Composition of debt at 06/30/2019

In the first half of 2019, the Group's overall debt decreased by €/000 31,055, despite the recognition of payables for operating leases (€/000 20,041 as of 30 June 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 June 2019 total financial debt of the Group had decreased by €/000 51,512.

Net financial debt of the Group amounted to €/000 418,032 as of 30 June 2019 (of which €/000 20,041 for operating leases) 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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