Consolidated Net Debt (Net Financial Debt)

 
As of 31 December 2011 As of 31 December 2010 Change
Notes In thousands of Euro


27 Liquidity 151,887 154,859 (2,972)
 



 26 Securities
23,051 (23,051)
  Current financial receivables 0
23,051 (23,051)
 



32 Payables due to banks (22,949) (45,505) 22,556
32 Current portion of bank financing (122,428) (82,929) (39,499)
32 Amounts due to factoring companies (20,085) (23,255) 3,170
32 Amounts due under leases (894) (791) (103)
32 Current portion of payables due to other lenders (3,905) (4,320) 415
  Current financial debt (170,261) (156,800) (13,461)
 



  Net current financial debt (18,374) 21,110 (39,484)
  


32 Payables due to banks and financing institutions (112,768) (214,785) 102,017
32 Debenture loan (191,859) (139,007) (52,852)
32 Amounts due under leases (6,745) (7,471) 726
32 Amounts due to other lenders (6,153) (9,785) 3,632
 Non-current financial debt (317,525) (371,048) 53,523
  


 Net financial debt* (335,899) (349,938) 14,039
* 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 and the fair value adjustment of relative hedged items equal to €/000 11,675 (see note 32 of the Notes).

  This table reconciles the movement in the flow of consolidated net debt with cash and cash equivalent movements as shown in the Consolidated Statement of Cash Flows.

                                                                                                                   
In thousands of Euro 
Increase/decrease in cash and cash equivalents from the Consolidated Statement of Cash Flows (2,956)
Outflow for repayment of loans 112,727
Repayment of finance leases 850
Loans received (71,400)
Amortised cost on medium-/long-term financing (1,326)
Loans on leases received (227)
Repayment of loans provided 0
Purchase of financial assets 0
Sale of financial assets (23,051)
Exchange differences (578)
Change in consolidated net debt 14,039