Page 166 - ENAV eng_Relazione_Finanziaria_Annuale_2014

164 ENAV – 2014 Financial Statements

Statement of cash flows 2014 2013
92,344 52,764
A - Cash and cash equivalents at the beginning of the year
Cash flows from operating activities 38,827 51,180
Net income for the year 157,005 150,380
Depreciation and amortization (3,206)
Net change in liabilities for employee benefits 4,963 (24,982)
Change in reserves (18,465)
Losses from the disposal of property, plant and equipment 0
Impairment of property, plant and equipment and intangible assets 18 6,753
Allocations to/releases of provisions for risks and charges 2,269 (4,369)
Net change in deferred tax assets and liabilities (415) 1,638
(Increase)/decrease in inventories and work in progress (1,555) 1,528
(Increase)/decrease in current trade receivables 96,874
(Increase)/decrease in non-current trade receivables (31) (12,669)
(Increase)/decrease in tax receivables 55,344 5,608
Change in other current assets and liabilities (33,607) (12,409)
Change in other non-current assets and liabilities (25,261) (98)
Increase/(decrease) in trade payables (12,277)
Increase/(decrease) in tax and social security payables 1,900 (2,001)
B - Total cash from operating activities (38,071) 241,950
(44,258)
of which taxes paid (5,221) (5,528)
of which interest paid (27)
Cash flows from investing activities (75,975)
Investments in property, plant and equipment 137,673 (14,098)
Investments in intangible assets (36,689) (17,913)
Increase/(decrease) in trade payables
Investments in other companies (3,676) (127)
C - Total cash used in investing activities (108,113)
Cash flows from financing activities (96,946)
Disbursement/(repayment) of medium/long-term loans (9,487) (30,000)
Net change in long-term financial liabilities (5,073) 27,349
Net change in short-term financial liabilities
(Increase)/decrease in current financial assets (28,084) (78,213)
(Increase)/decrease in assets held for sale (139,590) 0
(Increase)/decrease in non-current financial assets
Payment of dividends 57,000 1,607
D - Total cash from/(used in) financing activities (1,649) 0
E - Total cash flows (B+C+D) (1,325)
F - Cash and cash equivalents at the end of the year (a+e) (1,480) (15,000)
(94,257)
0
In thousands of euros (383) 39,580
(31,501) 92,344
20,662
18,745
111,089