Financial instruments and financial risk management

The following table shows a comparison between the book value of the Group's financial instruments and their fair value.

Analysing the table shows that the fair value is different from the book value only in the case of short-term and long-term financial debts. This difference, corresponding to Euro -381 thousand, is generated by the fixed-rate loans outstanding at the end of the reporting period, for which the value has been recalculated at current market rates.
 

	12.31.2011	12.31.2010	12.31.2011	12.31.2010
FINANCIAL ASSETS
Cash and cash equivalents	102,461	66,760	102,461	66,760
Securities held for trading	11	18	11	18
Held-to-maturity investments	1,893	-	1,893	-
Assets for derivative financial instruments	8	182	8	182
Current financial receivables	-	-	-	-
Trade receivables	178,655	138,815	178,655	138,815
Other receivables	10,204	10,232	10,204	10,232
Other assets	2,800	2,485	2,800	2,485
Other financial assets available for sale	490	440	490	440
Non-current trade receivables	918	-	918	-
Non-current financial receivables	-	-	-	-
Other non-current receivables	14,102	10,146	14,102	10,146
FINANCIAL LIABILITIES
Short-term financial debts	56,789	78,731	56,521	78,980
Other short-term liabilities for derivative financial instruments	632	164	632	164
Trade and other payables	283,516	210,019	283,516	210,019
Other current liabilities	7,324	2,212	7,324	2,212
Medium/long-term financial debts	338,378	150,968	338,265	150,100
Other medium/long-term liabilities for derivative financial instruments	8,416	2,042	8,416	2,042

 

Given that the Group operates on world markets, its activity is exposed to various kinds of financial risks, including fluctuations, up or down, of interest and exchange rates, and cash flow risks (for cash flows generated outside of the Eurozone). In order to minimise these risks, the Group uses derivatives as part of its “risk management” activities, whereas it does not use or hold derivatives or similar instruments purely for trading purposes.

The Group also has available a whole series of financial instruments other than derivatives, such as bank loans, financial leases, rentals, sight deposits, payables and receivables deriving from normal operating activities.
The Group handles its main hedging operations centrally. Precise instructions have also been issued, laying down guidelines on risk management, while procedures have been introduced to control all transactions in derivatives.

The interest risk to which the Group is exposed mainly arises from long-term debts.

These debts may be fixed or floating rate.

Fixed rate debts expose the Group to a fair value risk. For this kind of risk arising from said contracts, the Group does not implement specific hedging policies, as it deems the risk to be limited to the modest amount of the fixed term loans.

Floating rate debts, which represent 95% of Group loans, expose the Group to a risk arising from interest rate volatility (cash flow risk).

With regard to this risk, for the purposes of the related hedging, the Group may use derivative contracts which limit the impacts on the income statement of changes in the interest rate. At present, hedging transactions cover around 34% of the Group's floating-rate debts. After such transactions, floating-rate loans represent around 63% of the Group's total loans.

The following table gives a breakdown, by maturity, of the book value of the Group's financial assets and liabilities instruments which are exposed to interest rate risk as of December 31, 2011, split according to whether they are contractually at a fixed or floating rate (for further details see the table shown in the analysis of "Liquidity risk"):

(in thousands of Euro)	within 12 months	between 1 and 2 years	between 2 and 3 years	between 3 and 4 years	between 4 and 5 years	beyond 5 years	Total
TOTAL FIXED RATE	(3,942)	(8.924)	(1.321)	(1,046)	(987)	(3,013)	(19,233)
TOTAL FLOATING RATE	50,893	(247,216)	(26,773)	(26,729)	(22,105)	(8,679)	(280,609)

Below there is a sensitivity analysis which shows the impact on the Income Statement, net of tax, and on Equity of a change in interest rates that is considered reasonably possible.

An increase or decrease in interest rates of 100 basis points, applied to floating-rate financial assets and liabilities in existence as of December 31, 2011, including interest-rate hedges, would have the following effects:

(in thousands of Euro)	12.31.2011		12.31.2010
Sensitivity Analysis	Net profit	Equity	Net profit	Equity
+ 100 basis points	(1.055)	(897)	(429)	(417)
-100 basis points	1.055	897	429	417

The effect on Equity differs from the effect on the Income Statement by Euro 158 thousand, which reflects the change in fair value of the instruments hedging the interest rate risk.

