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Financial structure

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

(€ thousands) 31/12/2017 31/12/2016
Net medium and long-term financial indebtedness 119,193 379,566
Net short-term financial indebtedness 301,154 28,689
Cash and cash equivalents -124,082 -183,834
Net financial indebtedness 296,265 224,421
Group net equity 588,681 557,371
Minority interests -263 289
Net equity 588,418 557,660
Financial indebtedness/net equity 0.50 0.40
Financial Indebtedness/Ebitda 1.35 1.17

 

 

(€ millions)

2017

2018

2019

2020 and
beyond

Total

Private Placement

 

 

 

-100.9

-100.9

Bank overdraft

-6.4

-8.1

 

 

-14.5

Others

 

-11.6

-1.5

-16.9

-30.0

Eurobond

 

-275.0

 

 

-275.0

Cash and cash equivalents

124.1

 

 

 

124.1

Total

117.7

-294.7

-1.5

-117.8

-296.3

 

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.