Consolidated Financial Position

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The consolidated net financial position at the end of 1Q 2015 was negative 1,733 million euro. The variation, compared with the same data at the end of 2014 (777 million euro), reflects the usual working capital seasonality, i.e. trade receivables increase for the first quarter of the year, related to the Summer season, which will be cashed in the second quarter. This trend is in line with the target of net cash flow before dividends payment of more than 300 million euro for 2015.

Cash absorption in the quarter is also attributable to:

  • a temporary stock increase to meet the growing demand in NAFTA, Europe and APac in the second quarter;
  • trade payables trend adversely affected by lower raw materials costs;

During the quarter investments were approximately 86 million euro, consistently with our 2015 plan.


Last Revised: 14 May 2015