|
|
|
|
|
|---|---|---|---|
| (€ 000) | Note | 31/12/2010 | 31/12/2009 |
| Net profit for the year |
|
42,101 | 34,333 |
|
|
|
|
|
| Adjustments |
|
|
|
| Depreciations and writedowns | 2, 3, 4 | 25,968 | 34,356 |
| Income taxes for the year | 29 | 47,633 | 29,011 |
| Stock options | 25 | 724 | 1,186 |
| Charges to provisions, employees’ leaving entitlement and termination indemnities |
|
5,556 | 12,716 |
| Capital (gains) losses on disposal of intangible assets, property, plant and equipment, investments |
|
(933) | (2,094) |
| Capital (gains) losses on financial assets | 28 | 547 | (5,992) |
| (Income) expense from companies accounted for using the equity method | 27 | 3,392 | (2,300) |
| Net financial charges from loans and derivative operations | 28 | 18,351 | 10,755 |
| Cash from operating activities |
|
143,339 | 111,971 |
| (Increase) decrease in trade receivables |
|
(1,800) | 31,734 |
| (Increase) decrease in inventories |
|
(1,239) | 340 |
| Increase (decrease) in trade payables |
|
80 | (882) |
| Income taxes |
|
(47,795) | (42,137) |
| Advances for and settlements of employees’ leaving entitlement |
|
(11,996) | (6,610) |
| Net change in other assets/liabilities |
|
(11,075) | 8,895 |
|
Cash flow from (used in) operating activities
|
|
69,514 | 103,311 |
|
|
|
|
|
| Fees received (paid) net of cash acquired (disposed of) | 1 | 1,955 | - |
| (Investments in) disposals of intangible assets |
|
(2,549) | 6,951 |
| (Investments in) disposals of property, plant and equipment |
|
(12,858) | 7,859 |
| (Investments in) disposals of equity investments |
|
1,577 | 364 |
| (Investments in) disposals of financial assets |
|
5,363 | 38,233 |
| Cash flow from (used in) financing activities |
|
(6,512) | 53,407 |
|
|
|
|
|
| Net change in financial liabilities |
|
(69,669) | (343,364) |
| Net financial charges from loans and derivative operations |
|
(21,931) | (24,257) |
| (Purchase) disposal of treasury stocks | 14 | (6,128) | - |
| Dividends paid | 14 | - | - |
| Cash flow from (used in) financing activities |
|
(97,728) | (367,621) |
|
|
|
|
|
| Increase (decrease) in cash and cash equivalents |
|
(34,726) |
(210,903) |
|
|
|
|
|
| Cash and cash equivalents at beginning of year | 13 | 119,627 | 330,530 |
|
|
|
|
|
| Cash and cash equivalents at end of year | 13 | 84,901 | 119,627 |
| Composition of cash and cash equivalents |
|
|
|
|---|---|---|---|
| Cash, checks and valuables in hand |
|
1,180 | 1,436 |
| Bank and post office deposits |
|
83,721 | 118,191 |
|
|
13 | 84,901 | 119,627 |
On behalf of the Board of Directors
Chairman
Marina Berlusconi