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.