68 2016 ANNUAL REPORT 2016 ANNUAL REPORT 69

GOVERNANCE AND RESULTSGOVERNANCE AND RESULTS

CONSOLIDATED STATEMENT OF BALANCE SHEET

CONSOLIDATED STATEMENT OF CASH FLOWS

In thousands of euro December 31, 2016 December 31, 2015 Intangible assets 434,163 433,707

Property, plant and equipment 928,558 882,520

Other financial assets 30,823 31,022 Investments in associates 118,417 126,344

Non-current derivative financial instruments 18,253 17,126 Deferred tax assets 33,368 26,076 TOTAL NON-CURRENT ASSETS 1,563,582 1,516,795

Inventories and work in progress 462,461 429,071 Trade and other receivables 797,047 790,321

Tax receivable 36,469 24,619

Current derivative financial instruments 6,948 3,657 Other current financial assets 12,466 18,394 Cash and cash equivalents 430,824 371,088 TOTAL CURRENT ASSETS 1,746,215 1,637,150

Assets held for sale or relating to discontinued operations 938 948 TOTAL ASSETS 3,310,735 3,154,893

ASSETS

In thousands of euro December 31, 2016 December 31, 2015 Paid-in capital 86,956 94,165

Reserves -12,835 -23,901

Retained earnings 1,186,253 1,100,881

GROUP SHARE OF EQUITY 1,260,374 1,171,145 Non-controlling interests 101,312 99,731

TOTAL EQUITY 1,361,686 1,270,876 Provisions 110,609 106,540

Non-current financial borrowings 196,573 193,439 Other non-current liabilities 36,204 28,401

Non-current derivative financial instruments 6,559 6,847 Deferred tax liabilities 52,579 56,698 TOTAL NON-CURRENT LIABILITIES 402,524 391,925

Trade and other payables 932,687 892,460 Tax payable 14,652 12,130

Current derivative financial instruments 3,793 1,193 Bank borrowings 595,347 585,846 TOTAL CURRENT LIABILITIES 1,546,479 1,491,629

Liabilities held for sale or relating to discontinued operations 46 463 TOTAL LIABILITIES 1,949,049 1,884,017 TOTAL EQUITY AND LIABILITIES 3,310,735 3,154,893

EQUITY AND LIABILITIES

In thousands of euro 12 months

2016 2015

Net income from discontinued operations or in process of sale 41

Net income from continuing operations 111,947 62,020

Income tax expense 47,693 39,203

Depreciation and amortization 125,267 119,372

Gains and losses on disposal of assets 1,959 15,532

Group share of results of associates -6,715 -8,936

Net financial expense 11,517 20,166

Other non-cash income and expense 10,842 5,150

Gross operating margin 302,510 252,507

Interest paid -20,018 -28,304

Interest received 8,869 8,072

Income tax paid -64,480 -39,596

Change in working capital -10,788 42,078

Net cash flow from operating activities for continuing operations 216,093 234,757

Net cash flow from operating activities for discontinued operations or in process of sale

- 19

NET CASH FLOW FROM OPERATING ACTIVITIES 216,093 234,738

Acquisition of subsidiaries, operating units and and non-controlling interests

- 55,890

Disposal of businesses net of the cash transferred 13,564 44,364

Purchase of tangible and intangible non-current assets -180,323 -157,671

Proceeds from disposal of assets 13,576 2,775

Acquisition/disposal of financial assets and changes in other current financial assets

3,391 6,057

Dividends received (including dividends received from associates ) 1,272 13,777

Net cash flow from investment associated with continuing operations -148,517 -146,588

Net cash flow from investment associated with discontinued operations or in process of sale

-3

NET CASH USED IN INVESTING ACTIVITIES -148,520 -146,588

Net cash flow from financing activities Purchase of treasury shares -7,211 -775

Share capital increase paid by non-controlling interests 1,678

Movements on the share capital of associates 380

Proceeds of borrowings 130,824 8,307

Repayment of borrowings -39,829 -179,554

Dividends paid -16,539 -16,538

Net cash flow from financing activities for continuing operations 67,245 -186,502

Net cash flow from financing activities for discontinued operations or in process of sale

NET CASH FLOW FOR FINANCING ACTIVITIES 67,245 - 186,502

Impact of foreign exchange differences 8,535 17,393

Net change in cash and cash equivalents 143,353 - 80,959

Reclassification of cash and cash equivalents for discontinued oper- ations or in process of sale

216 -

OPENING CASH AND CASH EQUIVALENT 247,222 328,182

CLOSING CASH AND CASH EQUIVALENT 390,792 247,222