Page 11 - eco_eng

Thousand of Euros Notes 2010 2009

CASH FLOW FROM OPERATING ACTIVITIES

Proft before tax 115,662 54,410

Adjustments to proft 137,963 129,037

Depreciation and amortization (+) 5.6 149,140 141,067

Impairment losses (+/-) 6.7 89,035 58,377

Changes in provisions (+/-) (29,143) (16,942)

Finance income (-) (73,723) (57,285)

Finance costs (+) 2,654 3,820

Change in fair value of fnancial instruments (+/-) - -

Change in working capital 1,186 48,801

Inventories 9 4,272 633

Trade and other receivables (16,086) 63,114

Other current assets 936 (6,344)

Trade and other payables 12,053 (8,642)

Other current liabilities 11 40

Other cash fows from operating activities 41,274 38,172

Interest paid (2,654) (3,820)

Dividends received 19 68,900 50,473

Interest received 4,823 6,812

Income tax receipts (payments) (29,795) (16,280)

Other payments (receipts) - 987

CASH FLOWS FROM OPERATING ACTIVITIES 296,085 270,420

CASH FLOWS FROM INVESTING ACTIVITIES

Payments on investments (733,853) (211,880)

Group companies and associates (65,344) (76,016)

Intangible assets (137,119) (132,846)

Property, plant and equipment (5,883) (2,629)

Other fnancial assets (30,031) (389)

Other assets (337) -

Acquisition /increase in investments in investees (495,139) -

Proceeds from disposal 19,657 115,468

Cash fow statement for the year ended 31 December 2010 and 2009.

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Financial Statements, Management and Corporate Governance Report. 2010