Cash flow from operating activities

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

(EUR 000) 30,06,2010 30,06,2009
Profit 33,411 37,471
Share of profi t (loss) of equity accounted investments (983) (1,073)
Income taxes 21,611 17,655
Costs of severance pay provision and other benefits 257 211
Costs for stock grant plans 2,605 1,474
Capital gains (losses) on disposals of real estate assets 13 5
Net finance income (costs) 3,636 2,733
Restructuring costs 706 1,521
Amortisation, depreciation and impairment 6,528 6,037
Allocation/Reversal to provisions for risks (792) (2,163)
Allocation/Reversal to provision for pending disput (46) -
Allocations /Reversal of inventories and work in progress write-down (3,042) 905
Total 63,904 64,776

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) 30.06.2010 30.06.2009
Inventories (3,033) (2,888)
Contract work in progress and advances from customers (137,616) (30,876)
Trade receivables and payables 115,774 43,864
Total (24,875) 10,100

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) 30.06.2010 30.06.2009
Payment of the provision for severance pay and other defi ned-benefit plans (1,485) (1,544)
Taxes paid (15,359) (4,870)
Changes in other operating items 2,396 5,851
Total (14,448) (563)

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