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Cash Flow Statement

Consolidated cash flow statement (*)31-Dec-08  31-Dec-07  
Operating assets      
Cash flow      
Net profit pertaining to Group and minority shareholders110,264  109,903  
Depreciation and writedowns of tangible fixed assets155,699  135,021  
Amortisation and writedowns of intangible assets41,144  41,151  
Total cash flow 307,107  286,075  
Changes in prepaid and deferred taxation(15,255)  (10,876)  
Employee leaving indemnities and other benefits      
Provisions / (uses)(1,328)  (10,174)  
Provisions for risks and charges      
Provisions / (uses)(3,988)  29,497  
Total cash flow before changes in net working capital286,536  294,522  
Working capital      
Change in trade receivables(110,044)  (5,370)  
Change in inventories(12,818)  (216)  
Change in other current assets70,087  (93,311)  
Change in trade payables156,136  142,934  
Change in tax liabilities51,426  (19,675)  
Change in other current liabilities(8,968)  23,681  
Change in working capital145,819  48,043  
Liquidity generated by operations 432,355  342,565a)
Investment activities      
Disposal/(investment) in tangible assets, net      
of net investments/disinvestments(415,625)  (476,482)  
Disposal/(investment) in intangible assets, net      
of net investments/disinvestments(12,148)  (29,208)  
Goodwill(2,118)  (1,816)  
Investments in equity investments net of disposals(6,021)  1,814  
(Increase)/decrease in other investments5,764  14,920  
Liquidity generated/(absorbed) by investment activities (430,148)  (490,772)b)
Financing activities      
Medium/long-term loans146,229  459,450  
Change in shareholders' equity accounts(22,054)  2,002  
Change in short-term bank indebtedness(69,727)  (195,365)  
Dividends paid out(92,922)  (89,655)  
Change in financial leasing payables(6,859)  (20,948)  
Change in financial instruments - derivatives25,747  (9,892)  
Liquidity generated/(absorbed) by financing activities (19,586)  145,592c)
   (17,379)  (2,615)
   (a+b+c)  (a+b+c)
Change in net financial position      
Cash and cash equivalents at the beginning of the year211,014  213,629  
Cash and cash equivalents at the end of the year193,635  211,014  
 (17,379)  (2,615)  

(*) In accordance with Consob Resolution no. 15519 of 27 July 2006, the effects of relations with associated parties on the cash flow statements are shown in the special cash flow statements on the pages that follow, and are further described under paragraph 3.05 of these financial statements.


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