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Capital management policy

In terms of liquidity, the Group has an amount of €468.3 million in cash and short-term deposits, which means it can meet its payment commitments for the coming years.

The financial position is also underpinned by the solid support given by the relation banks and Company’s assets base. at present, only 19.8% of the debt total is secured by the Group’s assets, which allows a significant margin for obtaining financing

Capital increases

Several capital increases and reductions were completed in subsidiaries during the year. The shareholder structures were not affected because the operations were carried out by offsetting receivables or subscribing in proportion to existing shareholdings.

Shares and grants

Treasury shares are presented as a decrease in the Group’s equity. They are carried at cost without any value adjustments.

Government grants are recognised at their fair value when there is reasonable assurance that the grant will be received. When the grant relates to an expense item, it is recognised as income over the period necessary to match it. Where the grant relates to an asset, the fair value is recognised as deferred income and is released to income over the expected useful life of the relevant asset.

Capital grants basically relate to grants used to finance property, plant and equipment purchases. In 2012, the total amount recorded in the income statement for this item is €112 thousand.

Earnings per share

Basic earnings per share are calculated by dividing net profit for the year attributable to ordinary equity holders by the average number of ordinary shares in circulation during the year.

Interest rate risks

The floating interest rate debt is basically referenced to the euribor, UsD Libor and GBP Libor rates.

Concerning the credit risks, in some cases the Group aims to reduce it with financial instruments, such as credit transfers (securitizations) and non-recourse factoring operations.