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Cash Flow Statement

Consolidated Cash Flow Statement (*)31-Dec-09  31-Dec-08  
Cash flow      
Net profit pertaining to Group and minority shareholders84,964  110,264  
Depreciation and writedowns of tangible fixed assets177,900  155,699  
Depreciation and writedowns of intangible fixed assets46,614  41,144  
Total cash flow309,478  307,107  
Changes in prepaid and deferred taxes(16,708)  (15,255)  
Employee leaving indemnity and other benefits:      
Provisions / (uses)(5,400)  (1,328)  
Provisions for risks and charges:      
Provisions / (uses)2,997  (3,988)  
Total cash flow before changes in net working capital290,367  286,536  
Working capital      
Change in trade receivables10,398  (110,044)  
Changes in inventories15,953  (12,818)  
Change in other current assets(41,582)  70,087  
Change in trade payables(33,161)  156,136  
Change in tax liabilities(40,900)  51,426  
Change in other current liabilities18,240  (8,968)  
Change in financial instruments - derivatives9,512  (5,277)  
Change in working capital(61,540)  140,542  
Change in financial instruments - non-current derivatives19,775  10,534  
Liquidity generated by operations 248,602  437,612a)
Investment activities      
Disinvestment/(investment) in tangible assets, net of net investments/disinvestments(354,601)  (406,106)  
Disinvestment/(investment) in intangible assets, net of net investments/disinvestments(32,582)  (21,667)  
Goodwill(14)  (2,118)  
Investments in equity investments, net of disinvestments(37,991)  (6,021)  
(Increase) / decrease in other investments(16,073)  5,764  
Liquidity generated / (absorbed) by investment activities (441,261)  (430,148)b)
Financing activities      
Medium/long-term loans563,959  146,229  
Change in shareholders' equity items(18,823)  (1,564)  
Change in short-term bank indebtedness(96,028)  (69,727)  
Dividends pid out(94,540)  (92,922)  
Change in financial leasing payables(5,212)  (6,859)  
Liquidity generated / (absorbed) by financing activities 349,356  (24,843)c)
   156,697  (17,379)
   (a+b+c)  (a+b+c)
Change in net financial position      
Cash and cash equivalents at the beginning of the year193,635  211,014  
Cash and cash equivalents at the end of the year350,332  193,635  
 156,697  (17,379)  

(*) Pursuant to Cosob resolution no. 15519 of 27 July 2006, the effects of relations with related parties on the Cash Flow Statementare disclosed in the special cash flow statement format shown in the following pages and are further describedin paragraph 2.02.03 of these consolidated financial statements.

The statement reflects the approach regarding the hedging derivatives already adopted in setting up the net financial position;for this purpose, the cash flow statement as at 31 December 2008 was reclassified as well.

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