For the years ended 31 December 2023 and 2022
Euro thousand |
|
Notes |
|
2023 |
|
2022 |
||||
|---|---|---|---|---|---|---|---|---|---|---|
Net results |
|
|
|
558,924 |
|
480,137 |
||||
Adjustments for: |
|
|
|
|
|
|
||||
Income tax |
|
|
(3,245) |
|
(7,922) |
|||||
Depreciations and amortisations |
|
|
2,265 |
|
2,212 |
|||||
Net financial costs |
|
|
(7,868) |
|
(29) |
|||||
Gains/Losses in subsidiaries |
|
|
(627,938) |
|
(551,041) |
|||||
Gains/Losses in other investments |
|
|
(220) |
|
(7,979) |
|||||
Operating cash flow before changes in working capital |
|
|
|
(78,082) |
|
(84,622) |
||||
Changes in working capital: |
|
|
|
|
|
|
||||
Trade debtors, accrued income and deferred costs |
|
|
|
(8,601) |
|
(5,017) |
||||
Trade creditors, accrued costs and deferred income |
|
|
|
8,550 |
|
8,248 |
||||
Provisions and employee benefits |
|
|
|
(971) |
|
(1,164) |
||||
Cash generated from operations |
|
|
|
(79,104) |
|
(82,555) |
||||
Income tax |
|
|
|
3,556 |
|
2,949 |
||||
Cash flow from operating activities |
|
|
|
(75,548) |
|
(79,606) |
||||
Investment activities |
|
|
|
|
|
|
||||
Disposals of tangible assets and return of advance payments fixed assets suppliers |
|
|
‐ |
|
50,865 |
|||||
Disposals of other financial investments |
|
|
32 |
|
49 |
|||||
Disposal of investments in subsidiaries |
|
|
132 |
|
‐ |
|||||
Interest received |
|
|
10,908 |
|
1,036 |
|||||
Dividends received |
|
|
616,314 |
|
549,900 |
|||||
Repayment of loans and capital contributions from subsidiaries |
|
|
16,080 |
|
82,435 |
|||||
Loans and capital contributions given to subsidiaries |
|
|
(424,330) |
|
(133,200) |
|||||
Acquisition of tangible assets |
|
|
(734) |
|
(175) |
|||||
Acquisition of intangible assets |
|
|
(4,972) |
|
(3,810) |
|||||
Acquisition and capital increase in subsidiaries |
|
|
(100) |
|
(1,000) |
|||||
Cash flow from investment activities |
|
|
|
213,330 |
|
546,100 |
||||
Financing activities |
|
|
|
|
|
|
||||
Interests and similar income received |
|
|
12,091 |
|
703 |
|||||
Loans interest and similar expenses paid |
|
|
(1,509) |
|
(664) |
|||||
Leases interest paid |
|
|
(114) |
|
(43) |
|||||
Leases paid |
|
|
(732) |
|
(479) |
|||||
Dividends paid |
|
|
(345,639) |
|
(493,321) |
|||||
Cash flow from financing activities |
|
|
|
(335,903) |
|
(493,804) |
||||
Net changes in cash and cash equivalents |
|
|
|
(197,311) |
|
(27,310) |
||||
Cash and cash equivalents changes |
|
|
|
|
|
|
||||
Cash and cash equivalents at the beginning of the year |
|
|
|
425,949 |
|
453,259 |
||||
Net changes in cash and cash equivalents |
|
|
|
(197,311) |
|
(27,310) |
||||
Cash and cash equivalents at the end of the year |
|
|
228,638 |
|
425,949 |
|||||
|
||||||||||