Between 2011 and 2015 cash generation superior to that envisaged in the previous plan are expected: 3.2 billion Euros compared with 2.1 billion Euros. Despite increased capex (2.4 billion euro vs. 1.9 billion of the previous plan), the planned distribution of a total of 800 million Euro in dividends and the investment in the Russia project, these increased results will produce a net Debt/EBITDA ratio of 0.4 in 2015, which is one of the best in the sector. Expected improvement in operating results and careful management of the working capital will also contribute towards the cash flow.

Last Revised : 25 Apr 2012