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CONSOLIDATED FINANCIAL REPORT | EXPLANATORY NOTES
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37. STATEMENT OF CASH FLOWS
Net cash flow provided by operating activities in 2015 benefited from the increase of Euro 243 million in
working capital during the year; after accounting for Euro 71 million in tax payments and Euro 17 million in
dividend receipts from associates and joint ventures, net cash flow from operating activities was a positive
Euro 697 million for the year.
Acquisitions and disposals during the year involved a net outlay of Euro 138 million, mainly attributable to the
acquisition of a majority stake in Oman Cables Industry SAOG (for Euro 105 million net of the company's
acquisition-date cash and cash equivalents) and the acquisition of Gulf Coast Downhole Technologies (for
Euro 32 million as at 31 December 2015).
Net operating capital expenditure came to Euro 200 million in 2015, a large part of which relating to projects
to increase, rationalise and upgrade production capacity and to develop new products. More details can be
found in Note 1. Property, plant and equipment of these Explanatory Notes.
Cash flows provided by financing activities were influenced by the distribution of Euro 91 million in dividends.
Finance costs paid, net of finance income received, came to Euro 100 million.
38. INFORMATION PURSUANT TO ART.149-DUODECIES OF THE CONSOB ISSUER REGULATIONS
Pursuant to art. 149-duodecies of the Consob Issuer Regulations, the following table shows the fees in 2015
and 2014 for audit work and other services provided by the independent auditors PricewaterhouseCoopers
S.p.A. and companies in the PricewaterhouseCoopers network:
(1)
Audit support and other services.
(2)
Tax and other services.