| Cash flow from operating activities | | |
| Net income | 32'201 | 29'023 |
| Income tax expenses | 8'860 | 8'904 |
| Financial income and expenses | 2’238 | 1’867 |
| Share of results of associates | 1’208 | 1’888 |
| Depreciation | 17’667 | 17’411 |
| Amortization | 4’170 | 3’897 |
| Change in inventories | –13’736 | 42’029 |
| Change in trade receivables | –37’991 | –10’412 |
| Change in other current assets | 317 | –10’627 |
| Change in trade payables | 22’730 | 3’452 |
| Change in customers’ advance payments | 10’298 | –46’169 |
| Change in provisions | 1’160 | 2’037 |
| Change in other liabilities | 4’767 | 19’119 |
| Adjustment for non-cash items | 2’093 | 1’082 |
| Interest received | 568 | 578 |
| Interest paid | –1’883 | –1’743 |
| Income taxes paid | –12’872 | –17’977 |
| Total cash flow from operating activities | 41'795 | 44’359 |
| | | |
| Cash flow from investing activities | | |
| Purchase of property, plant and equipment | –22’384 | –8’730 |
| Sale of property, plant and equipment | 18’490 | 810 |
| Purchase of intangible assets | –2’546 | –5’101 |
| Increase in Financial Assets | –1’485 | – |
| Acquisition of group companies net of cash acquired | – | –4’197 |
| Disposal of group companies | 144 | – |
| Total cash flow from investing activities | –7’781 | –17’218 |
| | | |
| Cash flow from financing activities | | |
| Increase in financial liabilities | 367 | 2’322 |
| Decrease in financial liabilities | –5’096 | –6’961 |
| Dividends paid | –20’361 | –23’859 |
| Transactions with non-controlling interests | – | 299 |
| Total cash flow from financing activities | –25’090 | –28’199 |
| | | |
| Currency translation differences on cash and cash equivalents | –991 | 1’243 |
| | | |
| Net change in cash and cash equivalents | 7’933 | 185 |
| | | |
| Cash and cash equivalents at beginning of period | 75’077 | 74’892 |
| Cash and cash equivalents at end of period | 83’010 | 75’077 |
| Net change in cash and cash equivalents | 7’933 | 185 |
