Consolidated Financial Position

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The net financial position on 31 December 2015 was negative 1,199.1 million euro. Excluding the impact of the Venezuela deconsolidation, which had a positive net financial position of 277.7 million euro, the figure is 921.4 million euro, an improvement compared with 2014.

The net cash flow from operations in 2015 was positive 701.4 million euro. In the fourth quarter of 2015 the net flow from operations was 927.1 million euro, an increase compared with 881.5 million euro in the same period of 2014. Total investment amounted to 391.4 million euro, mainly destined to the increases of Premium capacity in Europe, NAFTA and China and mix improvement.

Il flusso netto di cassa complessivo 2015 - ante dividendi ed escludendo l’impatto delle operazioni di cessione parziale dello steelcord - è stato pari a 192,1 milioni di euro. Nei flussi di cassa dell’anno erano stati previsti parziali disinvestimenti di partecipazioni finanziarie, che sono stati rinviati nel 2016.


Last Revised: 15 Mar 2016