Cash flows and the Group’s credit line needs are managed in order to guarantee

  • an effective and efficient management of the financial resources
  • the optimisation of debt’s maturity standpoint

The liquidity risk arises from the possibility that available financial resources are not sufficient to cover, in due times and procedures, future payments arising from financial and/or commercial obligations. To deal with these risks, cash flows and the Group’s credit line needs are monitored or managed centrally under the control of the Group’s Treasury in order to guarantee an effective and efficient management of the financial resources as well as optimise the debt’s maturity standpoint.

In addition, the Parent Company finances the temporary cash requirements of Group companies by providing direct short-term loans regulated in market conditions or guarantees.

As of 31 March 2018, the Group had a liquidity of €/000 125,213, €/000 140,000 of undrawn irrevocable credit lines and €/000 136,495 of revocable credit lines, as detailed below:

In thousands of Euros As of 31 March  2018As of 31 December  2017
Variable rate with maturity within one year - irrevocable until maturity170,000
Variable rate with maturity beyond one year - irrevocable until maturity140,00032,500
Variable rate with maturity within one year - cash revocable115,495117,378
Variable rate with maturity within one year - with revocation for self-liquidating typologies19,00019,000
Total undrawn credit lines274,495338,878
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