275
The Net financial position reports Euro 920,587 thousand in
net debt at 31 December 2012, compared with Euro 682,977
thousand at 31 December 2011.
The higher level of debt is mainly attributable to the activation
of the “Credit Agreement 2010” on 3 May 2012 (see Note 8 to
the Parent Company Financial Statements).
The composition of net financial position is presented in detail
in the following table.
NET FINANCIAL POSITION
Note 8 to the Parent Company Financial Statements
presents the reconciliation of the Company’s net financial
position to the amount that must be reported under
Consob Communication DEM/6064293 dated 28 July 2006
in compliance with the CESR recommendation dated 10
February 2005 “Recommendations for the consistent
implementation of the European Commission’s Regulation on
Prospectuses”.
A more detailed analysis of cash flows is presented in the statement of cash flows, forming part of the Parent Company financial
statements presented in the following pages.
(in thousands of Euro)
Note
31 December 2012
31 December 2011
Long-term financial payables
- Term Loan Facility
8
660,800
400,000
Senior credit lines
660,800
400,000
- Bank fees
8
(7,326)
(5,621)
Credit agreements
653,474
394,379
- Bond
8
397,515
396,513
Total long-term financial payables
1,050,989
790,892
Short-term financial payables
- Term Loan Facility
8
60,237
67,789
- Bank fees
8
(678)
(51)
- Bond
8
15,304
15,304
- Other borrowings
8
722
2,001
Total short-term financial payables
75,585
85,043
Total financial liabilities
1,126,574
875,935
Long-term financial receivables
5
21
19
Long-term bank fees
5
3,919
15,158
Short-term financial receivables
5
7
69
Short-term bank fees
5
3,919
6,353
Receivables from Group companies
5
197,440
170,169
Cash and cash equivalents
6
681
1,190
Total financial assets
205,987
192,958
Net financial position
920,587
682,977
