Cash flow from operating activities

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

(EUR thousand) 30.06.2011 30.06.2010
Profit 32,111 33,411
Share of profit (loss) of equity accounted investments (4) (983)
Income taxes 20,427 21,611
Costs of severance pay provision and other benefits 373 257
Costs for stock grant plans 1,703 2,605
Capital gains (losses) on disposals of real estate assets 213 13
Net finance income (costs) (359) 3,636
Restructuring costs 815 706
Amortisation, depreciation and impairment 6,571 6,528
Allocation/Reversal to provisions for risks (2,737) (792)
Allocation/Reversal to provision for pending disputes - (46)
Allocations /Reversal of inventories and work in progress write-down 323 (3,042)
Total 59,436 63,904

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) 30.06.2011 30.06.2010
Inventories (20,790) (3,033)
Contract work in progress and advances from customers (45,390) (137,616)
Trade receivables and payables 7,408 115,774
Total (58,772) (24,875)

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) 30.06.2011 30.06.2010
Payment of the provision for severance pay and other defined-benefit plans (1,046) (1,485)
Taxes paid (27,957) (15,359)
Changes in other operating items (29,227) 2,396
Total (58,230) (14,448)

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