Cash flows from operating activities

The following table shows the cash flows from operating activities:

(€’000) 30.06.2014 30.06.2013 restated
Profit for the period 36,298 32,367
Share of losses of equity-accounted investees -1,807 -326
Income taxes 16,178 16,924
Italian post-employment and other employee benefits 361 379
Stock grant plans 1,096 1,812
Gains on the sale of assets 16 125
Net financial income 1,312 3,115
Net gains on assets held for sale -10 -92
Amortisation, depreciation and impairment losses 7,798 7,719
Other net operating costs -22 -
Accruals to/reversals of provisions for risks 549 106
Write-downs/reversals of write-downs of inventories and work in progress -3,035 -274
Total 58,734 61,855

The change in working capital, shown net of the impacts of acquisitions and sales of consolidated companies and exchange rate gains and losses, comprises:

(€’000) 30.06.2014 30.06.2013 restated
Inventories -837 -6,624
Work in progress and progress payments and advances from customers -84,045 -144,083
Trade receivables and payables 34,843 83,708
Total -50,039 -66,999

The change in other operating assets and liabilities, shown net of the impacts of acquisitions and sales of consolidated companies and exchange rate gains and losses, comprises:

(€’000) For the first half of 2014 For the first half of 2014 restated
Payment of Italian and other post-employment benefits -762 -716
Taxes paid -12,575 -14,999
Changes in other operating items -9,222 -230
Total -22,559 -15,945

Reference should be made to the paragraph on the group’s financial position in the directors’ report for a discussion of changes in the statement of cash flows.

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 100,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company