moleskine-ipo-report-04-03-2013-mediobanca

Moleskine
b) Capital structure
With net debt of €43.5m at end-2012, the group’s net financial position is generally sound, and
corresponds to 1.4x DEBT/EBITDA compared to 2.6x in 2009 and the peak of 3.1x in 2010, when net
debt was materially higher in absolute terms (at €65.7m). The decrease in group net debt at YE 2012
compared to one year before is due to operating cash flow.
Please note that the reported figure for net debt at the end of 2010 was €107.7m and included €46m of
shareholder loan following the LBO, which in 2011 was converted into equity reserve non distributable
after the refunding of €6m.
The financial LT debt includes €64m of a bank facility agreement, split in 2 tranches for an original
nominal amount of €41.6m and €22.4m respectively, expiring on 30 November 2016 and 30
November 2017. Based on the agreement the spread applied is defined in the table below (today the
spread stands at 2% for Tranche A, and 3.5% for Tranche B).
MOLESKINE: Interests paid on existing bank facility
LEVERAGE RATIO TRANCHE A TRANCHE B
NET DEBT/EBITDA >2.5x 3.50% 4%
2