Key Performance Indicators


The proof is in our results and numbers.

Economic revenue corresponds to the consolidated revenue plus the Company's for the revenue of joint ventures in proportion to its equity interest. The figure reflects the operational and managerial realities of the Group.
Consolidated revenue, in accordance with IFRS 10, 11 and 12, does not include the Company's share of the revenue of joint ventures which are accounted for by the equity method.
Operating margin is operating income including the share of profit of entities accounted for by the equity method and the amortization of acquired intangible assets before other operating income and expenses.
EBITDA corresponds to the operating profit, which includes the share of profit of associates and joint ventures, before depreciation and operating provisions.
Free cash flow corresponds to the operating cash-flow, less tangible and intangible investments net of disposals, taxes and net interest paid +/- variation of the working capital requirements (cash surplus from operations).
Net debt includes all long-term borrowings, short-term loans and bank overdrafts less loans, marketable debt instruments and other non-current financial assets, and cash and cash equivalents.