| 2016 | 2015 | |||
|---|---|---|---|---|
| (In thousands of Euro) | TOTAL | of which Related Parties | TOTAL | of which Related Parties |
| Cash flow from operating activities | ||||
| Pre-tax profit | 141,037 | 134,718 | ||
| Adjustments: | ||||
| Amortisation & depreciation of tangible & intangible assets | 61,803 | 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 provision | 4,378 | (3,696) | ||
| Net financial charges | 18,804 | 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 inventories | 465 | 628 | ||
| Change in trade receivables & other receivables | (5,461) | 3,315 | 37,393 | (1,302) |
| Change in other non-current assets | 33 | (1) | ||
| Change in trade payables & other payables | 14,519 | 520 | (6,339) | 389 |
| Cash generated/(absorbed) from changes in working capital of Discontinued Operations | 2,151 | (19,239) | ||
| Cash flow generated from changes in working capital | 11,707 | 3,835 | 12,442 | (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 Operations | 849 | 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 | ||||
| -tangible | 1,647 | |||
| - fianncial | 70 | |||
| Dividends received | 2,935 | 2,935 | 2,337 | 2,337 |
| Cash generated/(absorbed) from investing activities of Discontinued Operations | 301 | 5,414 | ||
| Cash flow absorbed by investing activities | (61,778) | 2,935 | (75,511) | 2,337 |
| Inventory | 9 | |||
| Current trade and other receivables | 644 | |||
| Current trade and other payables | (842) | |||
| Risk and post-employment provisions | (592) | |||
| Intangible assets | 2 | |||
| Tangible assets | 122 | |||
| Non-current assets net of non-current liabilities | 23 | |||
| Deferred tax assets | 150 | |||
| Financial debt | 767 | |||
| Added value collected compared to shareholders' equity | 872 | |||
| Cash flow from the sales transaction of 60% of Prime AviationServices SpA | 1,155 | 0 | 0 | 0 |
| 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 paid | 33 | 484 | ||
| Cash generated/(absorbed) from financing activities of Discontinued Operations | 0 | 0 | ||
| Cash flow absorbed by financing activities | (97,681) | (75,392) | ||
| Increase/(decrease) in cash and cash equivalents | (5,587) | 6,770 | 30,487 | 1,424 |
| Cash and cash equivalents at beginning of period | 62,001 | 31,514 | ||
| Cash and cash equivalents at period-end | 56,414 | 62,001 | ||
| - of which, cash and cash equivalents included under Discontinued Operations | 9,178 | 6,499 | ||
| Cash and cash equivalents at year-end reported in the accounts | 47,236 | 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).