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Cash Flow Statement

thousands of €31-Dec-2010  31-Dec-2009  
Operations      
Cash flow      
Net profit pertaining to Group and minority shareholders142,052  84,964  
Depreciation and writedowns of tangible assets120,138  115,927  
Depreciation and writedowns of intangible assets103,088  108,587  
Total cash flow 365,278  309,478  
Profit from equity investments carried at equity(4,351)  (3,648)  
(Capital gains) Losses from disposal of fixed assets(777)  (4,191)  
Changes in prepaid and deferred taxes(68,335)  (16,708)  
Employee leaving indemnity and other benefits:      
Provisions / (uses)(5,694)  (5,400)  
Provisions for risks and charges:      
Provisions / (uses)16,655  1,982  
Total cash flow before changes in net working capital302,776  281,513  
Working capital      
Change in trade receivables5,129  10,398  
Changes in inventories(5,458)  15,953  
Change in other current assets(2,454)  (41,582)  
Change in trade payables10,945  (33,161)  
Change in tax liabilities43,902  (40,900)  
Change in other current liabilities4,680  18,240  
Change in financial instruments - derivatives(3,685)  9,512  
Change in working capital53,059  (61,540)  
Change in financial instruments - non-current derivatives(30,742)  14,035  
Liquidity generated by operations 325,093a) 234,008a)
Investment activities      
Disinvestment/(investment)
intangible assets, net of net investments/disinvestments
 (176,644)  (349,395) 
Disinvestment/(investment) in intangible assets, net of net investments/disinvestments (147,137)  (32,582) 
Goodwill 0  (14) 
Investments in equity investments, net of disinvestments  (10,294)  (34,563) 
(Increase) / decrease in other investments (25,890)  (16,073) 
Change in financial instruments - derivatives      
Liquidity generated / (absorbed) by investment activities (359,965)b) (432,627)b)
Financing activities      
Medium/long-term loans 168,865  563,959 
Change in shareholders' equity items (2,494)  (9,734) 
Change in equity interests 121,407  (5,135) 
Change in short-term bank indebtedness 32,624  (96,028) 
Dividends paid out (96,814)  (94,540) 
Change in financial leasing payables  (3,046)  (5,212) 
Liquidity generated / (absorbed) by financing activities 220,542c) 353,310c)
   185,670  154,691
   (a+b+c)  (a+b+c)
Change in net financial position      
Cash and cash equivalents at the beginning of the year350,332  193,635  
Contribution of cash and cash equivalents from business combinations2,224  2,006  
Cash and cash equivalents at the end of the year538,226  350,332  
 185,670  154,691