Consolidated Net Debt (Net Financial Debt)

  As of 31 December 2012 As of 31 December 2011 Change
Notes In thousands of Euros
27 Liquidity
86,110 151,887 (65,777)
 
26 Securities 1,260 1,260
Current financial receivables 1,260 0 1,260
 
32 Payables due to banks (61,943) (22,949) (38,994)
32 Current portion of bank financing (31,363) (122,428) 91,065
32 Amounts due to factoring companies (19,179) (20,085) 906
32 Amounts due under leases (936) (894) (42)
32 Current portion of payables due to other lenders (1,621) (3,905) 2,284
Current financial debt (115,042) (170,261) 55,219

 


Net current financial debt (27,672) (18,374) (9,298)
 
32 Payables due to banks and financing institutions (160,277) (112,768) (47,509)
32 Debenture loan (193,550) (191,859) (1,691)
32 Amounts due under leases (5,809) (6,745) 936
32 Amounts due to other lenders (4,532) (6,153) 1,621
Non-current financial debt (364,168) (317,525) (46,643)
 
  Net financial debt* (391,840) (335,899) (55,941)
* Pursuant to Consob Communication of 28 July 2006 and in compliance with the recommendation of the CESR of 10 February 2005 “Recommendation for the consistent implementation of the European Commission’s Regulation on Prospectuses“. The indicator does not include financial assets and liabilities arising from the fair value measurement of financial derivatives used as hedging, the fair value adjustment of relative hedged items equal to €/000 12,406 and relative accruals (see note 32 of the Notes).
 

This table reconciles the movement in the flow of the net debt with cash and cash equivalent movements as shown in the cash flow statement.

  
In thousands of Euros
Increase/decrease in cash and cash equivalents from the consolidated statement of cash flows (67,662)
Outflow for repayment of loans 128,245
Repayment of finance leases 894
Loans received (114,835)
Amortised cost on medium-/long-term financing (2,463)
Purchase of financial assets 1,263
Sale of financial assets (5)
Exchange differences (1,380)
Other changes 2
Change in consolidated net debt (55,941)