Chapters
Annual Report 2018

Free cash flow and cash conversion

Free cash flow was €238 million in 2018, compared to €143 million in 2017. The increase in free cash flow was mainly driven by higher cash flow from operating activities. This resulted from improvements in working capital due to lower levels of inventories and receivables than in the previous year when the company transitioned to a more global supply chain model.

Free cash flow and cash conversion

2018

2017

Free cash flow (€ million)

238

143

Cash conversion (%)

42.8%

26.9%