Cash flow from operating activities

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

(EUR 000) 31.12.2009 31.12.2008

Profit

87,800 77,599

Share of profit (loss) of equity accounted investments

(1,020) 150
Income taxes
36,993 44,428
Costs of severance pay provisions and other benefits
418 222
Costs for stock grant plans
2,475 2,196
Capital gains (losses) on disposal of real estate assets
137 16
Net finance income (costs)
1,279 (4,615)
Recstructuring costs
1,495 1.635
Amortisation, depreciation and impairment
13,644 14,233
Allocation/Reversal to provisions for risks
(215) 2.245
Other opearting income/expenses
(1,115) (1,351)
Allocation/Reversal of inventories and work in progress write-down
3,907 (5,274)
Total 145,798 131,484

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 000) 31.12.2009 31.12.2008
Inventories (7,048) 5,976
Contract work in progress and advances from customers
144,981 12,921
Trade receivables and payables
(125,730) (38,518)
Total 12,203 (19,621)

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 000) 31.12.2009 31.12.2008

Payment of the provision for severance pay and other defined-benefit plans

(1,897) (2,163)
Taxes paid
(38,738) (53,771)
Changes in other operating items
5,591 (2,704)
Total (35,044) (58,638)

For information on changes in the Statement of Cash Flows, please refer to paragraph 2.4 relative to the Groups’ financial position.