Debt and financing

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    Gross financial debt as of 12/31/2019 (€ million)

    Total as of 12/31/2019:  € 2,122 million excl. IFRS 16 (as per Senior Facility Agreement)


    Net debt constituents maturity as of 12/31/2019 (€ million)

    Net financial debt as of 12/31/2019 as per SFA: € 1,251 million
    Leverage ratio: 2.7X (2)

    (1) Net financial debt/ PF EBITDA of the last 12 months

    Mid-term and long-term debt facilities

    (a) The applicable margin is based on the Group's net financial debt/ EBITDA ratio (proforma and based on the prevailing EBITDA over a rolling 12-months-period)
    (b) The Senior Credit Facilities Agreement requires compliance with financial covenants, including the maintenance of certain financial ratios. In particular, the Group is required to maintain a leverage ratio (defined as the ratio between the total amount of the net debt and EBITDA) of 4.00:1 at end December 2019 and thereafter, calculated every twelve months in accordance with the total amount of its net debt at that date and the EBITDA prevailing over a 12-month rolling period.

    Cost of bank facilities

    Credit Ratings 

    March 15th, 2017 Bond offering