Statement of cash flows

(€’000)

 Note1st half 20161st half 2015 (*)
Cash and cash equivalents 17 1,410,775 1,030,925
Current account facilities 20 (115,615) (27,711)
Total opening cash and cash equivalents   1,295,160 1,003,214
Operating activities   49,667  65,394
Profit from continuing operations
Amortisation of intangible assets 32 15,524 9,112
Depreciation of property, plant and equipment 32 108,001 91,912
Net impairment losses and provisions 32 3,090 (2,890)
Accrual for post-employment benefits and employee benefits 32 7,203 7,435
Net gains (losses) on the sale of assets   (6,318) (4,580)
Deferred taxes 35 (1,192) 5,253
Share of profit (loss) of equity-accounted investees 34 (7,208) (649)
Income taxes   32,961 30,210
Impairment losses on available-for-sale financial assets   37,797 36,167
Other non-monetary items   15,239 205
Cash flows generated by operating activities   254,764 237,569
Increase in inventories and work in progress   (342,997) (322,650)
Increase in trade receivables   (352,907) (15,044)
Decrease in progress payments and advances from customers   (54,978) (83,978)
(Decrease) increase in trade payables   320,857 (19,642)
Increase in other assets/liabilities   (62,141) (18,145)
Total changes in working capital   (492,166) (459,459)
Increase in other items not included in working capital   (55,526) (70,704)
Interest expense paid   (28,256) (15,751)
Income taxes   (27,671) (10,109)
Cash flows used in operating activities   (348,855) (318,454)
Investing activities    
Net investments in intangible assets 6 (3,405) (770)
Investments in property, plant and equipment 5 (137,278) (102,149)
Proceeds from the sale or reimbursement value of property, plant and equipment   39,818 10,868
Investments in non-current financial assets and capital transactions 8 (17,354) (16,217)
Dividends and capital repayments from equity-accounted investees 8 15,926 796
Proceeds from the sale or reimbursement value of non-current financial assets   4,462 (270)
Cash flows used in investing activities   (97,831) (107,742)
Financing activities
Dividend distribuited to the shareholders and non-controlling interests (24,119) (19,983)
Capital injection by non-controlling interests in subsidiaries 56 11,311
Increase in bank and other loans 2,043,938 521,766
Decrease in bank and other loans (1,384,848) (380,670)
Change in other financial assets/liabilities (27,389) (13,972)
Change in consolidation scope 3 (374,782) 169,971
Cash flows generated by financing activities 232,856 288,423
Net cash flows from discontinued operations 18 3,352 32,057
Net exchange rate gains on cash and cash equivalents 1,227 37,213
Decrease in cash and cash equivalents (209,251) (68,503)
Cash and cash equivalents 17 1,176,680 983,451
Current account facilities 20 (90,711) (48,740)
Total closing cash and cash equivalents 1,085,909 934,711

(*) The statement of cash flows for the first half of 2015 was restated to comply with IFRS 5 given the disposal scope of Todini Costruzioni Generali. The figures in this column do not include Lane acquired on 4 January 2016.