Key consolidated data

2018 2017(a) 2016(a)
(EUR millions and as %) (12 months) (12 months) (6 months)
Revenue 46,826 43,666 21,436
Gross margin 31,201 28,561 14,035
Gross margin as a percentage of revenue 66,6 % 65,4 % 65,5 %
Profit from recurring operations 10,001 8,351 4,238
Current operating margin as a percentage of revenue 21,4 % 19,1 % 19,8 %
Net profit 6,942 5,825 2,890
Net profit, Group share 2,574 2,259 1,124
Net profit, minority interests’ share 4,368 3,566 1,766
Cash from operations before changes in working capital(b) 11,944 10,582 5,343
Operating investments 3,038 2,517 1,467
Net cash from operating activities and operating investments (free cash flow) 5,382 4,531 3,276
Equity, Group share 14,240 12,769 11,836
Minority interests 22,132 19,932 18,243
Total equity 36,372 32,701 30,079
Adjusted net financial debt (c) 418(d) 1,976 4,732
Adjusted net financial debt (c)/ Total equity ratio 1 %(d) 6 % 16 %
(a)
Restated to reflect in particular the application of IFRS 9 Financial instruments.
(b)
Before tax and interest paid.
(c)
Excluding purchase commitments for minority interestes, included in "Other non-current liabilities".
(d)
Excluding the acquisition of Belmond shares.