38 Enabling the Digital and Energy transition amounted to €9,294 million, showing a +11.4% organic change compared to the first nine months of 2020, excluding the Projects segment , with a sharp recovery across all businesses and in almost all geographical areas. The sales growth trend was solid enough to also exceed pre-pandemic levels, with a +1.5% organic change compared to the first nine months of 2019. This trend was also confirmed by the acceleration reported in Q3 2021, when sales showed a +13.2% organic change compared to the same period of 2020. In particular, the Energy segment confirmed the resilience and growth potential it had shown in 2020. The Telecom segment also recovered, mainly driven by the demand for optical cables in the USA. The Projects segment was also back on a positive trend, reporting the first signs of recovery in Q3, with acceleration prospects for the fourth quarter fuelled by submarine project execution. grew by 12.1% to €725 million. The operating efficiencies achieved, along with thorough price management, helped to offset the impact on profitability of cost inflation (raw materials and metals) and the exchange rate effect (negative by €19 million for the first nine months of 2021) on the result. The ratio of Adjusted EBITDA to sales was 7.8%, equivalent to 9.0% when considering the price of metals on a likefor-like basis compared with 2020, an increase compared to 8.6% of the previous year. In detail, the Adjusted EBITDA of the Energy segment exceeded pre-pandemic levels, confirming its crucial contribution to the Group’s stability and growth potential. grew to €700 million (€601 million in the first nine months of 2020) including net expenses for company reorganisation, net nonrecurring expenses and other net non-operating expenses totalling €25 million (€46 million in the first nine months of 2020). jumped to €488 million compared to €294 million in the first nine months of 2020. attributable to owners of the parent rose by +82.1% to €255 million compared to €140 million for the same period of 2020. In the past twelve months, the Group generated a Free Cash Flow of €282 million (excluding €80 million cash out for the dispute with antitrust authorities and €81 million relating to acquisitions). The increase in operating net working capital in the past twelve months remains limited, despite the strong negative impact of the increase in prices of metal and other raw materials. The main factors that enabled the generation of the Free Cash Flow were: \ net operating cash flows (before changes in net working capital) amounting to €825 million; \ net cash flows generated by the €56 million increase in net working capital; \ net cash flows for payments related to restructuring amounting to €37 million; \ cash outflows for net investments amounting to €248 million; \ net finance costs paid amounting to €77 million; \ taxes paid amounting to €133 million. at the end of September 2021 amounted to €2,663 million (€2,669 million at 30 September 2020) Financial results Group Sales Operating Income Net Profit Free Cash Flow Net Financial Debt Adjusted EBITDA EBITDA
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