As it operates at an international level, the Group is exposed to the risk that changes in exchange rates could have an impact on the fair value of some of its assets or liabilities.
Moreover, as can be seen from the segment information given in note 4, the Group produces and sells mainly in countries of the Eurozone, but it is exposed to currency risk, above all in respect of the British Pound, Brazilian Real, US Dollar, Argentine Peso, Chinese Renminbi and Canadian Dollar.
Generally speaking, the Group is not particularly exposed to exchange risk, which is mainly related to the translation of foreign subsidiaries' financial statements, as the currencies in which the foreign operating companies bill and those in which they are invoiced tend to be much the same.

As regards borrowings, there are also policies stating that any funds raised from third parties have to be in the same currency as the functional currency of the company obtaining the loan. If any exception is made to this principle, then systematic hedging of the risk is used through forward currency purchases.

A sensitivity analysis is provided below, which shows the impact on the Income Statement, especially on “Exchange (gains) losses”, net of tax, and on Equity of a change in exchange rates that is considered reasonably possible. Note that the exchange effect of translating the financial statements of foreign subsidiaries into Euro has not been taken into consideration here.
What has been taken into consideration are the financial assets and liabilities outstanding as of December 31, 2011 denominated in a currency other than the functional currency of the individual subsidiaries. This analysis also takes into account any changes in the fair value of the financial instruments used to hedge exchange risk.

As of December 31, 2011, exchange risk was concentrated mainly in transactions with the Euro.

A 5% appreciation or depreciation of the Euro against the other main currencies would have the following effects:

(in thousands of Euro)	12.31.2011		12.31.2010
Sensitivity Analysis	Net profit	Equity	Net profit	Equity
+ 5%	(711)	(711)	(383)	(383)
- 5%	774	774	422	422

These effects are mainly due to the following exchange rates:

• EUR/GBP mainly due to the net debt exposure for the trade payables in Euro of the UK subsidiaries net of the change in the fair value of the relative hedge (subsidiary Sogefi Filtration Ltd);
• EUR/CNY mainly due to the net debt exposure for the trade and financial payables in Euro of Chinese subsidiaries;
• EUR/INR mainly due to the net debt exposure for the trade payables and financial debts in Euro of Indian subsidiaries.

The Group is partially exposed to price risk as it makes purchases of various raw materials such as steel, plastics, aluminium, cellulose products.
The risk is handled in the best way possible thanks to centralised purchasing and a policy of having various suppliers for each kind of raw material, operating in different parts of the world.
We would also point out that price risk is generally mitigated by the Group's ability to pass on part of the increase in raw material costs to selling prices.
The price risk on Group investments classified as “Securities held for trading” and “Other financial assets available for sale” is not significant.

This is the risk that one of the parties signing a contract of a financial nature defaults on an obligation, thereby provoking a financial loss. This risk can derive from strictly commercial aspects (granting and concentration of credits), as well as from purely financial aspects (choice of counterparties used in financial transactions).

From a commercial point of view, the Group does not have excessive concentrations of credit risk as it operates on distribution channels, both Original Equipment and the Aftermarket, that make it possible not to depend too much on individual customers. For example, Original Equipment sales are largely to car and industrial vehicle manufacturers.
As regards the Aftermarket, on the other hand, the Group’s main customers are important international purchasing groups.
In order to minimise credit risk, however, procedures have in any case been implemented to limit the impact of any customer insolvencies.
As regards counterparties for the management of financial resources, the Group only has recourse to partners that have a safe profile and a high international standing.
The Group's maximum exposure to credit risk as of December 31, 2011 is represented by the book value of the financial assets shown in the financial statements (Euro 312,460 thousand), as well as by the nominal value of the guarantees given in favour of third parties, as mentioned in note 43 (Euro 11,054 thousand).

The exposure to credit risk is essentially linked to trade receivables which amounted to Euro 180,581 thousand as of December 31, 2011 (Euro 141,430 thousand as of December 31, 2010), written down by Euro 5,319 thousand (Euro 5,852 thousand as of December 31, 2010).
Receivables are backed by insurance guarantees for Euro 4,861 thousand (Euro 4,329 thousand as of December 31, 2010). The Group does not have any other guarantees covering trade receivables.

