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Debt Structure as of September 30, 2016

11/07/2016 - 01:15 PM

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On this page you can find both the adjusted gross financial debt as of September 30, 2016 and the table with details on the adjusted net financial indebtedness structure, updated with 3Q 2016 results.

Adjusted gross financial debt: € 34,291 mln

Liquidity Margin - € bln
Out of € 7.56 bln Financial Assets 5.77 +
Undrawn portion of € 7.00 bln committed Revolving Credit Facility maturing on May 2019 (€ 4.0 bln) and March 2020 (€ 3.0 bln) 7.00 =
Liquidity Margin 12.77  
  • Average debt maturity: 7.75 years (only bond maturity: 8.15 years)
  • Fixed rate portion on gross debt approximately 70.8%
  • About 36% of the outstanding bonds (face value) is denominated in USD and GBP and it'is fully hedged
  • Cost of debt: ~ 5.1%

NOTE: The figures are net of the adjustment due to the fair value measurement of derivatives and related financial liabilities/assets, as follows:

  • the impact on Gross Financial Debt is equal to 2,338 €/mln (of which 370 €/mln on bonds)
  • the impact on Financial Assets is equal to 1,662 €/mln. 

Therefore, the Net Financial Indebtedness is adjusted by 676 €/mln.

Net financial debt    
Adjusted Net Financial Indebtedness Structure (millions of euro) (*) 30/09/2016 30/06/2016 31/03/2016 31/12/2015 30/09/2015 30/06/2015 31/03/2015 31/12/2014 30/09/2014 30/06/2014 31/03/2014 31/12/2013 31/12/2012 31/12/2011 31/12/2010 31/12/2009
Financial Liabilities:                                
Non-current financial liabilities 31.363 31.027 30.354 30.518 31.285 30.973 34.327 32.325 33.027 32.505 31.040 31.084 34.075 35.839 34.274 36.797
Current financial liabilities 5.266 4.209 4.440 6.224 6.206 6.849 6.036 4.686 3.095 4.913 5.182 6.119 6.143 6.012 6.742 6.941
Financial liabilities regarding discontinued operations/assets held for sale - - - 348 358 350 119 43 28 28 27 27 23 101 214 659
Total gross financial debt 36.629 35.236 34.794 37.090 37.849 38.172 40.482 37.054 36.150 37.446 36.249 37.230 40.241 41.952 41.230 44.397
Financial assets:                                
Securities other than investments, financial receivables and other non current financial assets 2.960 3.129 2.766 2.989 2.918 2.793 3.613 2.445 1.998 1.603 1.340 1.256 2.485 2.949 1.864 1.119
Current securities other than investments 1.492 1.083 735 1.488 1.659 1.622 1.617 1.300 1.199 1.366 1.292 1.348 751 1.007 1.315 1.843
Financial receivables and other current financial assets 491 247 395 352 513 353 525 311 362 252 354 283 419 462 438 1.103
Cash and cash equivalents 4.275 2.707 2.665 3.559 4.534 4.752 5.507 4.812 4.106 4.983 3.945 5.744 6.947 6.197 5.225 5.504
Financial activities regarding discontinued operations/assets held for sale -
- - 227 258 294 217 165 424 405 508 657 586 518 301 81
Total financial assets 9.218 7.166 6.561 8.615 9.882 9.814 11.479 9.033 8.089 8.609 7.439 9.288 11.188 11.133 9.143 9.650
Net financial debt carrying value 27.411 28.070 28.233 28.475 27.967 28.358 29.003 28.021 28.061 28.837 28.810 27.942 29.053 30.819 32.087 34.747
Reversal of fair value measurement of derivatives and related financial liabilities/assets 676 556 1.094 1.197 1.163 1.366 1.573 1.370 1.489 1.479 1.281 1.135 779 405 619  
Adjusted net financial debt 26.735 27.514 27139 27.278 26.804 26.992 27.430 26.651 26.572 27.358 27.529 26.807 28.274 30.414 31.468 34.747

(*) On November 13, 2013, Telecom Italia Group accepted the offer for the purchase of the entire controlling shareholding held in the Sofora - Telecom Argentina group.

As a result, pursuant to IFRS 5 (Non-current assets held for sale and discontinued operations) the Argentina Business Unit was classified under Discontinued operations - Available for sale assets.