Cash Flow FY 2017

€ million

Net Financial Position Bridge FY 2016 - FY 2017

€ million (reported figures)

1. Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring and restructuring expenses, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord activities.

2. Start-up costs are related to (i) the start-up phase of programs addressing new customer requirements such as connectivity (cyber assets) and our return to the bicycles business (the Velo project), (ii) activities addressing the digital transformation of society, and (iii) work on the conversion of the Aeolus car factory acquired on October 1, 2016, from the production of Aeolus-brand products to Pirelli-brand products.

3. Reversal of impact on NFP coming from Pirelli Industrial activities qualified as “discontinued operations”.


Cash Flow FY 2016

€ million

Net Financial Position Bridge FY 2015 - FY 2016

€ million (carve-out figures)


Cash Flow FY 2015

€ million

Net Financial Position Bridge FY 2014 - FY 2015

€ million (carve-out figures)

1. Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring and restructuring expenses, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord activities.

Cash Flow 1Q 2018

€ million

Net Financial Position Bridge FY 2017 – 1Q 2018

€ million


Latest update: 15/05/2018

Further information on the company's financial communications is available in the

PRESENTATIONs AND WEBCASTS PAGE

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