| (Euro thousands) | 2017 | of which related parties | 2016 | of which related parties |
|---|---|---|---|---|
| Cash flow from operating activities | ||||
| Pre-tax profit | 118,116 | 141,037 | ||
| Adjustments: | ||||
| Amortisation. depreciation and write-downs | 69,296 | 61,803 | ||
| Net change in provisions (excl. employee provision) | (2,557) | (2,721) | ||
| Changes in employee provisions | (2,016) | (1,079) | ||
| Net changes in doubtful debt provision | 27,248 | 4,378 | ||
| Write-down of other financial assets | 3,476 | - | ||
| Net financial charges | 17,909 | 18,804 | ||
| Investment income/charges | (8,135) | (9,842) | ||
| Anti-trust penalty (exc. interest portion) | (2,429) | - | ||
| Other non-cash items | 15,289 | (3,547) | ||
| Cash generated (absorbed) from operating activities before changes in working capital of discontinued operations | 1,556 | (622) | ||
| Cash flow from operating activities before changes in working capital | 237,753 | 208,211 | ||
| Change in inventories | (102) | 465 | ||
| Change in trade and other receivables | (42,579) | (1,897) | (5,461) | 3,315 |
| Change in other non-current assets | 28 | 33 | ||
| Change in trade and other payables | 5,614 | 1,054 | 14,519 | 520 |
| Cash generated (absorbed) from changes in working capital of discontinued operations | 2,151 | |||
| Cash flow from changes in working capital | (37,039) | (843) | 11,707 | 3,835 |
| Income taxes paid | (39,307) | (68,050) | ||
| Cash generated (absorbed) from operating activities of discontinued operations | 849 | |||
| Cash flow from operating activities | 161,407 | (843) | 152,717 | 3,835 |
| Investments in fixed assets: | ||||
| - intangible assets (*) | (34,772) | (47,138) | ||
| - tangible assets | (35,770) | (19,523) | ||
| Divestments from fixed assets: | ||||
| - tangible assets | 107 | 1,647 | ||
| Dividends received | 7,801 | 7,801 | 2,935 | 2,935 |
| Cash generated (absorbed) from investing activities of discontinued operations | (798) | 301 | ||
| Cash flow absorbed from investing activities | (63,432) | 7,801 | (61,778) | 2,935 |
| Inventories | 9 | |||
| Trade receivables and other current assets | 644 | |||
| Trade payables and other current liabilities | (842) | |||
| Risk provisions and post-employment benefits | (592) | |||
| Intangible assets | 2 | |||
| Property, plant & equipment | 122 | |||
| Non-current assets, net of non-current liabilities | 23 | |||
| Deferred tax assets | 150 | |||
| Financial debt | 767 | |||
| Gain on amount collected over net equity | 872 | |||
| Cash flow from operation for sale of 60% of Prime AviationServices SpA | 0 | 0 | 1,155 | 0 |
| Change in gross financial debt | ||||
| - increase/(decrease) of short & medium-term debt | 289 | (16,122) | ||
| Changes in other financial assets/liabilities | (28) | (1,587) | ||
| Change in shareholders' equity | (250) | |||
| Dividends distributed | (70,307) | (62,817) | ||
| Interest and commissions paid | (16,908) | (17,188) | ||
| Interest received | 9 | 33 | ||
| Cash generated (absorbed) from financing activities of discontinued operations | - | - | ||
| Cash flow absorbed from financing activities | (87,195) | (97,681) | ||
| Increase/(decrease) in cash and cash equivalents | 10,780 | 6,958 | (5,587) | 6,770 |
| Opening cash and cash equivalents | 56,414 | 62,001 | ||
| Closing cash and cash equivalents | 67,194 | 56,414 | ||
| - of which cash and cash equivalents of discontinued operations | 0 | 9,178 | ||
| Cash and cash equivalents at year-end reported in financial statements | 67,194 | 47,236 |
(*) The investments in intangible assets are net of the utilisation of the restoration provision, which in 2017 amounted to Euro 12,855 thousand (Euro 16,386 thousand in 2016).