Cash flows and the Group’s credit line needs are managed in order to guarantee

  • an effective and efficient management of the financial resources
  • the optimisation of debt’s maturity standpoint

Liquidity risk and capitals management

The liquidity risk arises from the possibility that available financial resources are not sufficient to cover, in due times and procedures, future payments arising from financial and/or commercial obligations. To deal with these risks, cash flows and the Group’s credit line needs are monitored or managed centrally under the control of the Group’s Treasury in order to guarantee an effective and efficient management of the financial resources as well as optimise the debt’s maturity standpoint.

In addition, the Parent Company finances the temporary cash requirements of Group companies by providing direct short-term loans regulated in market conditions or guarantees.

As of 30 June 2021, the Group had a liquidity of €/000 226,441, undrawn irrevocable credit lines of €/000 225,669 and revocable credit lines of €/000 186,950, as detailed below:

In thousands of Euros As of 30 June 2021As of 31 December 2020
Variable rate with maturity within one year - irrevocable until maturity20,000
Variable rate with maturity beyond one year - irrevocable until maturity205,669261,072
Variable rate with maturity within one year - cash revocable175,950194,419
Variable rate with maturity within one year - with revocation for self-liquidating typologies11,0006,000
Total undrawn credit lines412,619461,491
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