The following table shows the changes in the allowance for doubtful accounts:

(in thousands of Euro)	12.31.2011	12.31.2010
Opening balance	5,852	5,752
Change to the scope of consolidation	65	-
Accruals for the period	1,009	1,373
Utilisations	(1,226)	(1,106)
Provisions not used during the period	(375)	(245)
Other changes	25	-
Exchange differences	(31)	78
TOTAL	5,319	5,852

The following is an ageing analysis of gross receivables and the related allowance for doubtful accounts to help evaluate credit risk:

(in thousands of Euro)	12.31.2010
	Gross value	Allowance for doubtful accounts	Net value
Receivables past due:
0-30 days	9,869	(9)	9,860
30-60 days	2,198	(40)	2,158
60-90 days	910	(65)	845
> 90 days	10,308	(5,738)	4,570
Total receivables past due	23,285	(5,852)	17,433
Total receivables still to fall due	118,145	-	118,145
TOTAL	141,430	(5,852)	135,578

 

(in thousands of Euro)	12.31.2011
	Gross value	Allowance for doubtful accounts	Net value
Receivables past due:
0-30 days	15,502	(69)	15,433
30-60 days	3,393	(181)	3,212
60-90 days	1,143	(201)	942
> 90 days	7,045	(4,868)	2,177
Total receivables past due	27,083	(5,319)	21,764
Total receivables still to fall due	153,498	-	153,498
TOTAL	180,581	(5,319)	175,262

As of December 31, 2011, gross receivables past due were Euro 3,798 thousand higher than at the end of the previous year. The increase is concentrated in the “0-30 days” bracket (+ Euro 5,633 thousand) and in the “30-60 days” bracket (+ Euro 1,195 thousand) and reflects for the most the inclusion of the Systèmes Moteurs Group in the scope of consolidation. The “over 90 days” bracket has decreased (- Euro 3,263 thousand) mainly thanks to subsidiaries Filtrauto S.A. and United Springs B.V..

The impact of gross receivables past due on total receivables drops to 15% from 16.5% in the previous year.
Past due receivables have been written down by 19.6% of the total (25.1% as of December 31, 2010) and 69.1% (55.7% as of December 31, 2010) considering only the “over 90 days” bracket. Writedowns refer mainly to disputed amounts or receivables that have been due for a significant period of time and can no longer be collected.
Net receivables past due account for 12.4% of total net receivables, compared to 12.9% in the previous year.
The item “Total receivables still to fall due” does not contain significant positions that have been renegotiated.

Considering the nature of the Sogefi Group's customers (cars and industrial vehicles manufacturers and important international purchasing groups), a Credit risk analysis by type of customer is not considered meaningful.

The Group is subject to a minimum amount of liquidity risk, namely having to handle a situation where it is not able to raise sufficient funds to meet its liabilities.
The Group has always taken an extremely prudent approach to its financial structure, using mainly medium/long-term funding, whereas forms of short-term financing are generally used only to cope with moments of peak requirement.
The fact that it has a significant level of cash flow, together with its solid capital structure, makes it relatively easy for the Group to find additional sources of financing.
It should also be mentioned that the Group has implemented a cash pooling system for all of the main European subsidiaries, which makes it possible to optimise liquidity and cash flow management at a supranational level.

The following table shows an analysis of the Group's financial assets and liabilities instruments by maturity, including the amount of future interests to be paid and trade receivables and payables:

