Consolidated Financial Statements
The following table shows the Group financial liabilities (relevant items), considering contractual
cash-flows:
to December
2016
from December
2016 to 2028
Bank loans and overdrafts
6.723.548
16.572.686
Commercial paper
11.250.000
8.250.000
Suppliers of fixed assets c/a
11.033.651
-
Suppliers c/ a
20.798.293
-
Leasing suppliers
151.981
487.088
Other creditors
9.398.174
239.713
Accrued costs
9.566.224
-
Total
68.921.871
25.549.487
d) Capital risk
The company aims to maintain an equity level
suitable to the characteristics of its main busi-
ness (cash sales and credit from suppliers) and
to ensure continuity 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 2015 and 2014 the gearing
ratio was of 14% and 17%, respectively, as fol-
lows:
Dec. 2015
Dec. 2014
Bank loans
43.435.303
38.831.817
Other financial assets
-7.098.836
-
Cash and bank deposits
-14.471.082
-13.566.782
Net indebtedness
21.865.385
25.265.035
Equity
135.046.003
126.313.585
Total capital
156.911.388
151.578.620
Gearing ratio
14%
17%
Given the current constraints of the financial
markets and despite the goal of placing the
gearing ratio in the range 35% -70%, prudently, in
2015 we have a 14% ratio and in 2014 a 17% ratio.
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