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. This is reinforced by a comfortable financial leverage, represented by the ratio of financial debt to equity (at 1.05 as of September 30th 2019) and by an adequate operating leverage expressed as the ratio of financial debt to EBITDA (at 2.13 as of December 31st 2018).
Debt Key ratios
| YEARLY KEY RATIO | 31/12/2018 | 31/12/2017 | 31/12/2016 | 31/12/2015 | 31/12/2014 | 31/12/2013 | 31/12/2012 |
|---|---|---|---|---|---|---|---|
| Net Debt / EBITDA | 2.13 | 2.32 | 2.88 | 3.04 | 3.09 | 3.24 | 2.22 |
| QUARTERLY KEY RATIO | 30/09/19 | 30/06/19 | 31/03/19 | 31/12/18 | 30/09/18 | 30/06/18 | 31/03/18 | 31/12/17 | 30/09/17 | 30/06/17 | 31/03/17 | 31/12/16 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Debt / Equity | 1.05 | 1.06 | 1.18 | 1.10 | 1.05 | 1.12 | 1.32 | 1.16 | 1.11 | 1.15 | 1.34 | 1.25 |