|
(thousands of Euro)
|
2009
|
2008
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
Net income for the year attributable to the Group and minority interests
|
117,852
|
156,076
|
|
|
Net income from discontinued operations
|
-
|
1,107
|
|
|
Income taxes expense
|
67,715
|
56,210
|
|
|
Income before taxes
|
185,567
|
213,393
|
|
|
|
|
|
|
|
Adjustments for:
|
|
|
|
|
- depreciation and amortization
|
103,671
|
99,680
|
|
|
- net capital (gains)/losses and non-monetary items (D)
|
16,729
|
(5,762)
|
|
|
- net provisions charged to statement of income
|
32,792
|
25,710
|
|
|
- use of provisions
|
(9,664)
|
(8,540)
|
|
|
- share of (income)/losses of associated companies
|
(2,262)
|
(229)
|
|
|
- net financial expenses/(income) and exchange differences
|
22,497
|
42,212
|
|
|
Cash flow from operating activities before changes in working capital
|
349,330
|
366,464
|
|
|
|
|
|
|
|
Cash flow provided/(used) by changes in working capital
|
53,405
|
(114,815)
|
|
|
Payment of taxes
|
(84,084)
|
(52,231)
|
|
|
Net interest paid and exchange differences
|
(23,136)
|
(39,278)
|
|
|
Cash flow provided by operating activities
|
295,515
|
160,140
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
Operating investments
|
(124,667)
|
(224,483)
|
|
|
Operating divestments (E)
|
23,968
|
38,422
|
|
|
Purchases of investments and business combinations
|
(12,553)
|
(17,887)
|
|
|
Disposal of investments
|
136
|
171
|
|
|
Operations in non-current financial assets
|
861
|
(4,889)
|
|
|
Cash flow used by investing activities
|
(112,255)
|
(208,666)
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
Payment of dividends
|
(49,762)
|
(75,065)
|
|
|
Purchase of treasury shares
|
(2,626)
|
(69,108)
|
|
|
Change in shareholders' equity
|
-
|
108
|
|
|
Net change in other sources of finance
|
(108,972)
|
183,589
|
|
|
Cash flow provided/(used) by financing activities
|
(161,360)
|
39,524
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents
|
21,900
|
(9,002)
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year
|
122,019
|
130,784
|
|
|
Cash in companies acquired
|
(9,907)
|
-
|
|
|
Translation differences and other movements
|
(173)
|
237
|
|
|
Cash and cash equivalents at the end of the year (*)
|
133,839
|
122,019
|
(D) Of which Euro 6,412 thousand due to holding and related companies in 2009.
(E) Of which Euro 17,250 thousand due to holding and related companies in 2009.
(*) Includes Euro 943 thousand in current account overdrafts (Euro 9,884 thousand in 2008).