Cash Flow Statement

(In Euro) 2016  2015
Pre-tax profit134,228,985128,014,402
Amortisation & depreciation of tangible & intangible assets58,054,75357,847,787
Net provisions (including employee provision)(1,386,811)(822,692)
Net financial charges17,778,64818,313,466
Investment income (charges)(4,587,127)(5,566,474)
AGCM penalty payment (excluding interest) 3,365,000
Enforcement of contract guarantees (2,200,000)
Other changes in non-cash items(3,583,839)(4,750,356)
Cash flow generated from operating activities before work. cap. changes200,504,609 194,201,133
Change in inventories:419,804600,719
Change in trade receivables & other receivables(2,867,411)33,680,011
Change in trade payables & other payables17,448,057(4,867,384)
Cash flow generated from changes in working capital15,000,450 29,413,346
Income taxes paid(66,121,028)(36,849,209)
AGCM penalty payment (including interest) (3,367,535)
Enforcement of contract guarantees 2,200,000
Cash flow generated from operating activities149,384,031 185,597,735
Investment in fixed assets:  
-intangible (*)(44,920,502)(65,912,880)
-financial (10)
Divestments of fixed assets:  
Dividends received2,934,8782,337,441
Capital contribution to SEA Handling in liquidation (16,448,274)
Cash flow absorbed from investing activity(55,264,376)(91,885,945)
Change in gross financial debt  
- net increases/(decreases) in short-term & medium/long-term debt(14,894,526)(4,023,181)
Increases/(decreases) in other financial liabilities(6,841,200)4,416,241
Dividends distributed(62,816,559)(50,915,940)
Interest & commissions paid(17,871,600)(18,723,454)
Interest paid31,658479,527
Cash flow absorbed from financing activity(102,392,227)(68,766,807)
Increase/(Decrease) in cash and cash equivalents(8,272,572)24,944,983
Cash and cash equivalents at beginning of year55,270,50630,325,523
Cash and cash equivalents at end of year46,997,93455,270,506

(*) 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).