Consolidated Net Debt (Net Financial Debt)

As of 30 June 2013 As of 31 December 2012 Change
In thousands of euros Notes
Liquidity 27 101,881 86,110 15,771
 
Securities 26 1,260 (1,260)
Current financial receivables 0 1,260 (1,260)
 
Payables due to banks 30 (85,031) (61,943) (23,088)
Current portion of bank financing 30 (29,154) (31,363) 2,209
Amounts due to factoring companies 30 (30,179) (19,179) (11,000)
Amounts due under leases 30 (957) (936) (21)
Current portion of payables due to other lenders 30 (1,627) (1,621) (6)
Current financial debt (146,948) (115,042) (31,906)
 
Net current financial debt (45,067) (27,672) (17,395)
     
Payables due to banks and financing institutions30(209,812)(160,277)(49,535)
Debenture loan30(194,413)(193,550)(863)
Amounts due under leases30(5,325)(5,809)484
Amounts due to other lenders30(3,564)(4,532)968
Non-current financial debt (413,114)(364,168)(48,946)
     
NET FINANCIAL DEBT* (458,181)(391,840)(66,341)

* Pursuant to Consob Communication of 28 July 2006 and in compliance with the recommendation of the CESR of 10 February 2005 “Recommendation for the consistent implementation of the European Commission’s Regulation on Prospectuses“. The indicator does not include financial assets and liabilities arising from the fair value measurement of financial derivatives used as hedging, the fair value adjustment of relative hedged items equal to €/000 11,265 and relative accruals (see note 30 of the Notes).