Net Financial Position
| Net financial position (€ mn) | 30 September 2022 | 30 September 2022 (excl. D Scuola) | 30 September 2021 | 31 December 2021 |
|---|---|---|---|---|
| Cash and cash equivalents | 17.0 | 164.8 | 87.4 | 90.7 |
| Assets (liabilities) from derivative financial instruments | 10.0 | 10.0 | (1.0) | (0.1) |
| Other financial assets (liabilities) | (24.9) | (39.0) | (5.1) | (26.4) |
| Loans (short and medium/long term) | (175.6) | (175.6) | (110.6) | (164.4) |
| Held-for-sale financial assets (liabiliaties) | 0.0 | 0.0 | 2.1 | 5.4 |
| Net financial position excluding IFRS16 | (173.4) | (39.8) | (27.3) | (94.8) |
| Financial payables IFRS16 | (62.3) | (60.4) | (84.2) | (84.3) |
| Total net financial position | (1235.7) | (100.3) | (111.6) | (179.1) |
IFRS 16 NFP stood at € -235.7 million and includes the IFRS 16 impact of € -62.3 million; without D Scuola, the figure would come to € -100.3 million, improving by approximately € 11 million versus 30 September 2021: the impact, in terms of cash out, of the acquisitions completed by the Group is, in fact, offset by the lower financial debt accounted for under IFRS 16, due mainly to the renegotiation of the terms of the lease contract for the Group’s Segrate HQ.
| (Euro/millions) | Bank pool | of which: unutilized | of which: with interest rate hedge |
|---|---|---|---|
| Term Loan A | 95.0 (1) | – | 95.0 |
| RCF | 125.0 (2) | 125.0 | – |
| Acquisition Line C | 230.0 (3) | 230.0 | – |
| Total loans | 450.0 | 355.0 | 95.0 |
(1) Maturities: n.6 refunds of € 15.8 million, coming to maturity on 31 December of each year until the end of December 2026.
(2) Bullet loan, coming to maturity in December 2026.
(3) Final maturity on 31 December 2026, available until the end of April 2023; refunds equal to 1/3 of the amount used by the loan starting from 31 December 2024.
Key Debt Ratios
| 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|
| Net financial position IFRS16 | 177.4 | 179.11 | 97.6 | 151.3 |
| Net financial position before IFRS16 | 106.1 | 94.81 | 14.8 | 55.4 |
| Shareholders’ equity (including minority interests) | 260.8 | 219.61 | 172.4 | 170.0 |
| Net invested capital | 438.2 | 398.71 | 270.0 | 321.3 |
| Ordinary Cash Flow* | 70.2 | 68.2 | 51.2 | 48.5 |
| Net financial position / Net invested capital | 0.4 | 0.4 | 0.4 | 0.5 |
| Net financial position / Shareholders’ equity | 0.7 | 0.8 | 0.6 | 0.9 |
| Ordinary Cash Flow / Net financial position | 0.4 | 0.4 | 0.5 | 0.3 |
| NFP/Adj. EBITDA (before IFRS16) | 0.9 | 1.0 | 0.2 | 0.6 |
* excl. Disposed activities
1) Balance Sheet figures include D Scuola.