(in thousands of Euro)	within 12 months	between 1 and 2 years	between 2 and 3 years	between 3 and 4 years	between 4 and 5 years	beyond 5 years	Total
Fixed rate
Finance lease Sogefi Filtration Ltd	(125)	(141)	(160)	(182)	(202)	(1.833)	(2.643)
Finance lease Allevard Sogefi U.S.A. Inc.	(336)	(348)	(360)	(372)	(384)	(1.032)	(2.832)
Bank loan Sogefi Filtration do Brasil Ltda	-	(7.311)	-	-	-	-	(7.311)
Government financing	(645)	(627)	(590)	(464)	(401)	(148)	(2.875)
Other fixed rate loans	(2.836)	(497)	(211)	(28)	-	-	(3.572)
Future interest	(941)	(617)	(342)	(289)	(253)	(732)	(3.174)
TOTAL FIXED RATE	(4.883)	(9.541)	(1.663)	(1.335)	(1.240)	(3.745)	(22.407)
Floating rate
Cash and cash equivalents	102.461	-	-	-	-	-	102.461
Financial assets	1.904	-	-	-	-	-	1.904
Assets for derivative financial instruments	8	-	-	-	-	-	8
Current financial receivables	-	-	-	-	-	-	-
Non-current financial receivables	-	-	-	-	-	-	-
Bank overdrafts and other short-term loans	(9.827)	-	-	-	-	-	(9.827)
Sogefi S.p.A. loans	(32.914)	(244.556)	(24.901)	(25.087)	(19.335)	(2.402)	(349.195)
Shangai Sogefi Auto Parts Co., Ltd loans	(4.992)	-	-	-	-	-	(4.992)
Bank loans	(3.252)	(1.535)	(1.529)	(1.641)	(1.064)	(364)	(9.385)
Finance lease Allevard Rejna Autosuspensions S.A.	(1.213)	(328)	(343)	-	-	-	(1.884)
Other floating rate loans	(650)	-	-	-	-	-	(650)
Future interest	(9.521)	(5.017)	(2.512)	(1.515)	(561)	(58)	(19.184)
Liabilities for derivative financial instruments - exchange risk hedging	(60)	-	-	-	-	-	(60)
Future financial expences on derivative instruments - interest risk hedging *	(1.327)	(1.814)	(2.332)	(2.332)	(2.305)	(2.591)	(12.701)
TOTAL FLOATING RATE	40.617	(253.250)	(31.617)	(30.575)	(23.265)	(5.415)	(303.505)
Trade receivables	178.655	918	-	-	-	-	179.573
Trade and other payables	(283.516)	-	-	-	-	-	(283.516)
TOTAL FINANCIAL INSTRUMENT - ASSET	283.028	918	-	-	-	-	283.946
TOTAL FINANCIAL INSTRUMENT - LIABILITIES	(352.155)	(262.792)	(33.279)	(31.911)	(24.505)	(9.160)	(713.802)

 

a) exchange risk
The Sogefi Group has the following contracts to hedge the exchange risk on financial balances. Note that even though the Group considers these instruments as exchange risk hedges from a substantial point of view, it has chosen not to adopt hedge accounting, as this treatment is not considered suitable for the Group's operating requirements. It therefore measures such contracts at fair value, posting the differences to the Income Statement.

As of December 31, 2011, the Holding Company Sogefi S.p.A. held the following forward sale contract to hedge exchange risk on intercompany financial positions:

Forward sale	Date opened	Spot price €/currency	Date closed	Forward price €/currency
USD 7,230,000	12/23/2011	1.30540	02/23/2012	1.30665

As of December 31, 2011, the fair value of this contract was negative for Euro 54 thousand and was booked to “Other short-term liabilities for derivative financial instruments”.
Fair value was calculated using the forward curve of exchange rates as of December 31, 2011.

The subsidiary Sogefi Filtration Ltd has the following forward purchase contract to hedge the exchange risk on intercompany financial positions:

Forward purchase	Date opened	Spot price GBP/currency	Date closed	Forward price GBP/currency
EUR 2,500,000	12/23/2011	0.83230	02/23/2012	0.83360

As of December 31, 2011, the fair value of this contract amounted to Euro 8 thousand and was booked to “Other financial assets – Assets for derivative financial instruments”. Fair value was calculated using the forward curve of exchange rates as of December 31, 2011.

b) interest risk
At the end of the year, the Holding Company Sogefi S.p.A. had the following derivatives in place to hedge its interest rate risk (in thousands of Euro) on financial debts drawdown: 

