Skip to Content

Financial structure

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

(€ thousands)

30/09/2018 

@ IFRS 2018

31/12/2017
Net medium and long-term financial indebtedness 300,972 119,193
Net short-term financial indebtedness 146,526 301,154
Cash and cash equivalents -98,882 -124,082
Net financial indebtedness 348,616 296,265
Group net equity 560,719 588,681
Minority interests 208 -263
Net equity 560,927 588,481
Financial indebtedness/net equity 0.62 0.50
Financial Indebtedness/Ebitda 1.52 1.35

 

 

(€ millions)

2018

2019

2020

2021 and
beyond

Total

Private Placement

 

 

-15.5

-85.4

-100.9

Bank loans

 

-3.3

-6.7

-190 -200.0

Hot money

-65.0

 

 

  -65.0

Revolving credit facility

-60.0

 

 

 

-60.0

Bank overdraft & accrued interest

-9.3

 

 

 

-9.3

Others

-5.4

-4.2

-1.4

-1.2

-12.3

Cash and cash equivalents

98.9

 

 

 

98.9

Total

-40.8

-7.6

-23.6

-276.6

-348.6

 

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.