Debt Structure
ListenThe major goal of our financing policy is to minimize the Group's financial expenses while ensuring sufficient liquidity reserves at all times to meet the Group's payment commitments.
Historically, EBITDA/Net debt has remained within the range of 1.0x to 3.0x, and below the 3.5x stipulated in the Group's covenants.
Debt overview
Millions of Euro
31 March 2009 |
31 June 2009 |
∆ |
|
|---|---|---|---|
| Net US$ debt(1) | -2,148 | -2,053 |
94 |
| Net € debt(1) | -838 | -977 | -140 |
| Translation adj. | -152 | ||
|
€ 1 = US$ |
1.3526 | 1.2290 | |
| Net debt(1) (€) | -2,421 | -2,646 | -224 |
| Net debt/EBITDA(1) | 2.8x | 2.8x | |
| Net debt/EBITDA(1) (2) excluding exchange rate effect |
2.7x | 2.6x |
_________________________
(1) EBITDA, Net debt and Net debt/EBITDA are not measures in accordance with IAS/IFRS. For additional disclosure regarding non-IAS/IFRS measures and a reconciliation to IAS/IFRS measures, please refer to the latest presentation
(2) Net debt figures are calculated using the average exchange rates used to calculate EBITDA figures
Last update: 29 JULY 2010
