At December 31, 2013 the Group's net borrowings totalled euro 1,322.4 million.
|Current borrowings from banks and other financial institutions||316.7||440.5|
|Current derivative financial instruments||3.2||19.2|
|Non-Current borrowings from banks and other financial institutions||2,014.3||1,995.8|
|Total gross debt||2,334.2||2,455.5|
|Cash and cash equivalents||(879.9)||(679.8)|
|Securities held for trading||(48.1)||(224.7)|
|Current financial receivables||(17.7)||(66.3)|
|Current derivative financial instruments||(6.7)||(18.1)|
|Non-current financial receivables||(59.4)||(261.4)|
|of which Prelios||-||(173.5)|
|Total financial receivables. cash and cash equivalents||(1,011.8)||(1,250.3)|
|Net financial (liquidity)/debt position||1,322.4||1,205.2|
Totale gross debt fell by a total of euro 121.3 million from December 31, 2012, falling from euro 2,455.5 million to euro 2,334.2 million.
Following conclusion of the capital transaction resolved by Prelios S.p.A. at the end of March 2013, aimed at relaunching the business development prospects and strengthening the financial position of the group owned by Prelios S.p.A., as well as rebalancing its overall financial structure, and as accepted by Pirelli, the financial receivable of euro 173.5 million outstanding at December 31, 2012 was converted into Prelios S.p.A. ordinary shares for euro 21.5 million, into equity instruments (the “convertendo”) for euro 148.4 million, while the remaining euro 3.6 million was repaid by Prelios and thus collected.
The reduction in non-current financial receivables reflected recognition in Brazil of the release and consequent receipt of about euro 19 million for amounts in escrow accounts for tax litigation and lawsuits.
In regard to current financial receivables, the reduction from December 2012 includes about euro 33 million due to the effects of the line-by-line consolidation of the Chinese subsidiary operating in the steel cord business at December 31, 2013 (previously classified as an associate and by which a financial receivable was owed at December 31, 2012).
The structure of total gross debt, which totals euro 2,334.2 million and of which about 85% matures beginning in 2015, is summarised as follows
|Financial Statements 12.31.2013||Maturity date|
|2014||2015||2016||2017||2018 and beyond|
|Use of committed credit facilities||575.0||-||575.0||-||-||-|
|Bond 5,125% - 2011/2016||500.0||-||-||500.0||-||-|
|USD private placement||108.8||-||-||-||10.9||97.9|
|Total gross debt||2,334.2||312.1||776.8||830.9||236.4||178.0|
At December 31, 2013 the Group has euro 625 million undrawn under the euro 1.2 billion committed credit facility (euro 625 million at December 31, 2012). When combined with the euro 928 million in cash or cash equivalents, this provides the Group with a liquidity margin amounting to euro 1,553 million.