Q4 2019 FILA Fabbrica Italiana Lapis ed Affini SpA Earnings Call Transcript
(audio in progress) EUR0.6 million. The improvement compared in 2018 is mainly in the operating cash flow. And this improvement in operating cash flow better of EUR50.3 million. And with evidence of free cash flow to equity is better than EUR18 million of EUR56.4 million. The ratio -- net working capital on sales ratio improved compared to 2018 from 55.5%. That was the [volume] in 2018 to 50% -- sorry, 45.5% to 42.3%. So the improvement, as promised, was focused mainly in the working capital. The EBITDA cash conversion in 2019 was equal to 107% compared to 60% -- 76% of 2018. So I repeat, the EBITDA cash conversion was 107% compared to 76% of 2018.
Coming back to a general feature of the financial situation, as Massimo said, I would like to point that the mid-to-long-term facility agreement signed with the banks for second deal was recently renegotiated for the acquisition of Arches. And covenants have been renegotiated to have the maximum financial flexibility in any market condition.
The new covenants
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