Alternative performance indicators

This document, in addition to the financial figures provided by the International Financial Reporting Standards (IFRS), also includes figures derived from the latter, although not required by IFRS (Non-GAAP Measures). These measures are presented in order to allow a better assessment of the Group's operations and shall not be considered alternatives to those required by IFRS.

In particular, the Non-GAAP Measures used are as follows:

  • Gross operating margin (EBITDA): EBITDA is an intermediate economic figure derived from Operating Income (loss), which excludes amortization of tangible and intangible assets;
  • Fixed assets: this figure is the sum of "property, plant and equipment", "intangible assets", "Investments in Associates and Joint Ventures" and "other financial assets";
  • Provisions: this figure is the sum of "provisions for risks and charges (current and non-current)", "personnel provisions" and "provisions for deferred taxes";
  • Operating working capital: this figure is the sum of "inventory", "trade receivables" and "trade payables";
  • Net working capital: this figure consists of the operating working capital and other receivables and payables not included in "net financial position";
  • Net financial position: this figure is represented by gross financial debt less cash and cash equivalents and other financial receivables. The section "Explanatory Notes to the Consolidated Financial Statements" includes a table showing the balance sheet items used for the calculation.