(in thousands of euro)

2010

2009

OPERATING ACTIVITY

NET INCOME FOR THE YEAR INCLUDING MINORITY INTERESTS

123.386

189.413

ADJUSTMENTS:

AMORTIZATION, DEPRECIATION & WRITEDOWNS

184.252

146.651

SHARE OF RESULT OF COMPANIES CONSOLIDATED AT EQUITY

(37.517)

(39.679)

ACTUARIAL VALUATION OF STOCK OPTION PLANS

9.668

10.598

CHANGE IN PERSONNEL PROVISIONS, PROV. FOR RISKS & LOSSES

(23.052)

25.770

ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS

10.937

4.008

CAPITAL GAIN FROM SUBSCRIPTION OF CAPITAL INCREASES

BY MINORITY SHAREHOLDERS

--

(76.735)

INCREASE (REDUCTION) IN NON-CURRENT RECEIVABLES/PAYABLES

11.942

(38.217)

(INCREASE) REDUCTION IN NET WORKING CAPITAL

(41.792)

84.020

OTHER CHANGES

--

(16.246)

CASH FLOW FROM OPERATING ACTIVITY

237.824

289.583

of which:

- interest received (paid out)

(102.422)

(62.518)

- income tax disbursements

(32.527)

(70.756)

INVESTMENT ACTIVITY

(PURCHASE) SALE OF SECURITIES

18.536

369.039

PURCHASE OF FIXED ASSETS

(656.889)

(625.009)

CASH FLOW FROM INVESTMENT ACTIVITY

(638.353)

(255.970)

FUNDING ACTIVITY

INFLOWS FROM CAPITAL INCREASES

39.116

187.851

OTHER EQUITY CHANGES

25.477

32.713

DRAWDOWN/(REPAYMENT) OF OTHER BORROWINGS

279.357

(200.162)

BUYBACK OF OWN SHARES

(91)

(1.160)

DIVIDENDS PAID OUT

(6.951)

(21.386)

CASH FLOW FROM FUNDING ACTIVITY

336.908

(2.144)

INCREASE (REDUCTION) IN NET CASH AND CASH EQUIVALENTS

(63.621)

31.469

NET CASH AND CASH EQUIVALENTS AT START OF PERIOD

483.031

451.562

NET CASH AND CASH EQUIVALENTS AT END OF PERIOD

419.410

483.031