Full year 2021 review — performance and financial position

i. The table below shows an analysis of the Group operational result per sector as well as other items.

(Amounts in mil €)	1/1 — 31/12/2021	1/1 — 31/12/2020	% Δ
Turnover	2,664.1	1,898.7	40%
Metallurgy	667.6	537.0	24%
Power & Gas	1,260.9	927.0	36%
SES	370.7	171.3	116%
RSD	364.9	263.5	38%
Other	0.0	0.0	0%
EBITDA	358.5	315.0	14%
Metallurgy	159.3	149.2	7%
Power & Gas	147.0	156.8	-6%
SES	33.5	(2.2)	-1604%
RSD	21.6	15.1	43%
Other	(3.0)	(3.9)	-24%
(-) Depreciation / Amortization	(80.0)	(90.2)	-11%
(+ -) Net Financials	(58.5)	(53.7)	9%
(+) Share of profit of associates	1.1	1.2	-3%
(-) Tax	(40.5)	(28.4)	43%
(-) Result from discontinuing operations	(0.5)	(1.5)	-66%
(-) Minoritiy Interest	(17.9)	(13.6)	32%
Net Income attributable to parent Shareholders	162.17	128.83	26%

ii. The table below shows an analysis in cash flow and changes in net debt

(Amounts in mil €)		1/1 — 31/12/2021
	EBITDA	359
(-)	2019 late maturity of payments (RSD/SES)	(31)
(-)	SES contract temporary financing	(15)
(-)	Working Capital	(36)
	Funds from operations	277
(-)	Tax	(33)
(-)	Interest	(23)
	Operating Cash Flow	220
(-)	Maintenance Capex	(71)
(-)	Growth & Productivity Capex	(309)
	Free Cash Flow	(159)
(-)	M&A & Other Financial / Investement Cash Flows	(108)
	Net Debt Change	(267)