Intense commercial activity went hand in hand with efficient financial management The value creation levers of the company’s financial management include:

• Operational management: stable like-for-like OPEX as a result of cost containment achieved by implementing the Efficiency Plan for 2016-2019.
• Finance management: after issuing the second bond in August 2016 for € 750 million, with a due date of 2024 and a coupon of 2.375%, the company obtained a long-term capital structure and cost efficiency.
• Working capital management: a 87% cash conversion ratio through efficient management of working capital focused on revenue collection and fiscal management measures.