Relationships with the financial community

The group has consolidated relationships with banks and financial institutions. Its debt is contained and its financial indicators reveal a sound level of equity and well balanced sources and applications of funds.

At 30 September 2020, the ratio of net financial debt to equity attributable to the owners of the parent is 0.40 (30 September 2019: 0.63).Reference should be made, inter alia, to Errore. L’origine riferimento non è stata trovata. (see Errore. L’origine riferimento non è stata trovata.),  for the definitions and impacts of the initial application of IFRS 16.

Debt is almost entirely non-current (98%, compared with 94.8% at the previous year end). The group’s credit facilities total roughly €84 million; of these, 2% of the bank facilities (approximately €14.3 million) were used, while roughly 67% of facilities for the factoring of trade receivables were used (approximately €69 million).

Financial debt is analysed in the notes to the consolidated financial statements (see Errore. L’origine riferimento non è stata trovata. Errore. L’origine riferimento non è stata trovata.), while additional information on exposure and financial covenants is given in the section on FINANCIAL RISK MANAGEMENT (see Errore. L’origine riferimento non è stata trovata. Errore. L’origine riferimento non è stata trovata.).

The group operates with ten Italian banks and three foreign banks (Republic Bank, Wells Fargo and Toronto Dominion).

There are no disputes pending with financial entities.