Cash Flow from operating activities

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

(EUR thousand) 31.12.2010 31.12.2009
Profit 94,908 87,800
Share of profit (loss) of equity accounted investments (920) (1,020)
Income taxes 38,303 36,993
Costs of severance pay provision and other benefits 597 418
Costs for stock grant plans 4,713 2,475
Capital gains (losses) on disposals of real estate assets 114 137
Net finance income (costs) 4,774 1,279
Restructuring costs 2,346 1,495
Amortisation, depreciation and impairment 19,645 13,644
Allocation/Reversal to provisions for risks (706) (215)
Other operating income/expenses (82) (1,115)
Allocations /Reversal of inventories and work in progress write-down 1,302 3,907
Total 164,994 145,798

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 thousand) 31.12.2010 31.12.2009
Inventories (28,070) (7,048)
Contract work in progress and advances from customers (52,088) 144,981
Trade receivables and payables 38,441 (125,730)
Total (41,717) 12,203

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 thousand) 31.12.2010 31.12.2009
Payment of the provision for severance pay and other defined-benefit plans (1,987) (1,897)
Taxes paid (37,669) (38,738)
Changes in other operating items (10,655) 5,591
Total (50,311) (35,044)

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