In 2014 operating cash flow totaled €97.6 million, 17% down year-on-year.

The temporary rise in working capital and the changes in the corporate income tax figure were the main impacts on cash flow in this financial period.

The main factors driving down cash flow in this period were:

• Increase in working capital. This temporary fact is chiefly due to outflows in the first quarter of the present period in respect of investments undertaken in the previous period and to a decrease in total invoicing in the second quarter of 2014, given higher temperatures than in the same period last year.
• A larger corporate income tax payment owing to the impact throughout the financial period of the temporary measures adopted in 2012.