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Cash Flow Statement

Consolidated cash flow statement 31 Dec 2006 31 Dec 2005
Operating activities    
Cash flow    
Net profit pertaining to Group and minority shareholders 100.238 87.663
Depreciation and writedowns of tangible fixed assets 129.731 91.094
Amortisation and writedowns of intangible assets 35.990 29.436
Total cash flow  265.959 208.193
Changes in prepaid and deferred taxation 33.706 35.182
Employee leaving indemnities and other benefits:    
Provisions/ (uses) 12.148 18.268
Provisions for risks and charges:    
Provisions/ (uses) 32.629 40.717
Total cash flow before changes in net working capital 344.442 302.360
Working capital    
Change in trade receivables (99.388) (303.482)
Change in inventories (11.744) (256)
Change in other current assets 66.999 (85.322)
Change in trade payables 73.982 239.574
Change in tax liabilities 53.817 (54.125)
Change in other current liabilities 1.032 16.774
Change in working capital 84.698 (186.836)
Liquidity generated by operations 429.140 115.523 a)
Investment activities    
Disposal/(investment) in tangible assets, net (335.230) (707.174)
Disposal/(investment) in intangible assets, net (54.390) (31.335)
Goodwill (125.495) (121.822)
Investments in equity investments net of disposals (31.734) (13.424)
(Increase)/decrease in other investments 31.445 (12.651)
Liquidity generated/(absorbed) by investment activities (515.404) (886.406) b)
Financing activities    
Medium/long-term loans 402.726 45.455
Change in shareholders' equity accounts 9.352 384.283
Change in short-term bank indebtedness (201.782) 373.796
Dividends paid out (76.782) (52.641)
Change in financial leasing payables (9.154) 20.913
Change in financial instruments - derivatives (13.573) 15.812
Liquidity generated/(absorbed) by financing activities 110.787 787.618c)
  24.523
(a+b+c)
16.735
(a+b+c)
Change in cash and cash equivalents    
Cash and cash equivalents at the beginning of the year 189.107 172.372
Cash and cash equivalents at the end of the year 213.630 189.107
  24.523 16.735