Consolidated Cash Flow Statement

(In thousands of Euro)TOTALof which Related PartiesTOTALof which Related Parties
Cash flow from operating activities    
Pre-tax profit141,037 134,718 
Amortisation & depreciation of tangible & intangible assets61,803 61,615 
Net change in provisions (ex. employee provisions(2,721) 4,027 
Net employee provisions(1,079) (1,202) 
Net change in doubtful debt provision4,378 (3,696) 
Net financial charges18,804 19,073 
Investment income(9,842) (7,723) 
AGCM penalty payment (excluding interest)  3,365 
Enforcement of contract guarantees  (2,200) 
Other changes in non-cash items(3,547) (4,870) 
Cash generated/(absorbed) from operating activities before working capital changes of Discontinued Operations(622) (210) 
Cash flow generated from operating activities before changes in working capital 208,211  202,897 
Change in inventories465 628 
Change in trade receivables & other receivables(5,461)3,31537,393(1,302)
Change in other non-current assets33 (1) 
Change in trade payables & other payables14,519520(6,339)389
Cash generated/(absorbed) from changes in working capital of Discontinued Operations2,151 (19,239) 
Cash flow generated from changes in working capital11,7073,83512,442(913)
Income taxes paid(68,050) (37,987) 
AGCM penalty payment (including interest)  (3,368) 
Enforcement of contract guarantees  2,200 
Cash generated/(absorbed) of operating activities from Discontinued Operations849 5,206 
Cash flow generated from operating activities 152,717 3,835 181,390(913)
Investment in fixed assets:    
- intangible (*)(47,138) (65,775) 
- tangible(19,523) (17,557) 
Divestments of fixed assets    
- fianncial  70 
Dividends received2,9352,9352,3372,337
Cash generated/(absorbed) from investing activities of Discontinued Operations301 5,414 
Cash flow absorbed by investing activities(61,778)2,935(75,511)2,337
Current trade and other receivables644   
Current trade and other payables(842)   
Risk and post-employment provisions(592)   
Intangible assets2   
Tangible assets122   
Non-current assets net of non-current liabilities23   
Deferred tax assets150   
Financial debt767   
Added value collected compared to shareholders' equity872   
Cash flow from the sales transaction of 60% of Prime AviationServices SpA1,155000
Change in gross financial debt:    
- increases / (decreases) in short-term and medium/long-term debt(16,122) (3,814) 
Changes in financial assets/liabilities(1,587) (2,439) 
Dividends distributed(62,817) (50,916) 
Interest and commissions paid(17,188) (18,707) 
Interest paid33 484 
Cash generated/(absorbed) from financing activities of Discontinued Operations0 0 
Cash flow absorbed by financing activities(97,681) (75,392) 
Increase/(decrease) in cash and cash equivalents(5,587)6,77030,4871,424
Cash and cash equivalents at beginning of period62,001 31,514 
Cash and cash equivalents at period-end56,414 62,001 
- of which, cash and cash equivalents included under Discontinued Operations9,178 6,499 
Cash and cash equivalents at year-end reported in the accounts47,236 55,502 

* The investments in intangible assets are net of the utilisation of the restoration provision, which in 2016 amounted to Euro 16,386 thousand (Euro 12,218 thousand in 2015).