Page 74 - ENAV eng_Relazione_Finanziaria_Annuale_2014

72 ENAV – 2014 Financial Statements

Consolidated statement of cash flows

A - Cash and cash equivalents at the beginning of the year 2014 2013
Cash flows from operating activities 94,301 53,967
Net income for the year
Depreciation and amortization 40,006 49,568
Net change in liabilities for employee benefits 156,364 150,542
Change in reserves (4,633)
Losses from the disposal of property. plant and equipment 6,394
Impairment of property. plant and equipment and intangible assets (16,291) 1,255
Allocations to/releases of provisions for risks and charges 0
Net change in deferred tax assets and liabilities 18
(Increase)/decrease in inventories and work in progress 2,269 16,099
(Increase)/decrease in current trade receivables (109) (3,468)
(Increase)/decrease in non-current trade receivables (2,766)
(Increase)/decrease in tax receivables 758
Change in other current assets and liabilities (51) 1,560
Change in other non-current assets and liabilities 55,666 101,288
Increase/(decrease) in trade payables (33,607) (11,855)
Increase/(decrease) in tax and social security payables (26,376) 5,410
B - Total cash from operating activities (13,765)
2,106 (98)
of which taxes paid (38,071) (53,142)
of which interest paid (1,826)
Cash flows from investing activities (1,398) 237,693
Investments in property. plant and equipment 127 (46,792)
Investments in intangible assets (5,629)
Increase/(decrease) in trade payables 144,281
Investments in other companies (40,064) (84,126)
C - Total cash used in investing activities (37,650)
Cash flows from financing activities (3,714)
Disbursement/(repayment) of medium/long-term loans 27,710
Net change in long-term financial liabilities (93,694) 0
Net change in short-term financial liabilities (9,874)
(Increase)/decrease in current financial assets (5,073) (94,066)
(Increase)/decrease in assets held for sale
(Increase)/decrease in non-current financial assets (26,265) (30,000)
Payment of dividends (134,906) 31,758
D - Total cash from/(used in) financing activities
E - Total cash flows (B+C+D) 57,000 (92,721)
F - Cash and cash equivalents at the end of the year (A+E) (1,649) 1,063
(8,018) 1,607
In thousands of euros (1,480) 0

0 (15,000)
225 (103,293)
(31,501)
14,577 40,334
23,952 94,301
118,253