In € million

 

 

 

FY 2017

 

FY 2016

Acquisition (-) of tangible assets

 

a

 

(707)

 

(883)

Acquisition (-) of intangible assets

 

b

 

(115)

 

(98)

Capex

 

c = a+b

 

(822)

 

(981)

Capex flow from discontinued operations

 

d

 

(105)

 

(141)

Capex from continuing operations

 

e = c-d

 

(716)

 

(839)

Underlying EBITDA

 

f

 

2,230

 

2,075

Cash conversion

 

g = (f+e)/f

 

68%

 

60%

Capex from continuing operations was €(716) million, €123 million lower than in 2016, in line with the planned reduction in capex intensity, raising cash conversion from 60% to 68%.