Obligation A2A S.p.A 1% ( XS2026150313 ) en EUR

A2A S.p.A

100 % ▲

Italie

XS2026150313 ( en EUR )

1% par an ( paiement annuel )

16/07/2029 - Obligation échue

Prospectus brochure de l'obligation A2A S.p.A XS2026150313 en EUR 1%, échue

L'Obligation émise par A2A S.p.A ( Italie ) , en EUR, avec le code ISIN XS2026150313, paye un coupon de 1% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 16/07/2029

BASE PROSPECTUS

A2A S.p.A.
(incorporated with limited liability in the Republic of Italy)
Euro 4,000,000,000
Euro Medium Term Note Programme
Under this Euro 4,000,000,000 Euro Medium Term Note Programme (the Programme), A2A S.p.A. (the
Issuer) may from time to time issue notes (the Notes) denominated in any currency agreed between the
Issuer and the relevant Dealer (as defined below).
The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme
will not exceed Euro 4,000,000,000 (or its equivalent in other currencies calculated as described in the
Programme Agreement described herein), subject to increase as described herein.
The Notes may be issued on a continuing basis to one or more of the Dealers specified under "Overview of
the Programme" and any additional Dealer appointed under the Programme from time to time by the Issuer
(each a Dealer and together the Dealers), which appointment may be for a specific issue or on an ongoing
basis. References in this Base Prospectus to the relevant Dealer shall, in the case of an issue of Notes being
(or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Notes.
An investment in Notes issued under the Programme involves certain risks. For a discussion of these
risks see "Risk Factors".
Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its
capacity as competent authority under the Luxembourg Act dated 10 July 2005 on prospectuses for securities
(the Prospectus Act 2005) to approve this document as a base prospectus. By approving this Base
Prospectus, the CSSF gives no undertaking as to the economic or financial opportuneness of the transactions
contemplated by this Base Prospectus or the quality and solvency of the Issuer in accordance with the
provisions of Article 7(7) of the Prospectus Act 2005. Application has also been made to the Luxembourg
Stock Exchange for Notes issued under the Programme to be admitted to trading on the Luxembourg Stock
Exchange's regulated market and to be listed on the Official List of the Luxembourg Stock Exchange.
References in this Base Prospectus to Notes being listed (and all related references) shall mean that such
Notes have been admitted to trading on the Luxembourg Stock Exchange's regulated market and have been
admitted to the Official List of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange's
regulated market is a regulated market for the purposes of the Markets in Financial Instruments Directive
(Directive 2014/65/EU).
The requirement to publish a prospectus under the Prospectus Directive (as defined under "Important
Information" below) only applies to Notes which are to be admitted to trading on a regulated market in the
European Economic Area (the EEA) and/or offered to the public in the EEA other than in circumstances
where an exemption is available under Article 3.2 of the Prospectus Directive.
Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue
price of Notes and certain other information which is applicable to each Tranche (as defined under "Terms

