Consolidated statement of cash flows

€ thousand 31.12.2014 Related parties 31.12.2013 Restated Related parties Increase / (Decrease)
Cash flow from operating activities          
Profit before tax from continuing operations 289,793   259,170   30,623
Profit before tax from discontinued operations 0   0   0
Depreciation / amortisation 203,543   194,775   8,768
Revaluations/Impairment charges 90,817   54,012   36,805
Increase / (Decrease) in provisions for liabilities (37,414)   (10,039)   (27,374)
Net increase / (Decrease) in staff termination benefits (3,181)   (10,018)   6,837
Gains on disposals 0   0   0
Net financial interest expense 101,178   99,302   1,876
Income taxes paid (60,631)   (84,607)   23,977
Cash flows generated by operating activities before changes in working capital 584,105   502,594   81,511
increase in current receivables (15,958) (2,469) (118,891) (34,634) 102,933
increase /decrease in current payables 38,657 25,052 76,812 46,769 (38,156)
increase/(decrease) in inventories 4,525   5,373   (847)
Increase / (decrease) working capital 27,224   (36,706)   63,930
Increase / (decrease) in other assets/liabilities during the period 37,045   (20,101)   57,146
TOTAL CASH FLOW FROM OPERATING ACTIVITIES 648,374   445,787   202,587
Cash flow from investment activities          
Purchase/sale of property, plant and equipment (134,556)   (109,814)   (24,741)
Purchase/sale of intangible fixed assets (181,143)   (154,826)   (26,317)
Investments 9,590   (8,480)   18,069
Purchase/sale of investments in subsidiaries (4,220)   4,730   (8,950)
Proceeds/payments deriving from other financial investments 27,616 11,403 32,041 (11,257) (4,425)
Dividends received 51 51 0 0 51
Interest income received 45,007   39,487   5,520
TOTAL (237,657)   (196,862)   (40,795)
Cash flow from financing activities          
Non-controlling interests in subsidiaries'  capital increase (7,531)   11   (7,542)
Repayment of borrowings and long-term loans 33,880   (370,742)   404,622
Disbursement of borrowings/other medium/long term loans 599,223   695,690   (96,467)
Decrease/increase in other short-term borrowings (411,842) (24,755) (223,112) 31,927 (188,730)
Interest expenses paid (125,696)   (115,782) 0 (9,914)
Dividends paid (43,852) (43,852) (77,434) (77,434) 33,582
TOTAL CASH FLOW 44,182   (91,369)   135,552
Changes in shareholders' equity net of profit 0   0   0
Cash flows for the period 454,900   157,556   297,344
Net opening balance of cash and cash equivalents 563,066   405,510   157,556
Net closing balance of cash and cash equivalents 1,017,967   563,066   454,900

Amounts in € thousand