The Group's financial structure reflects a policy which is alert to market opportunities and has a prudent allocation of resources as well as careful about refinancing risk.
The financial structure of the Piaggio Group is marked by the availability of a large portion of undrawn committed credit lines. This allows Piaggio to maintain a comfortable margin of 'potential' debt to cope with the planned needs, generated, among other things, by the natural maturities of the debt incurred as well as any temporary unexpected needs.
Financing always aims at obtaining the most economically convenient conditions and optimizing the maturity profile.
The Group also systematically manages financial risks: in particular, exchange rate risk is managed through the use of special derivative instruments based on defined internal policies The risk of interest rate changes is managed structurally by adjusting fixed and floating rate debt and tactically, through derivative contracts.
Data as at 09/30/2015