Outlook

Outlook 2020

In € millionInitial outlook FY 2020 (24 Feb 2020)Outlook FY 2020 (3 August 2020)Outlook FY 2020 since trading update (6 October 2020)
Normalised EBIT110 – 130strongly 110 – 130> 175
Free cash flow *(315) – (285)strong improvement compared to (215) – (185)**

additional positive impact from: 

  • upward adjustments normalised EBIT 
  • sale-and-leaseback transaction 
  • positive working capital development due to more export volumes
* Cash flow before dividend, acquisitions, redemption of bonds/other financing activities; after payment of leases
** including the €100 million improvement following the final agreement on transitional plans (2 June 2020)

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