Profit & Loss

    Key financial results

    € million

    		 2014A 2015A 2016A CAGR'14-'16
    Revenues 4,480 4,785 4,976 +5.4%
    EBITDA adjusted 890 1,021 1,082 +10.3%
                  Margin 19.9% 21.3% 21.7%
    EBIT adjusted 654 769 844 +13.6%
                  Margin 14.6% 16,1% 17,0%
    Net Income adjusted 281 388 297
    Net Income 238 (378) 164



    (*) historical financials adjusted, i.e. before amortization of PPA, non-recurring items and restr. costs; restated with Steelcord among discontinued operations (2014) and net of venezuela deconsolidation impact (2014 and 2015)



    Revenues trend


    Revenues drivers

    		     '15 vs. '14 '16 vs. '15
    Δ Volumes     0.7% 3.5%
                  - o/w High Value volumes     17.1% 15.7%
    Δ Price/Mix     4.1% 3.4%
    Δ Exchange rate     2.0% (4.4%)
    Δ Perimeter**     0.0% 1.5%
    Δ Revenues     6.8% 4.0%


    (*) Aeolus and others carve-out



    EBIT adjusted* trend

    EBIT adjusted* bridge

    (*) Before amortization of PPA, non recurring items & restructuring costs



    Revenues by area

    EBIT adjusted* by area

    (*) Before amortization of PPA, non recurring items & restructuring costs

    Profit & Loss

    Revenues trend

    milioni di €

    		   1H ‘16 1H ‘17 Δ YoY
    Revenues   2,427 2,685 +10.6%
    EBITDA adjusted* w/o start-up costs**  
    		567
                  Margin  
    		21.1%
    EBITDA adjusted*   530 546 +3.1%
                  Margin   21.8% 20.3%
    EBIT adjusted*** senza costi di start-up**  
    		443
                  Margin  
    		16.5%
    EBIT adjusted***   413 416 +0.7%
                  Margin   17.0% 15.5%
    Amortization from PPA   (52) (52)
    Non recurring items & restr. costs   (19) (46)
    Net Income adjusted   65 159
    Net Income   (6) 68


    (*) before non recurring items & restructuring costs; (**) start-up: Aeolus Car, Velo, Cyber & digital transformation
    (***) before amortization of PPA, non recurring items & restructuring costs;



    Revenues trend


     revenue drivers

    		     '16 vs. '17
    Δ Volumes     1.3%
                  - o/w High Value volumes     13.2%
    Δ Price/Mix     5.9%
    Δ Exchange rate     2.6%
    Δ Perimeter*     0.8%
    Δ Revenues     10.6%

    (*) Aeolus and others carve-out



    EBIT adjusted* bridge

    (*) Before amortization of PPA, non recurring items & restructuring costs; (**) start-up: Aeolus Car, Velo, Cyber & digital transformation