The temporary increase in investment and changes to the legal framework of natural gas have had the biggest impact on generating cash this year
| €M | 2014 | 2015 |
| EBITDA | 149.2 | 135.7 |
| Income tax paid | (14.7) | (18.3) |
| Working capital | (19.8) | 0.8 |
| Capex | (17.1) | (21) |
| Free cash flow | 97.6 | 97.1 |
The cash flow generated by operations during the 2015 financial year was 97.1 million euros, in line with the stability of the past financial year.
The main factors which have influenced the cash flow generated this financial year are the following:
- Decrease in the remuneration assigned by the gas system following the change to the regulation, and an increase in the operations for controlling the efficiency of the distribution network has led to a fall of 9% in the company’s EBITDA.
- Increased investment. During this financial year, investment projects have been carried out on the new telematic tracking system, which has resulted in an increase in investment of 18% with respect to the previous financial year.