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Cash flow from operating activities

The cash flow from operating activities is shown in the table below:

For the 6 months ended 30 June
(EUR 000) 2009 2008 31.12.2008
Profit 37,471 31,113 77,599
Effects of valuation of equity investments accounted for using equity method (1,073) 23 150
Income taxes 17,655 18,855 44,428
Costs of severance pay provision and other benefits 211 219 222
Costs for stock grant plans 1,474 1,262 2,196
Capital gains (losses) on disposals of real estate assets 5 10 16
Net financial income 2,733 846 (4,615)
Restructuring costs 1,521 1,383 1,635
Amortisation, depreciation and write-downs 6,037 5,017 14,233
Allocation/Reversal to provisions for risks (2,163) (671) 894
Allocations /Reversal of inventories and work in progress write-down 905 (9,604) (5,274)
Total 64,776 48,453 131,484

Changes in working capital, net of the effects deriving from the acquisitions and disposals of companies and translation differences, break down as follows:

For the six months ended 30 June
(EUR 000) 2009 2008 31.12.2008
Inventories (2,888) (7,272) 5,976
Contract work in progress and advances from customers (30,876) (80,914) 12,921
Trade receivables and payables 43,864 58,909 (35,162)
Total 10,100 (29,277) (16,265)

Changes in other operating items, net of the effects deriving from the acquisitions and disposals of consolidated companies and translation differences, break down as follows:

 

For the six months ended 30 June
(EUR 000) 2009 2008 31.12.2008
Payment of the provision for severance pay and other defined-benefit plans (1,544) (1,466) (2,163)
Taxes paid (4,870) (20,332) (53,771)
Changes in other operating items 5,851 7,430 (2,704)
Total (563) (14,368) (58,638)

For information on changes in Cash Flow Statement, please refer to paragraph 2.4 relative to the Groups’ financial position.