ANALYST PRESENTATION - Adler
ANALYST PRESENTATION - Adler
ANALYST PRESENTATION - Adler
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Cash flow discussion<br />
€m<br />
(3.8)<br />
ADLER | <strong>ANALYST</strong> <strong>PRESENTATION</strong><br />
Operating cash flow (pre-tax) (1)<br />
23.8<br />
Free cash flow (pre-tax) (2)<br />
28.7<br />
2008 2009 2010<br />
€m % cash conversion (3)<br />
(15.7)<br />
20.0<br />
61.6%<br />
23.3<br />
2008 2009 2010<br />
(1) Calculated as adjusted EBITDA +/- change in trade working capital<br />
(2) Calculated as adjusted EBITDA +/- change in trade working capital – capital expenditures<br />
(3) Calculated as free cash flow/adjusted EBITDA<br />
Comments<br />
� Strong increase of operating cash flow in 2009<br />
� Increase of operating cash flow in 2010 was partially offset by<br />
rise in working capital<br />
Comments<br />
� ADLER operates an asset light-business model with moderate<br />
capex requirements<br />
� As a result, free cash flow generation is around 60% in 2010<br />
90
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