Cash flow & Net Financial Position

    adjusted*



    (*) obtained as: (EBITDA – CapEx) / EBITDA
    (**) Before amortization of PPA, non recurring items & restructuring costs
    (***) as of 31 December



    Cash flow & Net Financial Position

    (*) obtained as: (EBITDA – CapEx) / EBITDA
    (**) Before amortization of PPA, non recurring items & restructuring costs
    (***) as of 31 December 2016 / 30 June 2017