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Financial structure

Our solid financial structure allows us to continue to sustain the Group’s ambitious growth projects

(€ thousands)

03/31/2019

12/31/2018(*)
Net medium and long-term financial indebtedness 813,479 877,688
Net short-term financial indebtedness 116,281 53,083
Cash and cash equivalents -91,777 -89,915
Net financial indebtedness 837,983 840,856
Group net equity 627,185 594,919
Minority interests 1,163 1,028
Net equity 628,348 595,947
Financial indebtedness/net equity 1.34(**) 1.41
Financial Indebtedness/Ebitda 2.36(**) 3.11(***)

(*) 2018 Balance Sheet data has been revised for provisional allocation of the GAES acquisition price.

(**) Indicators re-defined together with banks and financial investors after the adoption of IFRS 9, IFRS 15 and IFRS 16, determining the covenants Financial indebtedness/Net equity at 1.65x (before 1.5x) and Financial indebtedness/EBITDA at 2.85x (before 3.5x).

(***) Indicators calculated in compliance with the previous definitions included in the syndacated loan for the GAES acquisition, before the adoption of IFRS 9, IFRS 15 and IFRS 16.

 

 

(€ millions)

2019

2020

2021

2022

2023 and
beyond

Total

Private Placement

 

-15.5

 

 

-85.4

-100.9

Bank loans

-3.3

-6.7

-131.6

-58.4

  -200.0

Syndicated Loan

-26.5

-39.7

-39.8

-79.5

-344.5 -530.0

Bank overdraft

-71.4

 

 

 

 

-71.4

Others

-11.4

-3.2

-0.4

-12.5

 

-27.5

Cash and cash equivalents

91.8

 

 

 

 

91.8

Total

-20.8

-65.1

-171.8

-150.4

-429.9

-838.0

 

Covenant

The USD 130 million private placement 2013-2025 (equal to €100.9 million including the fair value of the currency hedges which set the Euro/USD exchange rate at 1.2885) is subject to the following covenants:

  • ratio of Group net debt/equity must not exceed 1.5;
  • ratio of Group net debt/EBITDA in the last 4 quarters (determined based solely on recurring operations and figures which have been restated in the event the Group’s structure has changed significantly) must not exceed 3.5.

In the event of relevant acquisitions, the above ratios may be increased to 2.0 and 4.0, respectively, for a period of not more than 12 months, 2 times over the life of the loan.