Free cash flow and cash conversion

GrandVision’s operations continued to generate solid cash flows. Free cash flow was €220 million in 2015, compared to €222 million in 2014. In the previous year, free cash flow benefited from a one-off change in provisions for long-term incentive plans in connection with the IPO, as well as improvements in working capital positions, which did not re-occur in 2015.

Free cash flow and cash conversion

2015

2014

Free cash flow (€ million)

220

222

Cash conversion (%)

43.5%

52.2%