Consolidated Statement of Cash Flows

Ref.	€ thousand	31/12/2018	Of which related party transactions	31/12/17	Of which related party transactions	Change
Note	Cash flow from operating activities
	Profit before tax from continuing operations	409,033		288,196		120,837
7	Depreciation/amortisation	366,839		328,911		37,928
7	Revaluations/impairment charges	18,428		63,228		(44,801)
26	Change in provisions for risks	(51,861)		56,032		(107,894)
25	Change in Employee severance indemnity	(7,105)		(2,087)		(5,017)
	Gains on disposals	0		0		0
	Net financial interest	82,859		71,955		10,905
11	Income taxes paid	(79,145)		(137,764)		58,619
	Financial flows generated by operating activities before changes	739,048		668,471		70,577
22	Increases in current receivables included in the working capital	98,720	(69,302)	(70,073)	29,465	168,794
30	Increase/decrease in current payables included in the working capital	(15,544)	(11,555)	10,752	(12,944)	(26,296)
22.a	Increase/(decrease) in inventories	(7,623)		(8,475)		852
	Change in working capital	75,553		(67,797)		143,350
	Change in other assets/liabilities during the period	(89,910)		(287,675)		197,764
	TOTAL CASH FLOW FROM OPERATING ACTIVITIES	724,690		312,999		411,691
	Cash flow from investment activities			0
	Purchase/sale of tangible fixed assets	(241,607)		(183,395)		(58,213)
13-14	Purchase/sale of intangible fixed assets	(375,276)		(330,583)		(44,693)
17	Equity investments	0		0		0
17-18	Purchase/sale of equity investments in subsidiaries	(5,570)		(3,814)		(1,756)
17	Collections/payments deriving from other financial investments	116,038	(39,283)	(117,026)	13,827	233,064
18	Collected dividends	8,612	8,612	9,626	9,626	(1,014)
	Interest income collected	20,643		16,929		3,714
	TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	(477,160)		(608,263)		131,103
	Cash flow from financing activities			0
	Non-controlling interests in subsidiaries' capital increase	0		0		0
27	Repayment of borrowings and long-term loans	(380,862)		(386,401)		5,538
27	Disbursement of borrowings/other medium/long-term loans	1,000,000		450,000		550,000
30	Decrease / increase in other short-term financial debts	(233,453)	(2,415)	481,614	(968)	(715,067)
	Interest expense paid	(108,340)		(98,732)		(9,609)
	Dividends paid	(137,379)	(137,379)	(136,110)	(136,110)	(1,268)
	TOTAL CASH FLOW FROM FINANCING ACTIVITIES	139,966		310,372		(170,406)
	Cash flows for the period	387,497		15,108		372,389
	Net opening balance of cash and cash equivalents	680,641		665,533		15,108
	Net closing balance of cash and cash equivalents	1,068,138		680,641		387,497

Amounts in € thousand