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Cash Flow Statement

Consolidated Cash Flow Statement (*)30/06/201030/06/2009
Operating activities
Cash flow
Net profit pertaining to Group and minority shareholders69,16351,821
Depreciation and writedowns of tangible fixed assets59,56785,103
Amortisation and writedowns of intangible assets53,45322,342
Total cash flow182,183159,266
Profit (loss) of equity investments measured at equity-2,464-1,133
(Gains) Losses on disposal of fixed assets-1,7111,031
Changes in prepaid and deferred taxation-12,8466,935
Employee leaving indemnities and other benefits:
Provisions/ (uses)-2,131-2,114
Provisions for risks and charges:
Provisions/ (uses)4,92810,593
Total cash flow before changes in net working capital167,959174,578
Working capital
Change in trade receivables83,86140,220
Change in inventories-11,858)16,418
Change in other current assets-8,506-31,887
Change in trade payables-205,897-169,629
Change in tax liabilities151,41969,605
Change in other current liabilities15,46927,772
Change in financial instruments - derivatives-16,665-28,359
Change in working capital7,823-75,860
Change in financial instruments non-current derivatives-40,0638,002
Liquidity generated by operations135,719106,720a)
Investment activities
Disposal/(investment) in tangible assets, net
net of net investments/disinvestments-143,657-181,646
Disposal/(investment) in intangible assets, net
net of net investments/disinvestments-5,441-10,875
Investments in equity investments net of disposals-3,028-1,188
(Increase)/decrease in other investments-11,582-5,533
Liquidity generated/(absorbed) by investment activities-163,708-199,242b)
Financing activities
Medium/long-term loans15,315-30,879
Change in shareholders' equity accounts613-4,672
Change in short-term bank indebtedness10,403187,349
Dividends paid out-96,814-95,017
Change in financial leasing payables-2,252-1,737
Liquidity generated/(absorbed) by financing activities-72,73555,044c)
Change in net financial position
Cash and cash equivalents at the beginning of the period350,332193,635
Contribution of cash from business combinations1,0551,466
Cash and cash equivalents at the end of the period250,663157,623

(*) Pursuant to Consob resolution no. 15519 of 27 July 2006, the effects of relations with related parties on the Cash Flow Statement are disclosed in the special cash flow statement format shown in the following pages and are further described in paragraph 3.05 of these financial statements.

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