Debt

SAFILO’S DEBT STRUCTURE

At December 31, 2020, Safilo Group’s gross debt amounted to € 311.0 million, composed of: 1) a long-term debt position of €278.4 million, made up of bank loans for €151.5 million, including the €108 million Term Loan facility guaranteed by SACE (“TLF SACE”), signed on September 15, 2020, of the shareholder loan, made available by the Group’s reference shareholder (HAL) to support the acquisitions of Privé Revaux and Blenders Eyewear, for €93.5 million, and of an IFRS-16 effect for €33.5 million; 2) a short-term debt position of €32.6 million, made up of the bank loans and other short-term borrowings for €23 million and an IFRS-16 effect for €9.6 million;

At December 31, 2020, the Group’s net cash position amounted of €89.0 million.

At December 31, 2020, Safilo Group’s net debt amounted to €222.1 million (Euro 179.0 million pre-IFRS 16), compared to Euro 74.8 million in 2019 and Euro 201.7 million at the end of September 2020 (respectively Euro 27.8 million and Euro 155.8 million pre-IFRS 16).

The higher net debt position at the end of 2020 reflected the net investment of €111.8 million for the acquisition of Privé Revaux and Blenders Eyewear and the economic performance deterioration suffered in a year heavily impacted by the Covid-19 pandemic.

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

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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.