For the years ended 31 December 2024 and 2023
Euro thousand |
|
Notes |
|
2024 |
|
2023 |
||||
|---|---|---|---|---|---|---|---|---|---|---|
Net results |
|
|
|
705,215 |
|
558,924 |
||||
Adjustments for: |
|
|
|
|
|
|
||||
Income tax |
|
|
(2,699) |
|
(3,245) |
|||||
Depreciations and amortisations |
|
|
4,182 |
|
2,265 |
|||||
Net financial costs |
|
|
(5,174) |
|
(7,868) |
|||||
Gains/Losses in subsidiaries |
|
|
(801,381) |
|
(627,938) |
|||||
Gains/Losses in other investments |
|
|
(225) |
|
(220) |
|||||
Operating cash flow before changes in working capital |
|
|
|
(100,082) |
|
(78,082) |
||||
Changes in working capital: |
|
|
|
|
|
|
||||
Trade debtors, accrued income and deferred costs |
|
|
|
(33,772) |
|
(8,601) |
||||
Trade creditors, accrued costs and deferred income |
|
|
|
(3,252) |
|
8,550 |
||||
Provisions and employee benefits |
|
|
|
(1,341) |
|
(971) |
||||
Cash generated from operations |
|
|
|
(138,447) |
|
(79,104) |
||||
Income tax |
|
|
|
992 |
|
3,556 |
||||
Cash flow from operating activities |
|
|
|
(137,455) |
|
(75,548) |
||||
Investment activities |
|
|
|
|
|
|
||||
Disposals of other financial investments |
|
|
– |
|
32 |
|||||
Disposal of investments in subsidiaries |
|
|
– |
|
132 |
|||||
Interest received |
|
|
16,787 |
|
10,908 |
|||||
Dividends received |
|
|
800,814 |
|
616,314 |
|||||
Repayment of loans and capital contributions from subsidiaries |
|
|
53,390 |
|
16,080 |
|||||
Loans and capital contributions given to subsidiaries |
|
|
(416,415) |
|
(424,330) |
|||||
Acquisition of tangible assets |
|
|
(322) |
|
(734) |
|||||
Acquisition of intangible assets |
|
|
(1,405) |
|
(4,972) |
|||||
Acquisition and capital increase in subsidiaries |
|
|
(1,750) |
|
(100) |
|||||
Cash flow from investment activities |
|
|
|
451,099 |
|
213,330 |
||||
Financing activities |
|
|
|
|
|
|
||||
Interests and similar income received |
|
|
7,807 |
|
12,901 |
|||||
Loans interest and similar expenses paid |
|
|
(5,480) |
|
(1,509) |
|||||
Leases interest paid |
|
|
(150) |
|
(114) |
|||||
Leases paid |
|
|
(1,012) |
|
(732) |
|||||
Dividends paid |
|
|
(411,624) |
|
(345,639) |
|||||
Cash flow from financing activities |
|
|
|
(410,459) |
|
(335,093) |
||||
Net changes in cash and cash equivalents |
|
|
|
(96,815) |
|
(197,311) |
||||
Cash and cash equivalents changes |
|
|
|
|
|
|
||||
Cash and cash equivalents at the beginning of the year |
|
|
|
228,638 |
|
425,949 |
||||
Net changes in cash and cash equivalents |
|
|
|
(96,815) |
|
(197,311) |
||||
Cash and cash equivalents at the end of the year |
|
|
131,823 |
|
228,638 |
|||||
|
||||||||||