People and Technology: the Heritage we offer you

2015-19 Industrial Plan Targets

The Industrial Plan(1) sets the following economic and financial objectives for 2019:

 

Min Eur;% Target 2019 CAGR 2015-19
Revenues 230 2,1%
Adjusted EBITDA 123 3,6%
Adjusted EBITDA margin % 53,4%  
Net Income 57 10,9%
Maintenance Capex/Revenues ≈8,5%  
2015-19 Cumulated Development Investments 67  
Normalized FCFE(2) 75 4,8%
 
(1) Prepared on the assumption of a CPI3 of 0.20% in 2015, 1.00% in 2016 and 1.25% from 2017 and beyond (with the effect on the following year’s revenues)
 
(2) Normalized Equity Free Cash Flow (FCFE) is defined as adjusted EBITDA – financial expense – P&L taxes (adjusted by impact of restructuring costs) – Maintenance Capex