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Consolidated Net Debt (Net Financial Debt)

In thousands of Euros Notes As of 30 June 2011 As of 31 December 2010 Change
     
Liquidity 27 128,965 154,859 (25,894)
Securities 26 22,449 23,051 (602)
Current financial receivables 22,449 23,051 (602)
Payables due to banks 30 (30,537) (45,505) 14,968
Current portion of bank financing 30 (94,690) (82,929) (11,761)
Amounts due to factoring companies 30 (29,587) (23,255) (6,332)
Amounts due under leases 30 (875) (791) (84)
Current portion of payables due to other lenders 30 (4,227) (4,320) 93
Current financial debt (159,916) (156,800) (3,116)
Net current financial debt   (8,502) 21,110 (29,612)
Payables due to banks and financing institutions 30 (167,597) (214,785) 47,188
Debenture loan 30 (139,704) (139,007) (697)
Amounts due under leases 30 (7,222) (7,471) 249
Amounts due to other lenders 30 (9,067) (9,785) 718
Non-current financial debt (323,590) (371,048) 47,458
NET FINANCIAL DEBT (332,092) (349,938) 17,846

* 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“.

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

In thousands of Euros
Increase/decrease in cash and cash equivalents from the Consolidated Statement of Cash Flows (33,064)
Outflow for repayment of loans 66,669
Repayment of finance leases 392
Loans received (11,693)
Amortised cost on medium-/long-term financing (1,044)
Loans on leases received (227)
Repayment of loans provided 0
Purchase of financial assets 0
Sale of financial assets (602)
Exchange differences (2,585)
Change in consolidated net debt 17,846