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Cash flow from operations

The following table sets out the cash flow from operations:

(EUR 000) 31.12.2008 31.12.2007
Net Profit (Loss) 77,599 58,278
Effects of valuation of equity investments accounted for using equity method 150 (90)
Income taxes 44,428 45,582
Costs of severance pay provision and other benefits 222 973
Costs of Stock Grant plans 2,196 3,000
Gains (losses) on sale of properties 16 -
Net financial income (4,615) (3,137)
Amortisation, depreciation and write-downs 14,233 10,949
Allocation/Reversal to provisions for risks 2,529 4,524
Allocations /Write-downs of inventories and work in progress (5,274) (7,784)
Total 131,484 112,295

Changes in working capital, net of the effects of the acquisition and sale of consolidated companies and translation differences, breaks down as follows::

(EUR 000) 31.12.2008 31.12.2007
Inventories 5,976 (18,844)
Contract work in progress and advances from customers 12,921 (32,470)
Trade receivables and payables (35,162) 24,685
Total (16,265) (26,629)

Changes in operating items, net of the effects of the acquisition and sale of consolidated companies and translation differences, break down as follows:

(EUR 000) 31.12.2008 31.12.2007
Payment of the provision for severance pay and other defined-benefit plans (2,163) (3,594)
Taxes paid (53,771) (54,539)
Change in other operating items (2,704) 17,151
Total (58,638) (40,982)

For information on changes in cash fl ow statement, please refer to section 2.3 on the Group fi nancial situation.