Gross operating margin


The cash flow less the exceptional result and increased with the taxes.


Obtained by the following formula:

I - II + III + IV - V ± VI - VII + XIV - XV, in which


I = Interest and similar profits

II = Interest and similar expenses

III = Profits from shares with variable rate of interest

IV = Received commissions

V = Paid commissions

VI = Profit (loss) from financial transactions

VII = General administrative expenses

XIV = Other operating profits

XV = Other operating expenses


 Amounts in euro.