INSIGHT 2|2019

33 QUARTERLY OVERVIEW €773M ADJ EBITDA €8,635M Group Sales Group Sales Group Sales amounted to €8,635 million with a 0.3% organic growth, mainly driven by the Telecom business, with an increase in optical cables and excellent performance in Multi Media Solutions, and by the solid trend in Energy and Infrastructure, driven by Power Distribution. Adjusted EBITDA Adjusted EBITDA soared 18.8% to €773 million. Margins improved as well, with a ratio of Adjusted EBITDA to sales at 8.9% from 7.5% for 9M 2018. Profitability improvement was mainly driven by the good result by Energy & Infrastructure, particularly in North America and LatAm, and by Telecom, thanks to the positive performance of the optical cables and MMS businesses. Net Profit Net Profit jumped 53.4% to €273 million from €178 million for the first nine months of 2018 (including General Cable as of 1 June 2018). Net Financial Debt Net financial debt amounted to €3,027 million, or €2,898 million net of the €129 million impacts of the application of the new IFRS 16. The main factors that influenced the figure over the past 12 months were positive operating cash flows of €873 million, an increase in net working capital to €149 million, cash outflows of €71 million due to restructuring, integration and ancillary expenses associated with the acquisition of General Cable.