Consolidated Financial Position

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The consolidated net financial position at June 30th, 2015, is negative €1,664 million. The variation, compared with the same data at march 31st, 2015 (€1,733 million), reflects the positive net cash flow generation of €212 million before the dividends payment (€179.5 million) and the Steelcord units disposal (€35.5 million), improving year on year by over €25 million despite higher negative forex variations for €26 million.

This trend is in line with the target of net cash flow before dividends payment of ≥€300 million for 2015.
Positive Cash Flow generation in the second quarter was mainly achieved through

  • An improvement in Net Working Capital, benefiting from the cash-in of the summer season
  • Inventories improving thanks to production adjustments in LatAm

A further improvement in inventories by year end is expected, consistent with increasing production flows from Brazil to NAFTA and the need to maintain high service levels in regions where demand is stronger (NAFTA and APac).

We invested ~€190 million in 1H 2015, mainly allotted to:

  • Increasing Premium capacity in our top high mix plant (Mexico, China and Romania)
  • Improving mix

Last Revised: 07 Aug 2015