| (in thousands of Euro) | 2016 | 2015 |
|---|---|---|
| Cash flows from operating activities | ||
|
Net result |
9,336 | 1,120 |
|
Adjustments: |
||
|
non-controlling interests |
4,659 | 3,931 |
|
depreciation, amortization and writedowns |
78,569 | 64,751 |
|
expenses recognised for share-based incentive plans |
248 | 642 |
|
expenses recognised for phantom stock options plans |
- | 8 |
|
payments of phantom stock options |
- | - |
|
exchange rate differences on private placement |
3,467 | 10,910 |
|
(not paid) interest expense on bonds |
3,466 | 3,150 |
|
provision in income statement of fair value derivatives in cash flow hedge |
(4,410) | (10,510) |
|
change in fair value of the call option (Embedded derivative) |
- | (1,450) |
|
losses/(gains) on disposal of fixed assets and non-current assets held for sale |
(698) | (1,597) |
|
losses/(gains) on sale of equity investments in associates and joint ventures |
- | - |
|
provisions for risks, restructuring and deferred taxes |
16,154 | (16,350) |
|
post-retirement and other employee benefits |
132 | (717) |
|
change in net working capital |
(2,057) | (4,199) |
|
other medium/long-term assets/liabilities |
14,542 | 1,896 |
| CASH FLOWS FROM OPERATING ACTIVITIES | 123,408 | 51,585 |
| INVESTING ACTIVITIES | ||
| Purchase of property, plant and equipment | (58,763) | (51,266) |
| Purchase of intangible assets | (30,298) | (30,377) |
| Net change in other securities | 17 | 3,005 |
| Sale of subsidiaries (net of cash and cash equivalents) and associates | - | - |
| Sale of property, plant and equipment | 970 | 1,857 |
| Sale of intangible assets | 59 | 768 |
| NET CASH FLOWS FROM INVESTING ACTIVITIES | (88,015) | (76,013) |
| FINANCING ACTIVITIES | ||
| Capital increase in subsidiaries from third parties | 173 | 82 |
| Net change in capital | 766 | 145 |
| Net purchase of treasury shares | - | - |
| Dividends paid to Holding Company shareholders and non-controlling interests | (8,230) | (4,341) |
| New (repayment of) bonds | - | - |
| New (repayment of) long-term loans | (46,638) | 17,933 |
| New (repayment of) finance leases | 1,384 | 1,239 |
| NET CASH FLOWS FROM FINANCING ACTIVITIES | (52,545) | 15,058 |
| (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (17,152) | (9,370) |
| Balance at the beginning of the period | 104,050 | 110,606 |
| (Decrease) increase in cash and cash equivalents | (17,152) | (9,370) |
| Exchange differences | (4,242) | 2,814 |
| BALANCE AT THE END OF THE PERIOD | 82,656 | 104,050 |
| ADDITIONAL INFORMATION OF CASH FLOW STATEMENT | ||
| Taxes paid | (13,523) | (14,657) |
| Financial expenses paid | (28,969) | (30,405) |
| Financial income collected | 3,852 | 1,806 |
NB: this table shows the elements that bring about the change in cash and cash equivalents, as expressly required by IAS 7 (in particular the net balance between “Cash and cash equivalents” and “Bank overdrafts and short-term loans” included bank overdrafts repayable on demand). The cash flow statement included in the Report of the board of directors on operations shows the various operational components of cash flow, thereby explaining all of the changes in the overall net financial position.