Statement of Cash Flow

(Euro Unit) 31 december 2010 of which from related parties 31 december 2009 of which from related parties
Cash Flow from operating activities:  
 
 
 
Gross cash flow from operating activities 132,379,696 - 94,368,074 -
Change in operating working capital 2,318,094 82,792,817 (178,149) (37,498,293)
Changes in other operating assets and liabilities (17,986,522) (223,479) (10,524,014) (2,013,532)
Net finance costs paid 122,674 (9,999,022) 9,634,339 3,547,465
Income taxes paid (32,961,670) - (20,434,792) -
Cash Flow generated from (used in) operating activities 83,872,272 - 72,865,458 -
Cash Flow from investing activities:  
 
 
 
Acquisitions of companies, net of cash acquired (756,590) - (5,025,403) -
Purchase of property, plant and equipment and intangible assets (8,322,279) - (4,024,356) -
Proceeds from sale of property, plant and equipment and intangible assets - - - -
Dividends received 15,000,000 - - -
Purchased of treasury shares 513,643 - (112,937) -
Other investing activities 1,032,903 - (246,580) -
Cash Flow generated from (used in) investing activities 7,467,677 - (9,409,276) -
Cash Flow from financing activities:  
 
 
 
Change in borrowings and financial receivables (50,473,125) (47,785,231) 88,906,589 90,156,709
Effect of merger of Ansaldo Signal N.V. in liquidation - - (77,031,045) (77,031,045)
Share capital increases - - - -
Loss coverage - - - -
Dividends paid (30,981,657) (30,981,657) (26,971,070) (26,971,070)
Change in reserves - - - -
Net change in other financing activities - - - -
Net cash used in financing activities (81,454,782) - (15,095,526) -
Net increase (decrease) in cash and cash equivalents 9,885,168 - 48,360,656 -
Translation differences - - - -
Cash and cash equivalents at 1° January 105,615,361 - 57,254,705 -
Cash and cash equivalents at period-end 115,500,529 - 105,615,361 -