Composition of debt at 09/30/2019

In the first nine months of 2019, the Group's overall debt decreased by €/000 1,604, despite the recognition of payables for rights of use (€/000 19,041 as of 30 September 2019) under financial liabilities in the financial statements as from 1 January 2019, following the adoption of the new accounting standard IFRS 16; reference is made to the relative effects in the previous section “New accounting standards, amendments and interpretations adopted from 1 January 2019”.

Net of this change and the fair value measurement of financial derivatives to hedge the exchange risk and interest rate risk, and the adjustment of relative hedged items, as of 30 September 2019 total financial debt of the Group had decreased by €/000 19,385.

Net financial debt of the Group amounted to €/000 405,146 as of 30 September 2019 compared to €/000 429,222 as of 31 December 2018.

Non-current portion

Current portion

 

Covenant

The Group credit facilities and loans are unsecured.  Certain medium term facilities include financial covenants in line with market practice for borrowers with similar credit standing.  The financial covenants calculated based on the most recent relevant financial statements have fully satisfied the thresholds required.

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