Key metrics

Revenues and Shipments

Revenues

Adj. EBITDA

Adj. EBITDA

Adj. EBIT

Adj. EBIT

Adj. Net Profit

Adj. Net Profit

Net industrial debt

Net Industrial Debt

€M, except as otherwise statedFor the years ended December 31,
2020 2019 2018 2017 2016 2015
Shipments (units) 9,119 10,131 9,251 8,398 8,014 7,664
Net revenues 3,460 3,766 3,420 3,417 3,105 2,854
Adjusted EBITDA(1) 1,143 1,269 1,114 1,036 880 748
Adjusted EBITDA margin (%)(1) 33.0% 33.7% 32.6% 30.3% 28.3% 26.2%
Adjusted EBIT(1) 716 917 825 775 632 473
Adjusted EBIT margin (%)(1) 20.7% 24.4% 24.1% 22.7% 20.4% 16.6%
Net profit 609 699 787 537 400 290
Adj. Net profit(1)(2) 534 699 645 537 425 310
Basic earnings per common share (€) 3.29 3.73 4.16 2.83 2.11 1.52
Diluted earnings per common share (€) 3.28 3.71 4.14 2.82 2.11 1.52
Adj. basic earnings per common share (€)(1)(2) 2.88 3.73 3.41 2.83 2.25 1.63
Adj. diluted earnings per common share (€)(1)(2) 2.88 3.71 3.40 2.82 2.24 1.63
Free Cash Flow from Industrial Activities(1) 172 675 375 308 280 429
Net industrial debt(1)(3) 543 337 370 508 690 797
Financial leverage on Net industrial debt(4) 0.5x 0.3x 0.3x 0.5x 0.8x 1.1x

Note:
Certain totals in the tables included in this page may not add due to rounding
Please refer to the latest Annual Report and Form 20-F for complete notes
(1) Reconciliations to non-gaap financial measures are provided in the financial documents available in "Results" section
(2) Net of a tax benefit, with no cash impact on 2020, from the one-off partial step-up of the trademark’s book value in accordance with the Italian tax regulations
(3) Net industrial debt referred to FY 2018, 2017, 2016 were restated to reflect the new definition of Net industrial debt adopted in 2019
(4) The financial leverage is calculated as the ratio between Net industrial debt and Adjusted EBITDA. Please refer to the Results presentation documents available in "Results" section