* EBITDA excludes contribution from projects but it includes EBITDA from Services.
(*) In 2022, ex-infrastructure debt includes outstanding ECP (Euro Commercial Paper), which at 31 December 2021 had a carrying amount of EUR250mn (-0.47% avg rate)
Net cash position (NCP) excluding infra projects: stood at EUR2,182mn in December 2021 vs EUR1,991mn in December 2020. The main drivers of this change were:
The net cash position at the end of December (EUR2,182mn) includes the net cash from Services (EUR107mn).