Adjustments for

 Depreciation and amortization 

 Change in provisions and liability for post–employment benefits

 Interest income

 (6) 

 (26) 

 Interest expenses

 Income taxes

 Equity–settled share–based payment transactions

 Fair value adjustment of contingent considerations

 Other non–cash items

 (723) 

Change in working capital

 Trade accounts receivable 

 Inventories

 (4,347) 

 (7,004) 

 Trade accounts payable

 (715) 

 Contract liabilities

 (1,161) 

 (298) 

 Other changes in working capital (net)

 (14,699) 

 (13,364) 

Settlement of contingent consideration

 – 

 (290) 

Income taxes paid

 (9,940) 

 (8,637) 

Acquisition of an unquoted equity investment

 – 

 (4,000) 

Interest received

Settlement of contingent consideration

 – 

 (4,546) 

Acquisition of Pulssar Technologies S.A.S., net of cash acquired

 (2,895) 

 – 

Purchase of property, plant and equipment

 (3,350) 

 (5,077) 

Proceeds from sale of property, plant and equipment

Investment in intangible assets

 (6,174) 

 (7,221) 

Proceeds from employee participation plans

Dividends paid

 (20,315) 

 (23,462) 

Change in current bank liabilities

 (2,397) 

Repayment of bank loans

 (1,495) 

 – 

Repayment of mortgage and settlement of interest derivative (held for sale)

 – 

 (1,537) 

Interest paid

 (139) 

 (230) 

Effect of exchange rate fluctuations on cash held

 (363) 

 (159) 

Cash and cash equivalents, net of bank overdrafts at January 1