| (€’000) | Note | 2015 | 2014 |
|---|---|---|---|
| Cash and cash equivalents | 18 | 1,030,925 | 1,127,276 |
| Current account facilities | 21 | (27,711) | (126,624) |
| Total opening cash and cash equivalents | 1,003,214 | 1,000,652 | |
| Operating activities | |||
| Profit from continuing operations | 98,803 | 72,567 | |
| Amortisation of intangible assets | 34 | 24,563 | 29,441 |
| Depreciation of property, plant and equipment | 34 | 189,291 | 153,456 |
| Net impairment losses and provisions | 34 | 22,784 | 2,430 |
| Accrual for post-employment benefits and employee benefits | 34 | 15,443 | 15,561 |
| Net gains (losses) on the sale of assets | 819 | - | |
| Deferred taxes | 37 | 33,436 | 12,492 |
| Share of loss of equity-accounted investees | 36 | (412) | (8,452) |
| Income taxes | 51,141 | 27,115 | |
| Net interest paid during the year | 78,153 | 34,399 | |
| Impairment losses on available-for-sale financial assets | 36 | ||
| Other non-monetary items, including financing costs and exchange rate gains (losses) | 14,081 | 93,418 | |
| Cash flows generated by operating activities | 528,102 | 432,427 | |
| Increase in inventories | (407,531) | (116,305) | |
| Decrease in trade receivables | 213,505 | 82,314 | |
| Decrease (increase) in intragroup loans and receivables | |||
| Decrease in progress payments and advances from customers | (94,658) | (15,547) | |
| Decrease in trade payables | 160,668 | (44,090) | |
| (Decrease) increase in intragroup payables | |||
| Decrease (increase) in other assets/liabilities | 205,779 | (154,617) | |
| Total changes in working capital | 77,763 | (248,245) | |
| Decrease (increase) in other items not included in working capital | (90,358) | 13,506 | |
| Interest expense paid | (64,699) | (9,115) | |
| Income taxes | (24,925) | (51,023) | |
| Cash flows generated by operating activities | 425,883 | 137,550 | |
| Investing activities | |||
| Net investments in intangible assets | 8 | (62,815) | (36,552) |
| Acquisitions, net of cash acquired | |||
| Investments in property, plant and equipment | 7 | (215,386) | (270,236) |
| Proceeds from the sale or reimbursement value of property, plant and equipment | 36,587 | 23,058 | |
| Investments in non-current financial assets and capital transactions | 9 | (37,412) | (96,459) |
| Dividends and capital repayments from equity-accounted investees | 9 | 925 | 549.00 |
| Proceeds from the sale or reimbursement value of non-current financial assets | (704) | (130) | |
| Cash flows used in investing activities | (278,805) | (379,770) | |
| Financing activities | |||
| Share capital increase | 20 | 161,640 | |
| Dividends distributed | (22,921) | (420) | |
| Capital injection by non-controlling interests in subsidiaries | 11,295 | ||
| Repurchase of treasury shares | (7,677) | ||
| Assignment of shares under LTI plan | 138 | ||
| Increase in bank and other loans | 1,537,498 | 529,856 | |
| Decrease in bank and other loans | (1,229,818) | (756,445) | |
| Change in other financial assets/liabilities | (353,071) | 99,324 | |
| Change in consolidation scope | 146,701 | 36,875 | |
| Cash flows generated by financing activities | 89,822 | 63,153 | |
| Net cash flows from discontinued operations | 19 | 4,676 | 84,580 |
| Net exchange rate gains on cash and cash equivalents | 50,370 | 97,049 | |
| Increase in cash and cash equivalents | 291,946 | 2,562 | |
| Cash and cash equivalents | 18 | 1,410,775 | 1,030,925 |
| Current account facilities | 21 | (115,615) | (27,711) |
| Total closing cash and cash equivalents | 1,295,160 | 1,003,214 |
(*) The 2014 statement of cash flows was restated to comply with IFRS 5 given the new disposal scope of Todini Costruzioni Generali Group.