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DFCF: Implied 3-year CAGR of 6.9% already achieved In €m +€87m +22% 43 393 (44) 91 (48) 45 480 FY 17 DFCF * EBITDA Change in WCR & other items Tax Paid Cash Capex Interest paid FY 19 DFCF * *DFCF as per financial objectives definition, ie restated as follows: i) FY 17 excludes contribution of ETL 25B for 11 months (Aug- Jun); ii) FY 19 data converted at FY 17 €/$ rate and excludes hedging and negative one-off impact of disposal of ETL 25B on Cash Tax and Change in WCR. 6
