Consolidated cash flow statement
| € thousand | 31/12/2023 | Related parties | 31/12/2022 | Related parties | Change |
|---|---|---|---|---|---|
| Profit before tax | 475,198 | 0 | 497,937 | 0 | (22,739) |
| Depreciation/amortisation and impairment losses |
651,827 | 0 | 594,636 | 0 | 57,191 |
| Profit/(Loss) on equity investments | (13,794) | 0 | (45,690) | 0 | 31,896 |
| Changes in provisions for risks and charges |
8,099 | 0 | (11,345) | 0 | 19,443 |
| Net change in the provision for employee benefits |
(1,463) | 0 | (182) | 0 | (1,280) |
| Net financial income/(charges) | 132,055 | 0 | 84,384 | 0 | 47,670 |
| Cash flow from operating activities before changes in net working capital | 1,251,922 | 0 | 1,119,740 | 0 | 132,182 |
| Provision for doubtful accounts | 86,487 | 0 | 113,370 | 0 | (26,883) |
| Increase/Decrease in receivables included in current assets | (24,004) | (4,558) | (312,114) | (35,924) | 288,110 |
| Increase/Decrease in payables included in the working capital | (84,485) | (33,324) | 196,983 | 10,522 | (281,469) |
| Increase/Decrease in inventories | 6,665 | 0 | (15,497) | 0 | 22,162 |
| Income taxes paid | (148,185) | 0 | (178,506) | 0 | 30,321 |
| Change in working capital | (163,522) | (37,881) | (195,764) | (25,401) | 32,241 |
| Change in other assets/liabilities during the period | 22,520 | 0 | (44,934) | 0 | 67,453 |
| Cash flow from operations of Disposal Groups/Assets held for sale | 0 | 0 | 0 | 0 | 0 |
| Cash flow from operating activities | 1,110,919 | (37,881) | 879,042 | (25,401) | 231,877 |
| Investments in tangible and intangible assets | (1,142,690) | 0 | (1,050,303) | 0 | (92,387) |
| Investments in investees, subsidiaries and business units | (67,983) | 0 | 45,863 | 0 | (113,846) |
| Collections/payments deriving from other financial investments | (133,487) | 6,919 | 44,844 | (10,586) | (178,330) |
| Dividends received | 5,567 | 5,567 | 3,381 | 3,381 | 2,186 |
| Interest income received | 39,252 | 0 | 25,962 | 0 | 13,290 |
| Cash flow from investments of Disposal Groups/Assets held for sale | 0 | 0 | 0 | 0 | 0 |
| TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES | (1,299,341) | 12,486 | (930,253) | (7,205) | (369,088) |
| New issues of long-term financial debt | 700,000 | 0 | 250,000 | 0 | 450,000 |
| Repayment of financial payables | (377,978) | 0 | (73,287) | 0 | (304,690) |
| Decrease/Increase in other financial debts | (22,827) | 2,783 | (2,546) | 9,359 | (20,281) |
| Interest expense paid | (166,090) | 0 | (103,972) | 0 | (62,118) |
| Dividends paid | (145,213) | (145,213) | (146,238) | (146,238) | 1,025 |
| Cash flow from loans of Disposal Groups/Assets held for sale | 0 | 0 | 0 | 0 | 0 |
| TOTAL CASH FLOW FROM FINANCING ACTIVITIES | (12,107) | (142,429) | (76,043) | (136,879) | 63,936 |
| CASH FLOW FOR THE PERIOD | (200,529) | (167,825) | (127,254) | (169,485) | (73,275) |
| Net opening balance of cash and cash equivalents | 559,908 | 680,820 | (120,912) | ||
| Cash availability from acquisition | 0 | 6,342 | (6,342) | ||
| Net closing balance of cash and cash equivalents |
359,379 | 559,908 | (200,529) | ||
| Cash and cash equivalents at the end of the year Disposal Groups/Assets held for sale |
0 | 0 | 0 | ||
| Cash and cash equivalents at the end of the year Continuing Operations |
359,379 | 559,908 | (200,529) |