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Evolution of debt and its perspectives

In 2018, debt levels were significantly reduced and the company's credit profile improved.

Net debt fell by 17.1% due to disinvestments carried out during the year that offset capital spending. Operational cashflow also contributed to this reduction, reaching 665 million euros. Working capital investment amounted to 200 million euros, significantly less than in 2017.

These improvements translated into a Net Financial Debt/EBITDA ratio of 3.48x, below the objective of 4.0x announced at the start of FY 2018.

Net debt
Net debt/EBITDA