Consolidated Cash Flow Statement

€ thousand 31.12.2010 31/12/2009 Restated Increase/(Decrease)
Cash flow from operating activities


Profit before tax from continuing operations 722,159 576,219 145,940
Profit before tax from discontinued operations (536,740) (475,473) (61,268)
Amortisation/depreciation 230,818 219,443 11,375
Revaluations/impairment charges 61,319 38,011 23,308
Movement in provisions for liabilities (42,057) 61,574 (103,631)
Net movement in staff termination benefits (12,540) (4,613) (7,926)
Realised gains 9,466 714 8,752
Net financial interest expense 98,895 85,265 13,630
Income taxes paid (40,866) (160,670) 119,804
Cash generated by operations before movements in working capital 490,454 340,471 149,983
Increase in current receivables (196,781) (27,225) (169,556)
Increase/decrease in current liabilities 74,476 (29,696) 104,173
Increase/(decrease) in inventories (19,572) 10,214 (29,786)
Movement in working capital (141,877) (46,708) (95,169)
Changes in other assets/liabilities during the year 97,606 (89,776) 187,383




TOTAL CASH FLOW FROM OPERATING ACTIVITIES 446,183 203,987 242,197




Cash flow from investing activities


Purchase/sale of property, plant and equipment (192,414) (295,973) 103,558
Purchase/sale of intangible assets (227,343) (217,569) (9,774)
Investments 1,168 (13,338) 14,507
Proceeds/payments deriving from other investments 64,652 (96,232) 160,884
Dividends received 0 0 0
Interest income received 20,214 12,879 7,334
TOTAL (333,723) (610,233) 276,509




Cash flow from financing activities


Minority interests in capital increases by subsidiaries 0 0 0
Repayment of mortgages and long-term borrowing (69,238) (61,685) (7,553)
Provision of mortgages/other medium/long-term borrowings 680,337 191,952 488,385
Decrease/increase in other short-term borrowings (429,636) 404,456 (834,092)
Interest expenses paid (96,808) (96,990) 182
Dividends paid (2,851) (141,289) 138,438
TOTAL CASH FLOW 81,803 296,444 (214,641)




Cash flows for the year 194,263 (109,802) 304,065
Cash and cash equivalents at beginning of period 102,258 212,060 (109,802)
Cash and cash equivalents at end of period 296,522 102,259 194,263