Alternative performance indicators

In addition to the financial performance measures established by the International Financial Reporting Standards (IFRSs), this report presents certain measures that are based on IFRS figures (“Non-GAAP Measures”).

These performance measures are presented to facilitate understanding of Group operating performance and should not be considered as substitutes for the information required under the IFRS.

Specifically, the Non-GAAP Measures used are the following:

  • Gross Operating Profit (EBITDA): gross operating profit is an intermediate economic measure deriving from operating income, but excluding depreciation of property, plant and equipment and amortisation of intangible assets;
  • Non-current assets: this measure is the sum of “property, plant and equipment,” “intangible assets,” “investments in associates and joint ventures” and “other financial assets”;
  • Provisions: this measure is the sum of “provisions for liabilities and charges (current and non-current),” “provisions for employee benefits” and “provisions for deferred tax liabilities”;
  • Operating working capital: this measure consists of the sum of "inventories," "trade receivables" and "trade payables";
  • Net working capital: this measure consists of operating working capital and the other receivables and payables not included in "net financial (liquidity)/ debt position";
  • Net financial (liquidity)/debt position: this performance measure is represented by gross financial debt less cash and cash equivalents and other financial receivables. The section “Explanatory notes to the consolidated financial statements” presents a table showing the items of the statement of financial position used to calculate this measure.