Q3 sales dropped 20% (v: +4%; p: -5%; FX: -1%; portfolio: -18%) to €14,013m but the gross profit margin strongly improved (31.0% after 26.2%) despite the decline of the numerator. EBITDA went down 15% to €2,437m and net profit attributable to shareholders came in 27% weaker at €888m. Operating CF clearly dropped 25% to €2,501m, facing a significant decline in the positive NWC (€652m after €1,623m), which was partly offset by lower miscellaneous items (€50m a
27 Oct 2016
Lower NWC, lower capex, FCF sustained
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Lower NWC, lower capex, FCF sustained
Q3 sales dropped 20% (v: +4%; p: -5%; FX: -1%; portfolio: -18%) to €14,013m but the gross profit margin strongly improved (31.0% after 26.2%) despite the decline of the numerator. EBITDA went down 15% to €2,437m and net profit attributable to shareholders came in 27% weaker at €888m. Operating CF clearly dropped 25% to €2,501m, facing a significant decline in the positive NWC (€652m after €1,623m), which was partly offset by lower miscellaneous items (€50m a