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  "documentTitle": "Salvatore Ferragamo | Results Presentation Deck | 10 slides",
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  "authorName": "Salvatore Ferragamo",
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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "Includes IFRS16 impact adjustments.",
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      "text": "Net Working Capital down 4.0%, with continuing efficiency in Inventory, decreasing by 9.2% (-12.5% at const. FX). Investments (CAPEX) at 6M Euros, vs. 5M Euros in 1Q’21, mainly driven by retail network renovations and investments in the digital channel. Net Financial Position adj. (ex. IFRS16 impact) at 31 March 2021 positive for 169M Euros, compared to 123M Euros positive as of 31 March 2020. Including IFRS16 effect, the Net Financial Position at 31 March 2021 is negative for 402M Euros.",
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      "text": "1Q 2021 Balance Sheet",
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