Save PDF - Manutencoop
Save PDF - Manutencoop
Save PDF - Manutencoop
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
202 Accounting policies and explanatory notes<br />
Management of capital structure<br />
The Parent Company's primary objective for the management of its capital structure is to maintain a sound credit<br />
rating and appropriate capital ratios, in order to facilitate operations and maximise shareholder value. The Group<br />
manages its capital structure, taking account of changes in economic conditions.<br />
In order to maintain or adjust its capital structure, the Group can modify the dividends paid to shareholders,<br />
repay capital or issue new shares. The Group calculates its debt ratio by dividing net borrowing by the total of<br />
shareholders' equity plus net borrowing.<br />
The Group includes the following within net borrowing: interest-bearing loans, trade and other payables, tax<br />
payables, employee severance indemnities, and cash and cash equivalents.<br />
(in thousands of Euro) 31 December 2008 31 December 2007 restated<br />
Employee severance indemnities 37,309 26,456<br />
Interest-bearing loans 321,079 215,957<br />
Trade payables and advances from customers 490,049 198,835<br />
Other current payables 114,014 75,781<br />
Other current financial liabilities 19,160 11,123<br />
Cash and cash equivalents (97,927) (42,418)<br />
Other current financial assets (1,220) 0<br />
Net borrowing 882,464 485,734<br />
Group shareholders' equity 251,166 56,426<br />
Undistributed net profit (20,595) (15,318)<br />
Total equity 230,571 41,108<br />
Equity plus net borrowing 1,113,035 526,842<br />
Debt/Equity ratio 0.79 0.92<br />
The debt/equity ratio has improved significantly since 31 December 2007.<br />
36. Subsequent events<br />
On 15 January 2009, MIA S.p.A., a newly-formed subsidiary of the MFM Group, acquired COFAM S.p.A., a medium/<br />
small-sized company that maintains lifts and lifting equipment. This acquisition is part of the project launched<br />
with the formation of MIA S.p.A. to develop the maintenance of lifting equipment as a Group service, thereby<br />
extending the range of integrated facility management services available to customers.<br />
The Chairman of the Management Board<br />
Claudio Levorato<br />
"COPY OF THE ORIGINAL DOCUMENTS HELD BY THE COMPANY"
Change language