| (In Euro) | 2016 | 2015 |
|---|---|---|
| Pre-tax profit | 134,228,985 | 128,014,402 |
| Adjustments: | ||
| Amortisation & depreciation of tangible & intangible assets | 58,054,753 | 57,847,787 |
| Net provisions (including employee provision) | (1,386,811) | (822,692) |
| Net financial charges | 17,778,648 | 18,313,466 |
| 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. changes | 200,504,609 | 194,201,133 |
| Change in inventories: | 419,804 | 600,719 |
| Change in trade receivables & other receivables | (2,867,411) | 33,680,011 |
| Change in trade payables & other payables | 17,448,057 | (4,867,384) |
| Cash flow generated from changes in working capital | 15,000,450 | 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 activities | 149,384,031 | 185,597,735 |
| Investment in fixed assets: | ||
| -intangible (*) | (44,920,502) | (65,912,880) |
| -tangible | (14,926,236) | (11,932,460) |
| -financial | (10) | |
| Divestments of fixed assets: | ||
| -tangible | 1,647,454 | 70,238 |
| -financial | 30 | |
| Dividends received | 2,934,878 | 2,337,441 |
| 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 paid | 31,658 | 479,527 |
| 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 year | 55,270,506 | 30,325,523 |
| Cash and cash equivalents at end of year | 46,997,934 | 55,270,506 |
(*) 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).