| (€/000) | December 2013 | December 2012 |
|---|---|---|
| NET PROFIT/(LOSS) | 157,701 | 332,925 |
| Depreciation and amortisation | 152,514 | 81,800 |
| Provision for risks and charges | 1,895 | 5,972 |
| Effects of valuation of investee companies | (203,736) | (275,450) |
| Change in deferred taxes | (15,689) | 12,436 |
| Change in inventories | (16,149) | (22,189) |
| Change in amounts due from/to clients | (59,057) | (248,916) |
| Change in trade receivables | (253,977) | 16,894 |
| Change in trade payables | 43,556 | 82,933 |
| Change in employee benefits | 466 | 605 |
| Change in tax receivables | (34,349) | (16,774) |
| Change in tax payables | 27,019 | 2,442 |
| Other current and non-current assets/liabilities | 21,784 | 11,130 |
| Non-current assets held for sale | 85,403 | 0 |
| NET CASH FLOW FROM OPERATING ACTIVITY | (92,619) | (16,192) |
| Net investment in tangible assets | (151,376) | (165,229) |
| Net investment in intangible assets | (18,142) | (537) |
| Acquisition of equity investments* | 267,942 | (175,539) |
| Loans to associate companies and other Group companies | (155,352) | (91) |
| Disposal of fixed assets | 66,034 | 2,841 |
| Impairment loss on tangible fixed assets | 0 | 0 |
| Receivables arising from concessions | 0 | (655) |
| Other changes | 36,984 | 3,565 |
| NET CASH FLOW GENERATED/(ABSORBED) BY INVESTING ACTIVITY | 46,090 | (335,645) |
| Net dividends paid | (12,979) | 0 |
| Change in financial payables (leasing + factoring) | 27,521 | 30,213 |
| Change in payables to banks | 720,971 | 205,952 |
| Other changes | (10,966) | 419 |
| NET CASH FLOW GENERATED/(ABSORBED) BY FINANCING ACTIVITY | 724,547 | 236,584 |
| TOTAL CASH FLOW | 678,018 | (115,253) |
| NET CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 321,811 | 437,064 |
| NET CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 999,829 | 321,811 |
* Net of the consolidation change