Cash flow from operating activities

The cash flow from operating activities is shown in the table below:

(EUR 000) 31.12.2011 31.12.2010
Profit 73,056 94,908
Share of profit (loss) of equity accounted investments (4) (920)
Income taxes 42,295 38,303
Costs of severance pay provision and other benefits 750 597
Costs for stock grant plans 739 4,713
Capital gains (losses) on disposals of real estate assets (58) 114
Net finance income (costs) 773 4,774
Restructuring costs 1,677 2,346
Amortisation, depreciation and impairment 13,410 19,645
Allocation/Reversal to provisions for risks 3,569 (706)
Other operating income/expenses (1,867) (82)
Allocations /Reversal of inventories and work in progress write-down (7,041) 1,302
Total 127,299 164,994

Changes in working capital, net of the effects deriving from the acquisitions and disposals of consolidated companies and translation differences, break down as follows:

(EUR 000) 31.12.2011 31.12.2010
Inventories (2,154) (28,070)
Contract work in progress and advances from customers (14,989) (52,088)
Trade receivables and payables (25,514) 38,441
Total (42,657) (41,717)

Changes in other operating items, net of the effects deriving from the acquisitions and disposals of consolidated companies and translation differences, break down as follows:

(EUR 000) 31.12.2011 31.12.2010
Payment of the provision for severance pay and other defined-benefit plans (2,709) (1,987)
Taxes paid (47,867) (37,669)
Changes in other operating items (16,659) (10,655)
Total (67,235) (50,311)

For information on changes in the Statement of Cash Flows, please refer to paragraph 2.3 relative to the Groups’ financial position.

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 70,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company