Statement of cash flow

STATEMENT of CASH FLOW (in thousands of euro)

 2014 2013 
  of which related partiesof which related parties
Net income (loss) before taxes 211,345 - 220,237 -
Amortisation, depreciation, impairment losses and reversals of impaired property, plant and equipment and intangible assets 5,871 - 5,224 -
Gains/(losses) on equity investments (192,742) - (199,284) -
Reversal of financial income (19,619) - (23,817) -
Reversal of financial expenses 29,615 - 27,175 -
Taxes 46,619 - (28,346) -
Change in trade receivables/payables 478 - (720) -
Change in other receivables/payables and other provisions (61,937) - 38,763 -
Change in employee benefit obligations 2,571 - (2,198) -
Capital (gains)/losses on sales of plant, property and equipment and intangible assets (91) - (10) -
A Net cash flows provided by (used in) operating activities 22,110 - 37,024 -
Investments in property, plant and equipment (553) - (814) -
Disposal of property, plant and equipment 458 - 13 -
Investments in intangible assets (3,135) - (2,971) -
Investments in subsidiaries (13,030) (13,030) (37,500) (37,500)
Investments in associates - - (44,318) (44,318)
Investments in other financial assets (5,349) - (8,193) (558)
Disinvestments in subsidiaries 15,271 - 110 110
Dividends received 312,921 - 325,241 -
B Net cash flow provided by (used in) investing activities 306,583 - 231,568 -
Dividends paid (156,743) - (156,743) -
Change in financial receivables (161,927) - (93,013) -
Interests receivable and other financial income 19,619 - 23,817 -
Change in financial payables (34) - (15,472) -
Interests payable and other financial expenses (29,615) - (27,175) -
C Net cash flow provided by (used in) financing activities (328,700) - (268,586) -
D Total cash flow provided by (used in) financial year (A+B+C) (7) - 6 -
E Net cash and cash equivalents at beginning of year 15 - 9 -
F Net cash and cash equivalents at end of year (D+E) 8 - 15 -

The Statement of Cash Flows shows transactions with related parties only if they cannot be directly deduced from the other statements.

The Statement of Financial Position items relating to Related Party Transactions are described in 35 to which reference is made.