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 2022, the Group had a liquidity of €/000 292,083, undrawn irrevocable credit lines of €/000 255,888 and revocable credit lines of €/000 201,535, as detailed below:

In thousands of Euros As of 30 September 2022As of 31 December 2021
Variable rate with maturity within one year - irrevocable until maturity*195,500
Variable rate with maturity beyond one year - irrevocable until maturity255,88820,000
Variable rate with maturity within one year - cash revocable190,535226,844
Variable rate with maturity within one year - with revocation for self-liquidating typologies11,00011,000
Total undrawn credit lines457,423453,344

 *Does not take into account the 1-year extension on the revolving credit facility of the syndicated loan.

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