Cash Flow

Yearly data
Quarterly data
(euro mln) 2012 2013 2014 2015 2015 2016
Restated
(1)
Restated
(2)
Reported excl.
Venezuela
Cash flow
Operating cash flow 281,1 725,8 740,3 701,4 - 882,7
Net operating cash flow (67,7) 323,9 304,7 83,1 - 326,1
Net cash flow (468,1) (117,2) 343,8 (219,5) - 418,2

(1) 2012 figures IAS 19 restated
(2) Steelcord business as discontinued operations

As an effect of the assignment by Pirelli & C. S.p.A. to Marco Polo International Italy S.r.l. of the shares of TP Industrial Holding, the company into which Pirelli’s Industrial activities had been conferred, the Industrial business is qualified as a “discontinued operation”. The result for the year of the discontinued operation has been reclassified in the income statement under the heading “results of disposed operating activities”. The comparable economic data for 2016 have been thus restated.

(euro mln)

1Q'16 1Q'17
Restated (1)
Cash flow
Adjusted operating income 203.6 205.0
Amortisation and depreciation 57.9 65.4
Investments in property, plant and equipment and intangible assets (70.0) (98.3)
Change in working capital / other (783.8) (892.2)
Operating net cash flow (592.3) (720.1)
Financial income / expenses (133.7) (77.0)
Tax expenses (20.3) (39.1)
Ordinary net cash flow (746.3) (836.2)
Financial investments / disinvestments (5.2) (1.7)
Reversal of release of the provision for deferred tax liabilities included in tax expenses (6.4) (6.6)
Cash out for non-recurring and restructuring expenses (17.7) (11.9)
Disposal of minority equity investments - (5.5)
Differences from foreign currency translation / other (62.7) (19.8)
Net cash flowbefore dividends paid / extraordinary transactions (838.3) (881.7)
Industrial reorganization 269.3
Net cash flow (838.3) (612.4)

1) INCLUDES BIDCO, PPA IMPACT AND ASSIGNMENT OF INDUSTRIAL TO MARCO POLO


Last Revised: 22 May 2017