| (Euro) | 2017 | 2016 |
|---|---|---|
| Pre-tax profit | 110,322,589 | 134,228,985 |
| Adjustments: | ||
| Amortisation. depreciation and write-downs | 65,480,105 | 58,054,753 |
| Net accruals to provisions & write-downs (including personnel provision) | 22,568,726 | (1,386,811) |
| Write-down of other financial assets | 3,476,367 | |
| Net financial charges | 17,075,558 | 17,778,648 |
| Investment charges (income) | (7,680,099) | (4,587,127) |
| Repay, Anti-trust (exc, interest portion) | (2,428,680) | |
| Other non-cash items | 15,381,230 | (3,583,839) |
| Cash flow from operating activities before changes in working capital | 224,195,796 | 200,504,609 |
| Change in inventories | (99,925) | 419,804 |
| Change in trade and other receivables | (51,336,019) | (2,867,411) |
| Change in trade and other payables | 731,083 | 17,448,057 |
| Cash flow from changes in working capital | (50,704,861) | 15,000,450 |
| Income taxes paid | (37,963,420) | (66,121,028) |
| Cash flow from operating activities | 135,527,515 | 149,384,031 |
| Investments in fixed assets: | ||
| - intangible assets (*) | (30,843,852) | (44,920,502) |
| - tangible assets | (32,268,400) | (14,926,236) |
| - financial assets | (250,500) | |
| Divestments from fixed assets: | ||
| - tangible assets | 98,479 | 1,647,454 |
| - financial assets | 30 | |
| Dividends received | 7,801,363 | 2,934,878 |
| Receipt from liquidation of SEA Handling SpA in liquidation | 8,405,236 | |
| Receipt from liquidation of Consorzio Malpensa Construction in liquidation | 93,196 | |
| Cash flow from investing activities | (46,964,478) | (55,264,376) |
| Change in gross financial debt | ||
| - net increase short & medium-long term debt | 288,394 | (14,894,526) |
| Net increase / (decrease) in other financial assets and liabilities | 18,325,093 | (6,841,200) |
| Dividends distributed | (70,307,263) | (62,816,559) |
| Interest and commissions paid | (16,747,163) | (17,871,600) |
| Interest received | 8,718 | 31,658 |
| Cash flow from financing activities | (68,432,221) | (102,392,227) |
| Increase/(decrease) in cash and cash equivalents | 20,130,816 | (8,272,572) |
| Opening cash and cash equivalents | 46,997,934 | 55,270,506 |
| Closing cash and cash equivalents | 67,128,750 | 46,997,934 |
(*) The investments in intangible assets are net of the utilisation of the restoration provision, which in 2017 amounted to Euro 12,808 thousand (Euro 16,386 thousand in 2016).