and Conditions of the Notes") of Notes will be set out in a final terms document (the Final Terms) which
will be filed with the CSSF. Copies of Final Terms in relation to Notes to be admitted to trading on the
regulated market of the Luxembourg Stock Exchange and listed on the Official List of the Luxembourg
Stock Exchange will also be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).
The Programme provides that Notes may be listed or admitted to trading, as the case may be, on such other
or further stock exchanges or markets as may be agreed between the Issuer and the relevant Dealer. The
Issuer may also issue unlisted Notes and/or Notes not admitted to trading on any market.
The Issuer may agree with any Dealer that Notes may be issued in a form not contemplated by the Terms and
Conditions of the Notes herein, in which event a supplement to the Base Prospectus, if appropriate, or a
drawdown prospectus or a new base prospectus will be made available which will describe the effect of the
agreement reached in relation to such Notes.
The Issuer has been rated "Baa2" (long term) with a "stable" outlook by Moody's Investor Service Ltd.
(Moody's) and "BBB" (long term) and "A-2" (short term) with a "stable" outlook by S&P Global Ratings
(Standard & Poor's). The Programme has been rated "(P)Baa2" by Moody's and "BBB" by Standard &
Poor's, acting through S&P Global Ratings Europe Limited, France Branch. Each of Moody's and Standard
& Poor's is established in the European Union and is registered under the Regulation (EC) No. 1060/2009 (as
amended) (the CRA Regulation). As such each of Moody's and Standard & Poor's is included in the list of
credit rating agencies published by the European Securities and Markets Authority (ESMA) on its website
(at http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA
Regulation. Notes issued under the Programme may be rated or unrated by any one or more of the rating
agencies referred to above. Where a Tranche of Notes is rated, such rating will be disclosed in the Final
Terms and will not necessarily be the same as the rating assigned to the Programme by the relevant rating
agency. A security rating is not a recommendation to buy, sell or hold securities and may be subject to
suspension, reduction or withdrawal at any time by the assigning rating agency.
Amounts payable under the Floating Rate Notes will be calculated by reference to LIBOR, EURIBOR or
CMS Rate, as specified in the relevant Final Terms. As at the date of this Base Prospectus, the ICE
Benchmark Administration (as administrator of LIBOR and CMS Rate) is included in register of
administrators maintained by the European Securities and Markets Authority (ESMA) under Article 36 of
the Regulation (EU) No. 2016/1011 (the Benchmarks Regulation). As at the date of this Base Prospectus,
the European Money Markets Institute (as administrator of EURIBOR) is not included in the ESMA's
register of administrators under Article 36 of the Benchmarks Regulation.
As far as the Issuer is aware, as at the date of this Base Prospectus the transitional provisions in Article 51 of
the Benchmarks Regulation apply, such that the administrator of EURIBOR is not currently required to
obtain authorisation or registration (or, if located outside the European Union, recognition, endorsement or
equivalence).
Co-Arrangers

Banca IMI
BNP PARIBAS
Mediobanca
Dealers
Banca IMI
Banca Akros S.p.A. Gruppo Banco BPM
Banco Bilbao Vizcaya Argentaria, S.A.
Barclays
BNP PARIBAS
Citigroup
Crédit Agricole CIB
Deutsche Bank
Goldman Sachs International
Mediobanca
Morgan Stanley
MUFG

ii

Natixis
Société Générale Corporate & Investment Banking
UBI Banca
UniCredit Bank

The date of this Base Prospectus is 20 November 2018.

