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Debt Structure

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The major goal of our financing policy is to minimize the Group’s financial expenses while ensuring sufficient liquidity reserves at all times to meet the Group’s payment commitments.

Historically, EBITDA/Net debt has remained within the range of 1.0x to 3.0x, and below the 3.5x stipulated in the Group’s covenants.

 

Debt overview

Millions of Euro

 

June 30,
2009

Sept. 30,
2009 

∆ 

Net US$ debt(1) (2,124) (2,048)

76

Net € debt(1) (1,130) (1,017) 112
Translation adj.     61

€ 1 = US$

1.4019 1.4629  
Net debt(1) (€) (2,627) (2,414) 213
Net debt/EBITDA(1) 2.8x 2.7x  
Net debt/EBITDA(1) (2)
excluding exchange
rate effect 
32.8x 2.8x  

 Download Excel data

_________________________
(1) Free cash flow, EBITDA, Net debt and Net debt/EBITDA are not US GAAP measures. For additional disclosure regarding non-US GAAP measures and a reconciliation to US GAAP measures, see Appendix contained in the May 7° presentation
(2) The ratio is calculated using the twelve-month average exchange rate as of December 31, 2008 and three-month average exchange rate as of March 31, 2009, respectively 

 


For additional disclosure regarding non-US GAAP measures and a reconciliation to US GAAP measures, see referring presentations: 2009, 2008, 2007,2006.
 

 

 variabile_vs_fisso_EN

usd_vs_euro_EN

 


 



Last update: 30 OCTOBER 2009
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