Annual Report and Consolidated Account
014
175
At the end of the year, current liabilities reached 61 mil-
lion euros, compared with 28 million euros in current
assets. This disequilibrium is, on one hand, a financial
characteristic of this business and, on the other hand,
due to the use of commercial paper programmes in
witch the Group considers the maturity date as the
renewal date, regardless of its initial stated periods. In
order to ensure liquidity of the short term debt it is ex-
pected in the year 2015 the renewal of the commercial
paper programmes (7.500.000 euros). However, in case
of need, cash and cash equivalents and cash flows from
operations are sufficient to settle current loans.
In the current situation, to lower bank loans the com-
pany opted to increase financial debt maturity and to
maintain a significant share of the short term debt.
On December 31, 2014, the use of short term liquidity
cash flow support was of 1%. Investments in term de-
posits of 6 million match 15% of liabilities paid.
The following table shows the Group financial
liabilities (relevant items), considering con-
tractual cash-flows:
to December 2015
from December 2015 to 2024
Bank loans and overdrafts
3.836.737
15.278.060
Commercial paper
10.750.000
8.750.000
Suppliers of fixed assets c/a
6.303.369
-
Suppliers c/a
20.842.779
-
Other creditors
8.448.253
268.561
Accrued costs
9.387.952
-
Total
59.569.090
24.296.621
d) Capital risk
The company aims to maintain an equity level suit-
able to the characteristics of its main business (cash
sales and credit from suppliers) and to ensure conti-
nuity and expansion.
The capital structure balance is monitored based on
the gearing ratio (defined as: net remunerated debt/
net remunerated debt + equity) in order to place the
ratio within a 35%-70% interval.
On 31
st
December 2014 and 2013 the gearing ratio was
of 17%, as follows:
