Consolidated cash flow statement
| € thousand | 31/12/2022 | Of which related parties |
31/12/2021 | Of which related parties |
Change |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Profit before tax | 497,937 | 503,002 | (5,065) | ||
| Depreciation/amortisation and impairment losses |
594,636 | 546,626 | 48,010 | ||
| Revaluations/Impairment charges | 67,680 | 57,360 | 10,320 | ||
| Increase/(decrease) in provisions for liabilities | 14,167 | (3,706) | 17,873 | ||
| Net change in the provision for employee benefits |
(19,158) | (7,004) | (12,154) | ||
| Net financial interest | 85,708 | 85,897 | (189) | ||
| Income taxes paid | (178,506) | (180,117) | 1,611 | ||
| Cash flow generated by operating activities before changes in working capital | 1,062,464 | 0 | 1,002,058 | 0 | 60,406 |
| Increase/Decrease in receivables included in current assets | (247,714) | (35,924) | (184,891) | (14,707) | (62,824) |
| Increase/Decrease in payables included in the working capital | 137,721 | 10,522 | 68,010 | 58,974 | 24,111 |
| Increase/Decrease in inventories | (15,497) | 7,209 | (22,707) | ||
| Change in working capital | (125,490) | (25,401) | (109,672) | 44,267 | (61,419) |
| Change in other assets/liabilities during the period | (210,271) | (136,125) | (28,447) | ||
| Cash flow from operations of Disposal Groups/Assets held for sale | 0 | 3,259 | (3,259) | ||
| Total cash flow from operating activities | 726,703 | (25,401) | 759,521 | 44,267 | (32,719) |
| Cash flow from investment activities | |||||
| Purchase/sale of tangible fixed assets | (350,085) | (626,507) | 276,422 | ||
| Purchase/sale of intangible fixed assets | (700,218) | (354,759) | (345,458) | ||
| Equity investments | 110,108 | (90,048) | 200,058 | ||
| Collections/payments deriving from other financial investments | 44,819 | (10,586) | 1,340 | (100) | 43,479 |
| Dividends received | 3,381 | 3,381 | 7,423 | 6,915 | (4,041) |
| Interest income received | 29,243 | 14,511 | 14,732 | ||
| Cash flow from investments of Disposal Groups/Assets held for sale | 0 | (3,189) | 3,189 | ||
| TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES | (862,752) | (7,205) | (1,051,231) | 6,815 | 188,381 |
| Cash flow from financing activities | |||||
| Repayment of mortgages and medium/long-term borrowings | (73,287) | (233,995) | 160,708 | ||
| Provision of mortgages/other medium/long-term loans | 250,000 | 902,500 | (652,500) | ||
| Decrease/Increase in other financial debts | 92,441 | 9,359 | (146,968) | 259,963 | 239,409 |
| Interest expense paid | (114,121) | (100,752) | (13,370) | ||
| Dividends paid | (146,238) | (146,238) | (96,743) | (131,833) | (49,495) |
| Cash flow from loans of Disposal Groups/Assets held for sale | 0 | 0 | 0 | ||
| TOTAL CASH FLOW FROM FINANCING ACTIVITIES | 8,795 | (136,879) | 324,042 | 128,130 | (315,247) |
| Cash flow for the period | (127,254) | (169,485) | 32,332 | 179,212 | (159,586) |
| Net opening balance of cash and cash equivalents | 680,820 | 642,209 | 38,611 | ||
| Cash availability from acquisition | 6,342 | 18,652 | (12,310) | ||
| Net closing balance of cash and cash equivalents | 559,908 | 693,193 | (133,285) | ||
| Cash and cash equivalents at the end of the year Disposal Groups/Assets held for sale | 0 | 12,374 | (12,374) | ||
| Cash and cash equivalents at the end of the year Continuing Operations | 559,908 | 680,820 | (120,912) |