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Consolidated Cash Flow Statement

 2018 2017 
(Euro thousands) Total of which related parties Total of which related parties
Cash flow from operating activities        
Pre-tax profit 187,396   118,116  
Adjustments:        
Amortisation, depreciation and write-downs 73,601   69,296  
Net change in provisions (excl. employee provision) (1,063)   (2,557)  
Changes in employee provisions (1,172)   (2,016)  
Net changes in doubtful debt provision 817   27,248  
Write-down of other financial assets     3,476  
Net financial charges 16,491   17,909  
Investment income/charges (14,568)   (8,135)  
Anti-trust penalty (exc. interest portion)     (2,429)  
Other non-cash changes (5,357)   15,289  
Cash generated (absorbed) from operating activities before changes in working capital of discontinued operations     1,556  
Cash flow from operating activities before changes in working capital 256,145   237,753  
Change in inventories 1,028   (102)  
Change in trade and other receivables (8,984) (3,993) (42,579) (1,897)
Change in other non-current assets 93   28  
Change in trade and other payables 15,788 7,097 5,614 1,054
Receipt IRES receiv. from click day 2013 10,734      
Cash generated (absorbed) from changes in working capital of discontinued operations        
Cash flow from changes in working capital 18,659 3,104 (37,039) (843)
Income taxes paid (43,252)   (39,307)  
Anti-trust penalty reimburse. (inc. interest portion) 2,430      
Cash generated (absorbed) from operating activities of discontinued operations        
Cash flow from operating activities 233,982 3,104 161,407 (843)
Investments in fixed assets:        
intangible assets (*) (37,840)   (34,772)  
tangible assets and property (21,839)   (35,770)  
Change in other current financial assets 13,300      
Divestments from fixed assets:        
tangible assets 329   107  
Dividends received 6,271 6,271 7,801 7,801
Cash generated (absorbed) from investing activities of discontinued operations     (798)  
Cash flow absorbed from investing activities (39,779) 6,271 (63,432) 7,801
Change in gross financial debt        
increase/(decrease) of short & medium-term debt (20,280)   289  
Changes in other financial assets/liabilities (1,449)   (28)  
Change in shareholders' equity     (250)  
Dividends distributed (70,288)   (70,307)  
Interest and commissions paid (16,348)   (16,908)  
Interest received 4   9  
Cash generated (absorbed) from financing activities of discontinued operations        
Cash flow absorbed from financing activities (108,361)   (87,195)  
Increase/(decrease) in cash and cash equivalents 85,842 9,375 10,780 6,958
Opening cash and cash equivalents 67,194   56,414  
Closing cash and cash equivalents 153,036   67,194  
of which cash and cash equivalents of discontinued operations 0   0  
Cash and cash equivalents at year-end reported in financial statements 153,036   67,194  

(*) The investments in intangible assets are net of the utilisation of the restoration provision, which in 2018 amounted to Euro 15,205 thousand (Euro 12,855 thousand in 2017).