You are here

Cash Flow Statement

(in Euro)2018 2017
Pre-tax profit 172,163,015 110,322,589
Adjustments:    
Amortisation, depreciation and write-downs 69,406,668 65,480,105
Net accruals to provisions & write-downs (including personnel provision) (1,441,183) 22,568,726
Write-down of other financial assets   3,476,367
Net financial charges 16,066,116 17,075,558
Investment charges (income) (8,275,885) (7,680,099)
Repay. Anti-trust (exc. interest portion)   (2,428,680)
Other non-monetary changes (5,983,381) 15,381,230
Cash flow from operating activities before changes in working capital 241,935,350 224,195,796
Change in inventories 1,033,503 (99,925)
Change in trade and other receivables (8,321,248) (51,336,019)
Change in trade and other payables 31,186,325 731,083
Change other non-current liabilities (3,624,866)  
Receipt IRES receiv. from click day 2013 10,733,776  
Cash flow from changes in working capital 31,007,490 (50,704,861)
Income taxes paid (39,999,143) (37,963,420)
Anti-trust penalty reimburse. (inc. interest portion) 2,430,343 -
Cash flow from operating activities 235,374,040 135,527,515
Investments in fixed assets:    
intangible assets (*) (37,165,109) (30,843,852)
tangible assets (18,697,782) (32,268,400)
financial assets 30 (250,500)
Divestments from fixed assets:    
tangible assets 311,107 98,479
Other current financial assets 13,300,000  
Dividends received 6,271,010 7,801,363
Receipt from liquidation of SEA Handling SpA in liquidation   8,405,236
Receipt from liquidation of Consorzio Malpensa Construction in liquidation   93,196
Cash flow from investing activities (35,980,744) (46,964,478)
Change in gross financial debt    
net increase short & medium-long term debt (19,830,823) 288,394
Net increase / (decrease) in other financial assets and liabilities (7,238,447) 18,325,093
Dividends distributed (70,288,319) (70,307,263)
Interest and commissions paid (16,182,750) (16,747,163)
Interest received 1,849 8,718
Cash flow from financing activities (113,538,490) (68,432,221)
Increase/(decrease) in cash and cash equivalents 85,854,806 20,130,816
Opening cash and cash equivalents 67,128,750 46,997,934
Closing cash and cash equivalents 152,983,556 67,128,750

(*) The investments in intangible assets are net of the utilisation of the restoration provision, which in 2018 amounted to Euro 15,171 thousand (Euro 12,808 thousand in 2017).