iii

IMPORTANT INFORMATION
This Base Prospectus comprises a base prospectus in respect of Notes issued under the Programme for the
purposes of Article 5.4 of the Prospectus Directive. When used in this Base Prospectus, Prospectus Directive
means Directive 2003/71/EC (as amended or superseded), and includes any relevant implementing measure
in a relevant Member State of the EEA (the Prospectus Directive).
The Issuer accepts responsibility for the information contained in this Base Prospectus and the Final Terms
for each Tranche of Notes issued under the Programme. To the best of the knowledge of the Issuer (having
taken all reasonable care to ensure that such is the case) the information contained in this Base Prospectus is
in accordance with the facts and does not omit anything likely to affect the import of such information.
In respect of information in this Base Prospectus that has been extracted from a third party, the Issuer
confirms that such information has been accurately reproduced and that, so far as it is aware, and is able to
ascertain from information published by third parties, no facts have been omitted which would render the
reproduced information inaccurate or misleading. Although the Issuer believes that the external sources used
are reliable, the Issuer has not independently verified the information provided by such sources.
This Base Prospectus is to be read in conjunction with all documents which are deemed to be incorporated
herein by reference (see "Documents Incorporated by Reference"). This Base Prospectus shall be read and
construed on the basis that such documents are incorporated by reference and form part of this Base
Prospectus.
The Dealers have not independently verified the information contained herein. Accordingly, no
representation, warranty or undertaking, express or implied, is made and no responsibility or liability is
accepted by the Dealers as to the accuracy or completeness of the information contained or incorporated by
reference in this Base Prospectus or any other information provided by the Issuer in connection with the
Programme. No Dealer accepts any liability in relation to the information contained or incorporated by
reference in this Base Prospectus or any other information provided by the Issuer in connection with the
Programme.
No person is or has been authorised by the Issuer to give any information or to make any representation not
contained in or not consistent with this Base Prospectus or any other information supplied in connection with
the Programme or the Notes and, if given or made, such information or representation must not be relied
upon as having been authorised by the Issuer or any of the Dealers.
Neither this Base Prospectus nor any other information supplied in connection with the Programme or any
Notes (a) is intended to provide the basis of any credit or other evaluation or (b) should be considered as a
recommendation by the Issuer or any of the Dealers that any recipient of this Base Prospectus or any other
information supplied in connection with the Programme or any Notes should purchase any Notes. Each
investor contemplating purchasing any Notes should make its own independent investigation of the financial
condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this Base
Prospectus nor any other information supplied in connection with the Programme or the issue of any Notes
constitutes an offer or invitation by or on behalf of the Issuer or any of the Dealers to any person to subscribe
for or to purchase any Notes.
Neither the delivery of this Base Prospectus nor the offering, sale or delivery of any Notes shall in any
circumstances imply that the information contained herein concerning the Issuer is correct at any time
subsequent to the date hereof or that any other information supplied in connection with the Programme is
correct as of any time subsequent to the date indicated in the document containing the same. The Dealers
expressly do not undertake to review the financial condition or affairs of the Issuer during the life of the
Programme or to advise any investor in Notes issued under the Programme of any information coming to
their attention.

iv

IMPORTANT EEA RETAIL INVESTORS If the Final Terms in respect of any Notes includes a
legend entitled "Prohibition of Sales to EEA Retail Investors", the Notes are not intended to be offered, sold
or otherwise made available to and should not be offered, sold or otherwise made available to any retail
investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail
client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II); or (ii) a
customer within the meaning of Directive 2002/92/EC (as amended or superseded, the Insurance Mediation
Directive), where that customer would not qualify as a professional client as defined in point (10) of Article
4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014
(as amended or superseded, the PRIIPs Regulation) for offering or selling the Notes or otherwise making
them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or
otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs
Regulation.
MiFID II product governance / target market The Final Terms in respect of any Notes will include a
legend entitled "MiFID II product governance" which will outline the target market assessment in respect of
the Notes and which channels for distribution of the Notes are appropriate. Any person subsequently
offering, selling or recommending the Notes (a distributor) should take into consideration the target market
assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the target market assessment) and
determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the Product
Governance rules under EU Delegated Directive 2017/593 (the MiFID Product Governance Rules), any
Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the
Arrangers nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the
MIFID Product Governance Rules.

