2014 Annual Report70

CONSOLIDATED STATEMENT OF CASH FLOWS

In thousands of euro 12 months 2014 2013 restated (*)

Net income from operations discontinued or in process of sale -127 96 Net income from continuing operations 44,807 55,138 Taxes on income 25,808 51,082 Depreciation, amortization, impairment and provisions 112,559 108,576 Gains and losses on disposal of assets -20,343 169 Group share of results of associates -3,751 -8,005 Net financial expense 17,210 15,907 Other non-cash income and expense 32,480 9,760 Gross operating margin 208,770 232,627 Interest paid -28,555 -26,430 Interest received 10,505 10,594 Taxes on income paid -41,569 -45,440 Change in working capital -30,850 -69,581 Net cash from continuing operations 118,301 101,770

Net cash for operations discontinued or in process of sale -33 -42 NET CASH FROM OPERATING ACTIVITIES 118,268 101,728

Acquisition of subsidiaries, operating units and non-controlling interests -8,455 -74,351 Disposal of businesses net of the cash transferred 28,231 4,706 Purchase of tangible and intangible non-current assets -164,438 -174,623 Proceeds from disposal of assets 5,580 4,195

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

80,282 -25,936

Merger adjustments 23 -3,000 Dividends received from associates 2,557 1,569 Net investment associated with continuing operations -56,220 -267,440

Net investment associated with operations discontinued or in process of sale - - NET CASH USED IN INVESTING ACTIVITIES -56,220 -267,440 Cash from financing activities - - Proceeds from exercise of share purchase options - - Net purchase of treasury shares 94 1,156 Change in the parent company s share capital - -1,399 Subscription to the share capital of an associate - -2,158 Proceeds from borrowings 143,228 211,156 Repayment of borrowings -146,867 -92,499 Dividends paid -17,861 -22,700 Net financing associated with continuing operations -21,406 93,556

Net financing associated with operations discontinued or in process of sale - - NET CASH USED IN FINANCING ACTIVITIES -21,406 93,556 Impact of foreign exchange differences 20,365 501 Net increase/(decrease) in cash and cash equivalents 61,007 -71,655 Reclassification of cash and cash equivalents associated with operations discon- tinued or in process of sale

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OPENING CASH AND CASH EQUIVALENTS 267,174 338,821 CLOSING CASH AND CASH EQUIVALENTS 328,182 267,174

(*)With effect from January 1, 2014 (and with retroactive effect from January 1, 2013) the Group has applied IFRS 11, Joint Arrangements. As a result, the financial statements for 2013 have been restated in accordance with the new standard.