(€’000)
| Note | 1st half 2016 | 1st 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.