ANNUAL REPORT 2021

5 6 Separate Statement of Cash Flow For the year ended 31 December 2021 (in euros) Note 2021 2020 Cash flows from core business activities Profit/(loss) from ordinary activities 4 112 690 (4 443 000) Non - cash transactions affecting profit/loss from ordinary activities 10 436 160 8 405 022 Depreciation charges 9 135 338 7 949 626 Net book value of non - current assets 6 664 19 009 Write - off of receivables 77 276 1 266 Revenues from assigned receivables (404) (3) Provision for employee benefits 1 378 079 592 645 Change In temporary accounts of assets (39 419) 11 519 Change in temporary accounts of liabilities 946 172 278 000 Provisions for assets (1 390 695) 564 982 Interest expense 839 650 618 533 Interest income (54 930) (149 180) Unrealised foreign exchange losses 5 141 58 503 Unrealised foreign exchange gains (92 325) (12 357) Gain/(loss) from the sale of non - current assets (337 059) (451 267) Other non - cash items (37 328) (1 076 254) Change in working capital 3 294 391 9 628 236 Receivables (11 657 838) (6 602 989) Payables 32 355 879 15 547 548 Inventories (17 403 649) 683 677 Interest paid (799 001) (608 930) Interest received 66 920 243 296 Paid employee benefits (677 394) (1 094 792) Emission rights (1 362 489) 478 225 Items excluded from operating activities (2 406 592) (3 481 895) Dividends (2 311 232) (3 486 031) Expenditures recognised in respect of derivatives 13 622 5 039 Income recognised in respect of derivatives (121 842) (903) Foreign exchange losses 18 846 203 872 Foreign exchange gains (5 986) (15) Specific items 9 000 (12 001) Corporate income tax paid 9 000 (12 001) Net cash generated by operating activities 12 673 685 9 318 018 Cash flows from investing activities Expenditures for the acquisition of property, plant and equipment (14 838 244) (12 066 393) Acquisition of non - current intangible assets - (80 242) Acquisition of non - current tangible assets (11 271 016) (13 369 923) Acquisition of non - current financial assets (115 536) (1 589 954) Change in liabilities of investment nature (3 451 692) 2 973 726 Proceeds on the sale of non - current assets 621 302 1 061 841 Proceeds on the sale of non - current tangible and intangible assets 102 493 686 017 Proceeds on the sale of non - current financial assets 518 809 375 824 SEPARATE STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 DECEMBER 2021 (IN EUROS)