Investor Presentaiton
Cash conversion objective
2016/17
2017/18
2018/19
2019/20
■ Short-term impact of legacy cash-out and
transformation capex
Working capital stabilised
■■Possible volatility on short periods
■ Key focus with strong management actions in
place
■Core free cash flow Legacy cash-out Transformation capex
c. 100% FCF/net income conversion in 2020
ALSTOM - February 2016 - P 63
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