As at 31 December 2022, the Group's net debt stood at Euro 113.4 million (Euro 69.6 million pre-IFRS 16, corresponding to a financial leverage, also pre IFRIC SaaS, of 0.7x), compared to Euro 94.0 million recorded at the end of 2021(Euro 52.8 million pre-IFRS 16).
As at December 31, 2022, the Group’s gross debt amounted to € 191.1 million, composed of:
a long-term debt position of Euro 152.1 million, made of bank loans for Euro 117.3 million, related to the new Credit Facility signed in September 2022, and an IFRS-16 effect for Euro 34.7 million;
a short-term debt position of Euro 39.1 million, made of bank loans for Euro 30.0 million, related to the new Credit Facility, and an IFRS-16 effect for Euro 9.1 million;
As at December 31, 2022, the Group’s net cash position amounted of € 77.7 million.
The Group net financial position does not include the valuation of derivative financial instruments and the option liability on the minority interests.
On July 10, 2020, upon the Company’s request, Moody’s decided to withdraw Safilo's B3 long-term corporate credit rating and negative outlook.