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 September 2020, the Group had a liquidity of €/000 260,074, €/000 199,694 of undrawn irrevocable credit lines and €/000 163,599 of revocable credit lines, as detailed below:

In thousands of Euros
As of 30 September 2020
Variable rate with maturity within one year - irrevocable until maturity
Variable rate with maturity beyond one year - irrevocable until maturity199,694
Variable rate with maturity within one year - cash revocable147,599
Variable rate with maturity within one year - with revocation for self-liquidating typologies16,000
Total undrawn credit lines363,293
Share on...