2014-2018 Strategic Plan targets

The following targets are expected for 2014:

  • EBITDA of around 15.5 billion euros (1) (2);
  • Group net ordinary income of around 3 billion euros (1);
  • Net financial debt of around 37 billion euros (3).

The following targets are expected for 2016:

  • EBITDA of around 16.5 billion euros (1) (2);
  • Group net ordinary income of around 3.7 billion euros (1);
  • Net financial debt of around 39 billion euros (3).

The following targets are expected for 2018:

  • EBITDA of around 18 billion euros (1) (2);
  • Group net ordinary income of around 4.5 billion euros (1);
  • Net financial debt of around 36 billion euros (3).

1. Net of disposals and non-recurring items.
2. Net of negative impact resulting from the implementation of new IFRS 11 accounting standard – Joint
Arrangements, equal to approximately 0.2 billion euros.
3. Net of disposals.

Dividend policy
Within the 2014-2018 Business Plan, the dividend policy for 2014 has been confirmed and will be based on the payout of at least 40% of Group ordinary net income. Furthermore, we expect to revise upwards our dividend policy: starting from the 2015 results, our dividend payout will increase to at least 50%.

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