Consolidated results for the first quarter show a significant improvement over the Company's Budget, which is aligned with the Strategic Plan approved in the Financing Agreement for 2017, thanks to the increase in activity in the Industrial Division, the improvement of Margin in the Consumption Division and control of costs in general in all Plants.
When compared to the same period of the previous year, first quarter 2017 Sales of 86M€ are very similar. The EBITDA reached in 2017 is lower than last year, which was already contemplated in the 2017 budget of the Company, because the inflow of new money from the Refinancing Agreement signed at the end of the year 2015, provided the Company with a significant improvement in the service rate, which allowed adjusting provisions for penalties in first quarter 2016. If we eliminated the positive effect of the provisions released from the 2016 EBITDA to make a comparable year, we would reach an EBITDA similar to that obtained in the first quarter of 2017.
If we compare the cash flow generated by the operations of the first quarter of this year 2017 with the same period of 2016, there has been an improvement of 1M €, mainly due to working capital improvement.