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Cash Flow Statement

Consolidated cash flow statement (*)31-dic
2007
  31-dic
2006
  
       
Operating activities      
Cash flow      
Net profit pertaining to Group and minority shareholders 109,903  100,238  
Depreciation and writedowns of tangible fixed assets135,021  129,731  
Amortisation and writedowns of intangible assets41,151  35,990  
       
Total cash flow  286,075  265,959  
       
Changes in prepaid and deferred taxation (10,876)  33,706  
Employee leaving indemnities and other benefits:      
Provisions/ (uses) (10,174)  12,148  
Provisions for risks and charges:      
Provisions/ (uses) 29,497  32,629  
       
Total cash flow before changes in net working capital 294,522  344,442  
       
Working capital      
Change in trade receivables (5,370)  (99,388)  
Change in inventories (216)  (11,744)  
Change in other current assets (93,311)  66,999  
Change in trade payables 142,934  73,982  
Change in tax liabilities (19,675)  53,817  
Change in other current liabilities 23,681  1,032  
Change in working capital 48,043  84,698  
       
Liquidity generated by operations  342,565  429,140a)
       
Investment activities      
Disposal/(investment) in tangible assets, net      
of net investments/disinvestments (476,482)  (335,230)  
Disposal/(investment) in intangible assets, net      
of net investments/disinvestments (29,208)  (54,390)  
Goodwill (1,816)  (125,495)  
Investments in equity investments net of disposals1,814  (31,734)  
(Increase)/decrease in other investments14,920  31,445  
       
Liquidity generated/(absorbed) by investment activities (490.772)  (515,404)b)
       
Financing activities      
Medium/long-term loans 459,450  402,726  
Change in shareholders' equity accounts 2,002  9,352  
Change in short-term bank indebtedness (195,365)  (201,782)  
Dividends paid out(89,655)  (76,782)  
Change in financial leasing payables (20,948)  (9,154)  
Change in financial instruments - derivatives (9,892)  (13,573)  
Liquidity generated/(absorbed) by financing activities  145,592  110,787c)
   (2,615)  24,523
   (a+b+c)  (a+b+c)
Change in net financial position      
Cash and cash equivalents at the beginning of the year213,629  189,107  
Cash and cash equivalents at the end of the year 211,014  213,629  
       
 (2,615)  24,523  

(*) Pursuant to CONSOB Resolution no. 15519 of 27 July 2006, the effects of the transactions with related parties on the cash flow statement are illustrated in the cash flow statement provided in the next pages. Further information can be found in paragraph 2.03 of these financial statements.