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ENAV Group Consolidated Financial Statements

Consolidated statement of cash flows

Note 31.12.2015 31.12.2014

A -Cash and cash equivalents at the beginning of the year 15 118.253 94.301

Cash flows from operating activities 7e8 66.083 40.006
Net income for the year 19 146.715 156.364
Depreciation and amortization 9
Provisions for employee benefits (657) (600)
Changes due to exchange-rate effect 7e8 2.568 7
Impairment of property, plant and equipment and intangible assets 18 1.149
Net provisions for risks and charges 11 1.567 2.287
Net change in deferred tax assets and liabilities 14 2.004 (109)
(Increase)/decrease in inventories and work in progress 13 (163) (1.537)
Decrease/(increase) Current and non-current trade receivables (5.940)
Decrease/(increase) income tax assets and current tax liabilities and social security 12 e 23 (51)
liabilities 5.888 22.059
Change in other current assets and liabilities 15 e 22
Change in other non-current assets and liabilities 15 e 22 56.278 (26.249)
Increase/(decrease) Current and non-current trade payables (30.637)
21 2.106
B - Total cash flows from operating activities 19.851 (53.904)
264.706
of which taxes paid (25.265) (1.398)
of which interest paid 138.981
(3.465) (40.064)

(3.714)

Cash flows from investing activities 7 (96.008) (93.694)
Investments in property plant and equipment 8 (10.621) (9.874)
Investments in intangible assets (17.330) (5.073)
Increase/(decrease) in trade payables 9
Investments in other companies (4.691) (23.393)
(128.650) (132.034)
C -Total cash flows from investing activities

Cash flows from financing activities 20 0 295.159
Change in non current loans - proceeds 20 (40.667) (238.159)
Change in non current loans - repayments 20
Net change in non current financial liabilities 20 9.724 (1.649)
Issue of borrowings 180.000 0
Net change in short-term financial liabilities 10 (13.348)
(Increase)/decrease in current financial assets 17 (8.018)
(Increase)/decrease in non-current financial assets 17 0 0
Decrease in capital 199
Dividends paid (180.000) 607
(36.000) 0
D -Total cash flows from financing activities (80.092)
(31.501)
E - Total cash flows (B+C+D) 55.964 16.439
(76)
F- Exchange-rate difference on cash and cash equivalents 23.386
174.141 566
G- Cash and cash equivalents at the end of the year (A+E+F) 15
In thousands of euros 118.253

72 ENAV - Annual financial report 2015