| (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).