Consolidated Financial Statements >
CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES
244
| 2012 annual report prysmian group
(in millions of Euro)
31 December 2012
31 December 2011
Due within 1 year
21
25
Due between 1 and 5 years
39
57
Due after more than 5 years
25
30
Total
85
112
30. COMMITMENTS
31. RECEIVABLES FACTORING
32. FINANCIAL COVENANTS
(a) Commitments to purchase property, plant and equipment and intangible assets
Contractual commitments to purchase property, plant and equipment, already given to third parties at 31 December 2012 and not
yet reflected in the financial statements, amount to Euro 25 million (Euro 24 million at the end of 2011).
(b) Operating lease commitments
Future commitments relating to operating leases are as follows:
As part of its factoring programmes, the Group has factored trade receivables without recourse. The amount of receivables
factored but not yet paid by customers was Euro 231 million at 31 December 2012 (Euro 178 million at 31 December 2011).
The Credit Agreement 2010 and Credit Agreement 2011, details of which are presented in Note 12, require the Group to comply
with a series of covenants on a consolidated basis. The main covenants, classified by type, are listed below:
a) Financial covenants
• Ratio between EBITDA and Net finance costs (as defined in the Credit Agreements)
• Ratio between Net Financial Position and EBITDA (as defined in the Credit Agreements)
The evolution of the covenants for the above agreements is shown in the following table:
(*) The ratios have been calculated on the basis of the definitions contained in the Credit Agreement 2010 and the Credit Agreement 2011, as well as the figures
relating to the Draka Group for the period 1 January - 31 December 2011.
30 June 31 December
30 June 31 December
30 June 31 December
30 June
2011
2011
2012
2012
2013
2013
2014
and thereafter
Net financial position /EBITDA(*)
3.50x
3.50x
3.50x
3.00x
3.00x
2.75x
2.50x
EBITDA/Net finance costs(*)
4.00x
4.00x
4.00x
4.25x
4.25x
5.50x
5.50x
