Consolidated Financial Position
|Pirelli in figures (2,02 MB)|
The net financial position was negative 5,972.4 million euro after the effects of the merger of Pirelli and Marco Polo Industrial Holding, which became effective on 1 June 2016 with retroactive accounting and fiscal effects from 1 January 2016. Excluding the effects of the merger, the net financial position as of 31 December 2015 was 1,199.1 million euro (5,331 million euro inclusive of the data for Marco Polo Industrial Holding). The usual performance of working capital, with inflows from the sale of winter products in Europe and Russia in the fourth quarter which coincide with the sell-out activities in the same markets will 3 lead – together with the finalization of some disposals of financial and real estate holdings - to a natural improvement of the net financial position in the coming months.
The net cash flow from operations was much improved, from -225.7 million euro in the first nine months of 2015 to -32.5 million euro in the first nine months of 2016, thanks to the management of working capital.
Total net cash flow – before dividends and the effects of the merger with Marco Polo Industrial Holding - improved to -507.1 million euro, compared with -572.0 million euro in the first nine months of 2015.