Powerflute's operating profit doubled in 2011 compared with 2010 to 14.3 million Euros (7.1 million). The board of directors intend to recommend a dividend for 2011 of 1.3 cents per share (1.0 cents per share 2010), representing a yield of approximately five percent.The financial position improved by 48.2 million Euros during the year to a net cash position of 19.1 million Euros (net debt of 29.1 million in 2010), including cash and cash equivalents of 45.6 million Euros.Commenting on the results, Dermot Smurfit, Chairman of Powerflute said: "Powerflute enjoyed a profitable and successful year and made considerable progress with the implementation of its business strategy during 2011. Favourable market conditions, operational improvements and returns from capital investment contributed to much improved levels of profitability.””The disposal of Graphic Papers in May 2011 made a significant contribution and helped to return the Group to a robust net cash position at the year end,” Dermot Smurfit added.