recognition of a right-of-use asset. Cash payments of €1,000 were made to purchase property, plant and equipment.
6. €90 of capital repayment was paid under the lease referred to in Note 5.
7. Plant with an original cost of €80 and accumulated depreciation of €60 was sold for €20.
8. Accounts receivable as at the end of 2017 include €100 of interest receivable.
9. €250 was raised from the issue of share capital and a further €450 was raised from longterm borrowings.
Requirement

(a) Prepare a statement of cash flows for the year ended 31 December 2017 using the indirect method in accordance with the illustrative format in IAS 7 Statement of Cash Flows.

(b) Show the calculation of cash flows from operating activities using the direct method.

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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME for the Year Ended 31 December 2017 Sales revenue Cost of sales Gross profit Depreciation Administrative and selling expenses Interest expense (see Note 1) Investment income (see Note 1) Profit before tax Income tax expense (see Note 4) Profit for the year 30,650 (26,000) 4,650 (450) (950) (400) 500 3,350 (120) 3,230