For the years ended 31 December 2025 and 2024
Euro thousand |
|
Notes |
|
2025 |
|
2024 |
||||
|---|---|---|---|---|---|---|---|---|---|---|
Net results |
|
|
|
619,856 |
|
705,215 |
||||
Adjustments for: |
|
|
|
|
|
|
||||
Income tax |
|
|
(3,313) |
|
(2,699) |
|||||
Depreciations and amortisations |
|
|
4,789 |
|
4,182 |
|||||
Net financial costs |
|
|
(5,495) |
|
(5,174) |
|||||
Gains/Losses in subsidiaries |
|
|
(723,476) |
|
(801,381) |
|||||
Gains/Losses in other investments |
|
|
(234) |
|
(225) |
|||||
Operating cash flow before changes in working capital |
|
|
|
(107,873) |
|
(100,082) |
||||
Changes in working capital: |
|
|
|
|
|
|
||||
Trade debtors, accrued income and deferred costs |
|
|
|
35,543 |
|
(33,772) |
||||
Trade creditors, accrued costs and deferred income |
|
|
|
(4,656) |
|
(3,252) |
||||
Provisions and employee benefits |
|
|
|
(1,129) |
|
(1,341) |
||||
Cash generated from operations |
|
|
|
(78,115) |
|
(138,447) |
||||
Income tax |
|
|
|
(1,691) |
|
992 |
||||
Cash flow from operating activities |
|
|
|
(79,806) |
|
(137,455) |
||||
Investment activities |
|
|
|
|
|
|
||||
Interest received |
|
|
13,349 |
|
16,787 |
|||||
Dividends received |
|
|
710,512 |
|
800,814 |
|||||
Repayment of loans and capital contributions from subsidiaries |
|
|
154,775 |
|
53,390 |
|||||
Loans and capital contributions given to subsidiaries |
|
|
(306,090) |
|
(416,415) |
|||||
Loans and capital contributions given to associates |
|
|
(650) |
|
– |
|||||
Acquisition of tangible assets |
|
|
(230) |
|
(322) |
|||||
Acquisition of intangible assets |
|
|
(933) |
|
(1,405) |
|||||
Acquisition and capital increase in associates |
|
|
(50) |
|
– |
|||||
Acquisition and capital increase in subsidiaries |
|
|
– |
|
(1,750) |
|||||
Cash flow from investment activities |
|
|
|
570,683 |
|
451,099 |
||||
Financing activities |
|
|
|
|
|
|
||||
Interests and similar income received |
|
|
6,992 |
|
7,807 |
|||||
Loans interest and similar expenses paid |
|
|
(1,492) |
|
(5,480) |
|||||
Leases interest paid |
|
|
(179) |
|
(150) |
|||||
Leases paid |
|
|
(1,293) |
|
(1,012) |
|||||
Dividends paid |
|
|
(370,776) |
|
(411,624) |
|||||
Cash flow from financing activities |
|
|
|
(366,748) |
|
(410,459) |
||||
Net changes in cash and cash equivalents |
|
|
|
124,129 |
|
(96,815) |
||||
Cash and cash equivalents changes |
|
|
|
|
|
|
||||
Cash and cash equivalents at the beginning of the year |
|
|
|
131,823 |
|
228,638 |
||||
Net changes in cash and cash equivalents |
|
|
|
124,129 |
|
(96,815) |
||||
Cash and cash equivalents at the end of the year |
|
|
255,952 |
|
131,823 |
|||||
|
||||||||||