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Cash Flow Statement

Consolidated cash flow statement (*) 30-June-2009     30-June-2008    
             
Operating assets            
Cash flow            
Net profit pertaining to Group and minority shareholders 51,821     49,585    
Depreciation and writedowns of tangible fixed assets 85,103     73,799    
Amortisation and writedowns of intangible assets 22,342     21,063    
             
Totale cash flow  159,266     144,447    
             
Changes in prepaid and deferred taxation 6,935     5,283    
Employee leaving indemnities and other benefits:            
Provisions / (uses) (2,114)     (1,259)    
Provisions for risks and charges:            
Provisions / (uses) 11,420     8,384    
             
Total cash flow before changes in net working capital 175,507     156,855    
             
Working capital            
Change in trade receivables 40,220     74,197    
Change in inventories 16,418     (8,592)    
Change in other current assets (31,887)     71,524    
Change in trade payables (169,629)     (143,413)    
Change in tax liabilities 69,605     123,424    
Change in other current liabilities 27,772     (5,299)    
Change in financial instruments - derivatives (28,359)     (11,909)    
Change in working capital (75,860)     99,932    
             
Change in financial instruments - non-current derivatives 5,420     (691)    
             
Liquidity generated by management activities   105,067 a)   256,096 a)
             
Investment activities            
Disposal/(investment) in tangible assets, net            
of net investments/disinvestments (181,442)     (183,099)    
Disposal/(investment) in intangible assets, net            
of net investments/disinvestments (10,875)     (8,643)    
Goodwill 0     (707)    
Investments in equity investments net of disposals (786)     (730)    
(Increase)/decrease in other investments (5,533)     319    
             
Liquidity generated/(absorbed) by investment activities   (198,636) b)   (192,860) b)
             
Financing activities            
Medium/long-term loans (30,879)     (26,668)    
Change in shareholders' equity accounts (2,159)     7,578    
Change in short-term bank indebtedness 187,349     (22,281)    
Dividends paid out (95,017)     (92,922)    
Change in financial leasing payables (1,737)     (3,390)    
             
Liquidity generated/(absorbed) by financing activities   57,557 c)   (137,683) c)
      (36,012)     (74,447)
      (a+b+c)     (a+b+c)
Change in net financial position            
Cash and cash equivalents at the beginning of the year 193,635     211,014    
Cash and cash equivalents at the end of the year 157,623     136,567    
             
  (36,012)     (74,447)    

(*) In accordance with Consob Resolution no. 15519 of 27 July 2006, the effects of relations with associated parties the cash flow statements are shown in the special cash flow statements on the pages that follow, and are further described under paragraph 2.07 of these financial statements.
The format reflects the approach regarding the hedging derivatives already adopted in building the net financial this is why the cash flow statement as at 30 June 2008 has been reclassified.

 
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