(in euro)

2010

2009

OPERATING ACTIVITY

NET INCOME FOR YEAR INCLUDING MINORITY INTERESTS

(14.715.748)

(1.989.780)

ADJUSTMENTS:

AMMORT. DEPREC. & WRITEDOWNS

862.179

865.553

LOSSES/(GAINS) ON SALE OF EQUITY INVESTMENTS

AND CURRENT SECURITIES

(1.105.913)

(4.630.177)

ACTUARIAL VALUATION OF STOCK OPTION PLANS

4.335.313

4.324.835

PROVISIONS MADE TO TFR FUND

276.562

287.329

ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS

1.517.902

(2.527.965)

(INCREASE) REDUCTION IN NET WORKING CAPITAL

(2.699.898)

35.896.586

of which with related parties

(14.316.325)

10.903.845

CASH FLOW FROM OPERATING ACTIVITY

(11.529.603)

32.226.381

of which:

- interest inflows (disbursements)

(4.898.357)

4.677.352

- dividends received

6.680.438

10.582.025

- receipts(payments) of income taxes *

929.483

8.342.358

INVESTMENT ACTIVITY

(PURCHASE)/SALE OF CURRENT SECURITIES

40.509.313

128.061.387

(PURCHASE)/SALE OF FIXED ASSETS

(62.118.274)

129.325.474

CASH FLOW FROM INVESTMENT ACTIVITY

(21.608.961)

257.386.861

FUNDING ACTIVITY

INFLOWS FROM CAPITAL INCREASES

--

999.389

PAYMENT OF LEAVING INDEMNITY

(296.639)

(241.648)

BUYBACK OF OWN SHARES

--

(74.255)

REPAYMENT (DRAWDOWN) LOANS TO SUBSIDIARIES

32.437.154

(130.000.000)

DIVIDENDS PAID OUT

--

--

CASH FLOW FROM FUNDING ACTIVITY

32.140.515

(129.316.514)

INCREASE (REDUCTION) IN NET CASH & CASH EQUIVALENTS

(998.049)

160.296.728

NET CASH & CASH EQUIVALENTS AT START OF PERIOD

172.613.367

12.316.639

NET CASH & CASH EQUIVALENTS AT END OF PERIOD

171.615.318

172.613.367