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Consolidated Financial Analysis
Cash flow generated during the financial year
was 19,2 million euros, an amount sufficient for
financial coverage of CAPEX.
Consolidated net debt
At year’s end net paid debt stood at 28,3 million
euros, 4 million euros less than the end 2010 debt
figure (32,2 million euros). Short term banking
debt is constituted by the issuance of commercial
paper which can be redeemed in 2012.
The gearing (net debt/(net debt + equity capital))
which at end 2010 was 22.8% consequently fell
to 19.8%.
The “net debt over EBITDA” indicator ratio was
1.2 at end 2011 (1.0 in 2010) and the EBITDA to
interest coverage ratio was 10 (compared to 20
in 2010).
Given the ongoing credit restrictions, in 2011 the
company carried out operations to consolidate
one more part of the short-term banking debt.
The Group’s financial structure continues to be
very robust.
During the financial year the company did not
perform any transactions involving own shares.
At 31 December 2011 the company held
2,000,000 shares (10% of the capital) with a
nominal value of 1 euro each, for an overall
acquisition value of 11,179,643 euros.
Own shares