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Financial structure

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

(€ thousands) 30/09/2016 31/12/2015
Net medium and long-term financial indebtedness 379,869 382,542
Net short-term financial indebtedness 36,212 19,083
Cash and cash equivalents -150,226 -196,714
Net financial indebtedness 265,855 204,911
Group net equity 527,607 499,471
Minority interests 521 694
Net equity 528,128 500,165
Financial indebtedness/net equity 0.50 0.41
Financial Indebtedness/Ebitda 1.42 1.21

 

 

(€ millions)

2016

2017

2018

2019 and
beyond

Total

Private Placement

 

 

 

-100.9

-100.9

Bank overdraft

-15.9

-3.5

 

 

-19.4

Others

-6.8

-11.2

-1.0

-1.8

-20.8

Eurobond

 

 

-275.0

 

-275.0

Cash and cash equivalents

150.2

 

 

 

150.2

Total

127.5

-14.7

-276.0

-102.7

-265.9

 

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.