| (Values in €/000) | December 2013 | December2012 |
|---|---|---|
| NET PROFIT FOR THE PERIOD | 157,701 | 332,925 |
| Depreciation and amortisation | 60,323 | 47,998 |
| Impairment losses on receivables | 0 | 1,174 |
| Provision for risks and charges | 33,753 | 5,233 |
| Effects of valuation of investee companies | 35,653 | 0 |
| Change in deferred taxes | (10,693) | 3,986 |
| Change in inventories | (20,687) | (21,235) |
| Change in amounts due from/to clients | (15,413) | (140,097) |
| Change in trade receivables | (112,582) | (118,134) |
| Change in trade payables | 16,289 | 137,183 |
| Change in employee benefits | (5) | 86 |
| Change in tax receivables | (20,670) | (11,332) |
| Change in tax payables | 5,269 | (3,680) |
| Other current and non-current assets/liabilities | (533) | 32,334 |
| Non-current assets held for sale | 0 | 0 |
| NET CASH FLOW FROM OPERATING ACTIVITY | 389,829 | (32,150) |
| Net investment in tangible assets | (76,235) | (108,776) |
| Net investment in intangible assets | (143) | (133) |
| Equity investments | (975,600) | (186,235) |
| Loans to associate companies and other Group companies | 8 | (729) |
| Disposal of fixed assets | 1,152 | 0 |
| Impairment loss on tangible fixed assets | 0 | 0 |
| Receivables arising from concessions | 0 | 0 |
| Other changes | (627) | (5,107) |
| NET CASH FLOW GENERATED/(ABSORBED) BY INVESTING ACTIVITY | (1,051,445) | (300,980) |
| Net dividends paid | (12,979) | 0 |
| Change in financial payables (leasing + factoring) | 1,183 | 1,183 |
| Change in payables to banks | 659,089 | 171,378 |
| Other changes | 4,658 | (1,532) |
| NET CASH FLOW GENERATED/(ABSORBED) BY FINANCING ACTIVITY | 651,951 | 171,029 |
| TOTAL CASH FLOW | (9,666) | (162,101) |
| NET CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | 41,977 | 204,078 |
| NET CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 32,311 | 41,978 |
(*) Net of the consolidation change