Debt

At 31 December 2021, the Group’s net debt stood at € 94.0 million (€ 52.8 million pre-IFRS 16) down sharply compared to € 222.1 million (€ 179.0 million pre-IFRS 16) recorded in 2020.

The lower net debt position at the end of 2021 reflected the net proceeds, equal to € 133.1 million, deriving from the capital increase successfully completed in November 2021, with which the Group reimbursed the HAL Shareholder Loan (for a total amount € 99.1 million), in advance on the contractual maturity date of 31 December 2026.

At December 31, 2021, the Group’s gross debt amounted to € 193.0 million, composed of:

  • € 45 million as to the “2018 TL&RCF”, fully related to the Term Loan Facility (of which € 25 million the long-term portion and € 20 million the short-term portion);

  • €108 million as to the Term Loan Facility 90% guaranteed by SACE, the “SACE TLF” (long-term bank loan);

  • €41.2 million as to an IFRS-16 effect (of which € 32.9 million the long-term portion and € 8.2 million the short-term portion).

Both facilities are carried at amortized cost, meaning that the total outstanding transaction costs are amortized along the duration of the facility and reported as reduction of the par values. This reduces the amount of the two facilities by €1.2 million.

At December 31, 2021, the Group’s net cash position amounted of € 99.0 million.

The Group net financial position does not include the valuation of derivative financial instruments and the Put and Call option liability on the minority interests of the business combinations incurred in the period.

Group’s debt structure (historical data)

Grafico investors strutturadeldebito eng

Grafico investors composizione eng

Grafico investors durata eng

Rating

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.