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Cash Flow Statement

thousands of Euro30-Jun-1130-Jun-10
Operations
Cash flow
Net profit attributable to Group and minority shareholders83,15769,163
Depreciation and write-downs of tangible fixed assets61,23759,567
Amortisation and write-downs of intangible fixed assets50,81653,453
Total cash flow195,210182,183
Profit (loss) of equity-accounted investments(2,344)(2,464)
(Gains) Losses on disposal of fixed assets330(1,711)
Changes in prepaid and deferred taxes(3,735)(12,846)
Employee leaving indemnities and other benefits:
Provisions/ (uses)(1,549)(2,131)
Provisions for risks and charges:
Provisions/ (uses)7,9724,928
Total cash flow before changes in net working capital195,884167,959
Working Capital
Change in trade receivables19,54483,861
Change in inventories(19,863)(11,858)
Change in other current assets(37,604)(8,506)
Change in trade payables(166,392)(205,897)
Change in tax liabilities116,067151,419
Change in other current liabilities51,70215,469
Change in financial instruments - derivatives(6,843)(16,665)
Change in working capital(43,389)7,823
Change in financial instruments - non-current derivatives 689(40,063)
Liquidity generated by operations153,184a)135,719a)
Investment activities
Disinvestment/(investment) in tangible fixed assets, net of net investments/disinvestments(63,590)(85,036)
Disinvestment/(investment) in intangible fixed assets, net of net investments/disinvestments(67,667)(64,062)
Goodwill00
Equity investments net of disinvestments(7,114)(3,028)
(Increase)/decrease in other investments2,490(11,582)
Change in financial instruments - derivatives
Liquidity generated/(absorbed) by investment activities(135,881)b)(163,708)b)
Financing activities
Medium/long-term loans(24,463)15,315
Change in shareholders' equity(627)613
Change in equity interests00
Change in short-term bank indebtedness(53,892)10,403
Dividends paid out(118,026)(96,814)
Change in financial leasing payables(2,525)(2,252)
Liquidity generated/(absorbed) by financing activities(199,533)c)(72,735)c)
(182,230)(100,724)
(a+b+c)(a+b+c)
Change in net financial position
Cash and cash equivalents at the beginning of the period538,226350,332
Contribution of cash from business combinations2681,055
Cash and cash equivalents at the end of the period356,264250,663
(182,230)(100,724)

(*) Pursuant to Consob resolution no. 15519 of 27 July 2006, the effects of transactions with related parties on the Cash Flow Statement are disclosed in the special cash flow statement format shown in the following pages and are further described in paragraph 2.02.03 of these consolidated half-year financial statements