v

IMPORTANT INFORMATION RELATING TO THE USE OF THIS BASE PROSPECTUS AND
OFFERS OF NOTES GENERALLY
This Base Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Notes in
any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction.
The distribution of this Base Prospectus and the offer or sale of Notes may be restricted by law in certain
jurisdictions. The Issuer and the Dealers do not represent that this Base Prospectus may be lawfully
distributed, or that any Notes may be lawfully offered, in compliance with any applicable registration or
other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any
responsibility for facilitating any such distribution or offering. In particular no action has been taken by the
Issuer or the Dealers which is intended to permit a public offering of any Notes or distribution of this Base
Prospectus in any jurisdiction where action for that purpose is required. Accordingly, no Notes may be
offered or sold, directly or indirectly, and neither this Base Prospectus nor any advertisement or other
offering material may be distributed or published in any jurisdiction, except under circumstances that will
result in compliance with any applicable laws and regulations. Persons into whose possession this Base
Prospectus or any Notes may come must inform themselves about, and observe, any such restrictions on the
distribution of this Base Prospectus and the offering and sale of Notes. In particular, there are restrictions on
the distribution of this Base Prospectus and the offer or sale of Notes in the United States, the EEA
(including, without limitation, the United Kingdom, the Republic of Italy, France and Belgium) and Japan,
see "Subscription and Sale".
The Notes may not be a suitable investment for all investors. Each potential investor in the Notes must
determine the suitability of that investment in light of its own circumstances. In particular, each potential
investor may wish to consider, either on its own or with the help of its financial and other professional
advisers, whether it:
(i)
has sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits
and risks of investing in the Notes and the information contained or incorporated by reference in this
Base Prospectus or any applicable supplement;
(ii)
has access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have on its
overall investment portfolio;
(iii)
has sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes,
including Notes with principal or interest payable in one or more currencies, or where the currency
for principal or interest payments is different from the potential investor's currency;
(iv)
understands thoroughly the terms of the Notes and is familiar with the behaviour of any relevant
indices and financial markets; and
(v)
is able to evaluate possible scenarios for economic, interest rate and other factors that may affect its
investment and its ability to bear the applicable risks.
Legal investment considerations may restrict certain investments. The investment activities of certain
investors are subject to legal investment laws and regulations, or review or regulation by certain authorities.
Each potential investor should consult its legal and tax advisers to determine whether and to what extent (1)
Notes are legal investments for it, (2) Notes can be used as collateral for various types of borrowing and (3)
other restrictions apply to its purchase or pledge of any Notes. Financial institutions should consult their
legal and tax advisors or the appropriate regulators to determine the appropriate treatment of Notes under any
applicable risk-based capital or similar rules.

vi

The Notes have not been and will not be registered under the United States Securities Act of 1933, as
amended, (the Securities Act) or any U.S. State securities laws and may not be offered or sold in the United
States or to, or for the account or benefit of, U.S. persons as defined in Regulation S under the Securities Act
unless an exemption from the registration requirements of the Securities Act is available and in accordance
with all applicable securities laws of any state of the United States and any other jurisdiction (see
"Subscription and Sale").
PRESENTATION OF FINANCIAL AND CERTAIN OTHER INFORMATION
Presentation of Financial Information
The Group's financial information as at and for (i) the years ended 31 December 2016 and 31 December
2017 and (ii) the six month period ended 30 June 2018, included in this Base Prospectus has been derived
from the audited consolidated annual financial statements and the half-yearly financial report at 30 June
2018 (the Interim Report at 30 June 2018) for the corresponding periods. Such consolidated financial
statements are incorporated by reference herein (see "Documents Incorporated by Reference") and have
been prepared in accordance with:

Article 154-ter of Legislative Decree No. 58 of 24 February 1998, as amended (the Financial
Services Act) and CONSOB Regulation No. 11971 of 14 May 1999, as amended (Regulation No.
11971); and

International Financial Reporting Standards (IFRS) issued by the International Accounting
Standard Board (IASB) and approved by the European Union (and with particular respect to the
unaudited consolidated interim financial statements, IAS 34). IFRS means all the revised
international accounting standards (IAS) and all the interpretations of the International Financial
Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations
Committee (SIC).
The accounting principles applied in preparing the Group's audited consolidated annual financial statements
as at and for the year ended 31 December 2017 are the same as those used to prepare the Group's audited
consolidated annual financial statements as at and for the year ended 31 December 2016, except for the
principles specified in the section headed "Accounting principles, amendments and interpretations applied
by the company from the current year" of the Group's consolidated annual financial statements as at and for
the year ended 31 December 2017, incorporated by reference herein (see "Documents Incorporated by
Reference").
The Group's figures as at and for the year ended 31 December 2016 were restated to reflect the final
allocation of purchase price in accordance with IFRS 3 revised with regard to the acquisition of LGH S.p.A.
and Consul System S.p.A. (for further information see Note "Other Information 3) Transactions as per
IFRS 3 Revised" of the audited consolidated annual financial statements as at and for the year ended 31
December 2017.
The accounting principles applied in preparing the Group's Interim Report at 30 June 2018 are the same as
those used for the preparation of the Group's unaudited consolidated interim financial statements for the
corresponding periods of the previous year, except for the principles specified in the section headed
"Changes in international accounting standards" of the Interim Report at 30 June 2018, incorporated by
reference herein (see "Documents Incorporated by Reference").
The values at 30 June 2017 have been restated following the change in the consolidation method of the
Elektroprivreda Crne Gore AD Niksi (EPCG) group which, due to the exercise of the put option on the
entire shareholding package held by A2A, the effectiveness of which was finalized on 3 July 2017, lead to a
change in the allocation of the investment held in EPCG from ongoing investment to investment intended for

