Financial highlights

(euro/million)20162015 comparable data (**)
Economic and financial data
Revenue from sales and services389.5449.6
MOL (*)85.767.9
EBITDA Adjusted
67.144.1
EBITDA (*)63.944.1
EBIT (*)0.7(27.0)
Profit (loss) attributable to the owness of the parent22.7(12.6)
OFCF (*)55.621.1
Unlevered FCF (*)54.519.3
Capital expenditure23.238.8
Net invested capital (*)245.2263.1
of which godwill and marketing related intangible assets277.7283.7
of which net operating working capital(35.0)(31.6)
Equity attributable to the owness of the Parent 367.3288.2
Net financial position (*)(122.1)(74.6)
Profitability ratios
MOL/Revenues22.0%15.1%
EBITDA Adjusted/Revenues17.2%15.1%
EBITDA/Revenue16.4%9.8%
EBIT/Revenue0.2%(6.0%)
OFCF/Revenue14.3%4.7%
(*) See “Non IFRS alternative performance indicators” below for details on how the items are calculated.
(**) The comparable data related to full year 2015 include Italiaonline and Seat Pagine Gialle S.p.A. data.

 

 

 

Alternative performance indicators

This section includes several alternative performance indicators as used in the Company’s Financial Reports, in order to provide tools for analyzing the economic and financial performance of the Group, in addition to those based on the financial statements.

These indicators are not identified as accounting measures within the IFRS framework, and must therefore not be considered an alternative standard by which to assess the results of the Group or its equity and financial position. As these measures are not governed by the IFRS, the calculation methods used by the Group may not be consistent with those implemented by others. Therefore, these indicators may not be comparable. These indicators are as follows:

  • GOP (Gross Operating Profit) refers to EBITDA before other operating income and expenses, net valuation adjustments, and provisions for risks and charges.
  • EBITDA (Operating profit before amortization, other net non-recurring and restructuring costs) is represented by EBIT (operating profit) before net non-recurring and restructuring costs and operating and non-operating amortization, depreciation and impairment losses.
  • Operating Working Capital and Non-Operating Working Capital are calculated respectively as current operating assets (relating to operating revenue) net of current operating liabilities (relating to operating costs), and as current non-operating assets net of current non-operating liabilities. Both items exclude current financial assets and liabilities.
  • Net Invested Capital is calculated as the sum of operating working capital, non-operating working capital, goodwill, and other “marketing-related” intangible assets and other operating and non-operating non-current assets and liabilities.
  • Net Financial Debt is an indicator of the ability to meet financial obligations, comprising current and non-current Financial Liabilities net of Cash and cash equivalents and Current Loan Assets.
  • OFCF (Operating Free Cash Flow) is determined by EBITDA, adjusted to take into account the effect of capital expenditure and the change in operating working capital and non-current operating liabilities on the net financial position.
  • Unlevered FCF (Unlevered Free Cash Flow) corresponds to OFCF adjusted by the effect of taxes paid.