| Consolidated Cash Flow Statement (*) | 31-Dec-09 | 31-Dec-08 | ||||
|---|---|---|---|---|---|---|
| Operations | ||||||
| Cash flow | ||||||
| Net profit pertaining to Group and minority shareholders | 84,964 | 110,264 | ||||
| Depreciation and writedowns of tangible fixed assets | 177,900 | 155,699 | ||||
| Depreciation and writedowns of intangible fixed assets | 46,614 | 41,144 | ||||
| Total cash flow | 309,478 | 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 capital | 290,367 | 286,536 | ||||
| Working capital | ||||||
| Change in trade receivables | 10,398 | (110,044) | ||||
| Changes in inventories | 15,953 | (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 liabilities | 18,240 | (8,968) | ||||
| Change in financial instruments - derivatives | 9,512 | (5,277) | ||||
| Change in working capital | (61,540) | 140,542 | ||||
| Change in financial instruments - non-current derivatives | 19,775 | 10,534 | ||||
| Liquidity generated by operations | 248,602 | 437,612 | a) | |||
| 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 loans | 563,959 | 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 year | 193,635 | 211,014 | ||||
| Cash and cash equivalents at the end of the year | 350,332 | 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.