vii

sale in accordance with the provisions of IFRS 5.Investors should refer to the consolidated financial
statements which are incorporated by reference herein (see "Documents Incorporated by Reference") to
inform themselves regarding the purposes, and the manner of preparation, of such consolidated financial
statements.
Alternative Performance Measures
This Base Prospectus and the documents incorporated by reference contain certain alternative performance
measures (APMs) which differ from the IFRS-EU financial indicators adopted by the Group and presented
in the audited consolidated annual financial statements as at and for the years ended, respectively, 31
December 2017 and 31 December 2016, the unaudited consolidated interim financial statements as at 30
June 2018 (which are included in the Interim Report at 30 June 2018) and the press release dated 13
November 2018 headed "The Board of Directors of A2A S.p.A. has examined and approved the quarterly
information at September 30, 2018" relating to the certain unaudited consolidated interim data of A2A for
the nine month period ended 30 September 2018.
Such APMs are extracted directly from, respectively, the audited consolidated annual financial statements as
at and for the years ended, respectively, 31 December 2017 and 31 December 2016, the unaudited
consolidated interim financial statements as at 30 June 2018 (which are included in the Interim Report at 30
June 2018) and the press release dated 13 November 2018 headed "The Board of Directors of A2A S.p.A. has
examined and approved the quarterly information at September 30, 2018" and are useful to present the
results more efficiently and to analyse the financial performance of the A2A Group. In particular, AMPs, as
well as comparatives with the previous period, are included, inter alia, in the section headed "Consolidated
results and report on operations" of the report on operations for the financial year ended 31 December 2017
(the Report on Operations 2017) and the Interim Report at 30 June 2018.
On 3 December 2015, CONSOB (Commissione Nazionale per le Società e la Borsa, the Italian securities and
exchange commission) issued Communication No. 92543/15 that acknowledged the Guidelines issued on 3
October 2015 by ESMA concerning the presentation of APMs disclosed in regulated information and
prospectuses published as from 3 July 2016 (the Guidelines). The Guidelines which update the previous
CESR Recommendation (CESR/05-178b) are aimed at promoting the usefulness and transparency of
APMs in order to improve their comparability, reliability and comprehensibility. In addition, ESMA also
published a Questions and Answers (Q&A) document on the Guidelines, last updated on 30 October 2017, to
promote common supervisory approaches and practices in the application of the Guidelines.
In line with the Guidelines, the definitions, contents, basis of calculation and criteria used to construct the
APMs adopted by the A2A Group are described below.
Gross operating income (or EBITDA or Gross operating margin)
Gross operating income (otherwise referred to as EBITDA) is an operating performance indicator, calculated
as "Net Operating Income" (otherwise referred to as EBIT) plus "Depreciation, amortization, provisions and
write-downs".
This APM is used by A2A as financial target in presentations both within the A2A Group (business plans)
and externally (such financial analysts and investors presentations); it represents a useful measure to assess
the operating performance of the A2A Group (both as a whole and in terms of individual Business Unit),
also through a comparison between the operating results of the reporting period with those relating to
previous periods or years. Furthermore, such measure allows A2A to conduct trend analysis and compare
internal efficiency performance over time.

