Consolidated cash flow statement

    Year ended December 31,
In thousands of Euro Notes 2009 2010
Cash flows provided by (used in) operating activities      
Cash generated from operations 31 223,032 192,944
Income tax paid   (22,776) (19,260)
Net cash provided by operating activities   200,256 173,684
       
Cash flows provided by (used in) investing activities      
Acquisition of subsidiaries, net of cash acquired   (37,545) (195,325)
Acquisition of businesses   (30,866) (856)
Purchase of Non-controlling interests in subsidiaries   (2,760)
Purchase of property, plant & equipment 8 (40,158) (44,214)
Proceeds from sale of property, plant & equipment   961 786
Acquisition and capitalization of intangible assets 9 (14,708) (29,438)
Proceeds from sale of non-current assets   545 246
Proceeds from sale of a subsidiary   333
Proceeds from sale of investments in associate   2,058
Proceeds from sale of an available-for-sale financial asset   430
Purchase of investments in associate   (2,550) (2,000)
Proceeds from sale of a discontinued operation   7,374
Interest paid   (1,916) (1,513)
Interest received   4,084 3,332
Dividends received from investments in associates 10 1,125 1,502
Net cash used in investing activities   (121,397) (259,676)
       
Cash flows provided by (used in) financing activities      
Proceeds from exercise of stocks options   31,827 15,604
Purchase of Treasury shares (net)   (64,941) (38,713)
Repayments of borrowings   (7,022) (5,322)
Dividends paid to Company shareholders 34 (20,844)
Dividends paid to Non-controlling interests   (4,815) (869)
Net cash used in financing activities   (44,951) (50,144)
       
Net increase (decrease) in cash and bank overdrafts   33,908 (136,136)
Cash and bank overdrafts, beginning of period 15 360,034 402,174
Currency translation effect on cash and bank overdrafts   8,232 9,263
Cash and bank overdrafts, end of period 15 402,174 275,301