viii

Result from non-recurring transactions
The Result from non-recurring transactions is an alternative performance indicator designed to highlight
the capital gains/losses arising from the valuation at fair value of non-current assets sold and the results from
the sale of equity investments in unconsolidated subsidiaries and associated companies and other non-
operating income/expenses.
This indicator is placed between net operating income and the financial balance. In this way, net operating
income is not affected by non-recurring operations, making it easier to measure the effective performance of
the Group's ordinary operating activities.
This APM is used by A2A as a measure for the evaluation of the performance associated with non-current
assets and liabilities held for sale (or disposal groups) of the A2A Group in internal presentations (business
plans) and in external presentations (such as analysts and investors presentations).
Net fixed capital
The Net fixed capital is determined as the algebraic sum of:
-
tangible assets;
-
intangible assets;
-
investments accounted for using the equity method and other non-current financial assets;
-
other non- current assets and liabilities;
-
deferred tax assets and deferred tax liabilities;
-
provisions for risks, charges and liabilities for landfills;
-
employee benefits.
This APM is used by the A2A Group as a financial target in presentations both within the Group (business
plans) and externally (presentations to financial analysts and investors); it represents a useful measure for the
evaluation of net fixed assets of the A2A Group as a whole, also through the comparison of the reporting
period with those of the previous periods or years. Furthermore, such measure allows A2A to conduct
analyses on operational trends and measure performance in terms of operational efficiency over time.
Working capital
The Working capital is calculated as the algebraic sum of:
-
inventories;
-
trade receivables and other current assets;
-
trade payables and other current liabilities;
-
current tax assets and tax liabilities.
This APM is used by the A2A Group as a financial target in presentations both within the Group (business
plans) and externally (presentations to financial analysts and investors); it represents a useful measure of the
ability to generate cash flow from operations within a period of twelve months, also through the comparison

ix

between the reporting period with those relating to previous periods or years. Furthermore, such measure
allows A2A to conduct trend analysis and compare internal efficiency performance over time.
Capital employed / Net capital employed
The Capital employed/Net capital employed is calculated as the sum of Net fixed capital, Working capital
and Assets/Liabilities held for sale.
This APM is used by the A2A Group as a financial target in presentations both within the Group (business
plans) and externally (presentations to financial analysts and investors); it represents a useful measure for the
evaluation of total net assets, both current and fixed.
Sources of funds
The Sources of funds are calculated as the sum of the "Equity" and "Total net financial position".
This APM is used by the A2A Group as a financial target in presentations both within the Group (business
plans) and externally (presentations to financial analysts and investors); it represents the various sources by
means of which the A2A Group is financed and the degree of autonomy that the A2A Group has in
comparison with third party capital. Furthermore, it measures the financial strength of the A2A Group.
Net Financial Position/Net debt
Net Financial Position/Net debt is an indicator of the financial structure, calculated as the sum of net
financial position beyond one year and net financial position within one year. Specifically, total net financial
position beyond one year is obtained from the algebraic sum of:
-
Total medium and long-term debt: the item includes the non-current portion of Bonds, Bank loans,
Finance leases and Other non-current liabilities;
-
Total medium and long-term financial receivables: this item contains Non-current financial assets
(including those with related parties) and Other non-current assets.
Total current net debt is calculated as the algebraic sum of:
-
Total short-term debt: the item includes the current portion of Bonds, Bank loans, Finance leases,
Current financial liabilities with related parties and Other current liabilities;
-
Total short-term financial receivables: this item includes Other current financial assets (including
those with related parties) and Other current assets;
-
Cash and cash equivalents and Cash and cash equivalents included in assets held for sale.
This APM is used by the A2A Group as a financial target in presentations both within the Group (business
plans) and externally (presentations to financial analysts and investors) and it is useful for the purposes of
measuring the Group's financial debt, also through the comparison between the reporting period with those
relating to previous periods or years.
The A2A Group net financial position is calculated pursuant to CONSOB Communication no. DEM
6064293 of 28 July 2006 and in accordance with the ESMA/2013/319 Recommendation.
Investments in tangible and intangible assets (or Gross investments or Capex in tangible and
intangible assets)

x