Description of IRS	Date opened	Contract maturity	Notional	Fixed rate	Fair value
Hedging of Sogefi S.p.A. loan for € 100 million (09/29/2006 maturity 09/29/2013), rate: Euribor 3 months + 70 bps	11/18/2009	04/30/2013	5.000	2,210%	(84)
Hedging of Sogefi S.p.A. loan for € 100 million (09/29/2006 maturity 09/29/2013), rate: Euribor 3 months + 70 bps	11/27/2009	04/30/2013	5.000	2,150%	(79)
Hedging of Sogefi S.p.A. loan for € 160 million (06/04/2008 maturity 06/04/2013), rate: Euribor 3 months + 50 bps	11/18/2009	05/06/2013	5.000	2,230%	(42)
Hedging of Sogefi S.p.A. loan for € 160 million (06/04/2008 maturity 06/04/2013), rate: Euribor 3 months + 50 bps	11/27/2009	05/06/2013	5.000	2,170%	(38)
Hedging of Sogefi S.p.A. loan for € 160 million (06/04/2008 maturity 06/04/2013), rate: Euribor 3 months + 50 bps	12/20/2010	05/06/2013	5.000	1,733%	(48)
Hedging of Sogefi S.p.A. loan for € 160 million (06/04/2008 maturity 06/04/2013), rate: Euribor 3 months + 50 bps	12/20/2010	05/06/2013	5.000	1,733%	(5)
Hedging of Sogefi S.p.A. loan for € 160 million (06/04/2008 maturity 06/04/2013), rate: Euribor 3 months + 50 bps	12/21/2010	05/06/2013	5.000	1,7075%	(46)
Hedging of Sogefi S.p.A. loan for € 160 million (06/04/2008 maturity 06/04/2013), rate: Euribor 3 months + 50 bps	12/22/2010	05/06/2013	10.000	1,685%	(89)
Hedging of Sogefi S.p.A. loan for € 160 million (06/04/2008 maturity 06/04/2013), rate: Euribor 3 months + 50 bps	03/11/2011	05/06/2013	10.000	2,693%	(89)
Hedging of Sogefi S.p.A. loan for € 160 million (06/04/2008 maturity 06/04/2013), rate: Euribor 3 months + 50 bps	03/11/2011	05/06/2013	10.000	2,805%	(80)
Hedging of Sogefi S.p.A. loan for € 160 million (06/04/2008 maturity 06/04/2013), rate: Euribor 3 months + 50 bps	03/23/2011	05/06/2013	10.000	2,800%	(94)
Hedging of Sogefi S.p.A. loan for € 160 million (06/04/2008 maturity 06/04/2013), rate: Euribor 3 months + 50 bps	03/23/2011	05/06/2013	5.000	2,445%	(102)
Hedging of Sogefi S.p.A. loan for € 60 million (04/29/2011 maturity 12/31/2016), rate: Euribor 3 months + 200 bps	05/11/2011	12/31/2016	28.000	2,990%	(1.600)

Description of IRC	Date opened	Contract maturity	Notional	Cap/Floor	Fair value
Hedging of Sogefi S.p.A. loan for € 100 million (09/29/2006 maturity 09/29/2013), rate: Euribor 3 months + 70 bps	04/24/2008	10/31/2012	10.000	Cap: 4,50% Floor: 3,84%	(268)

Description of K.IN FORWARD ZERO COST	Date opened	Contract maturity	Notional	Cap/Floor	Fair value
Hedging of Sogefi S.p.A. loan for € 100 million (09/29/2006 maturity 09/29/2013), rate: Euribor 3 months + 70 bps	04/24/2008	10/31/2012	10.000	Cap: 4,50% Floor: 4,20%; Knock in Europeo: 3,33%	(304)

 

In 2011, the Holding Company Sogefi S.p.A. entered into the following Interest Rate Swap contracts (in thousands of Euro) on expected higly probable future long-term indebtedness, designed in hedge accounting. Relating cash flows will be exchanged from 2013 onwards: 

Description of IRS	Date opened	Contract maturity	Notional	Fixed rate	Fair value
Hedging of Sogefi S.p.A. future financial indebtedness for 2013-2018	02/10/2011	06/01/2018	10.000	3,679%	(779)
Hedging of Sogefi S.p.A. future financial indebtedness for 2013-2018	02/23/2011	06/01/2018	10.000	3,500%	(724)
Hedging of Sogefi S.p.A. future financial indebtedness for 2013-2018	03/11/2011	06/01/2018	10.000	3,545%	(725)
Hedging of Sogefi S.p.A. future financial indebtedness for 2013-2018	03/23/2011	06/01/2018	10.000	3,560%	(729)
Hedging of Sogefi S.p.A. future financial indebtedness for 2013-2018	03/27/2011	06/01/2018	10.000	3,670%	(792)
Hedging of Sogefi S.p.A. future financial indebtedness for 2013-2018	05/13/2011	06/01/2018	10.000	3,460%	(692)
Hedging of Sogefi S.p.A. future financial indebtedness for 2013-2018	06/24/2011	06/01/2018	10.000	3,250%	(605)
Hedging of Sogefi S.p.A. future financial indebtedness for 2013-2018	06/28/2011	06/01/2018	10.000	3,250%	(585)
Hedging of Sogefi S.p.A. future financial indebtedness for 2013-2018	11/28/2011	06/01/2018	10.000	2,578%	(283)

As of December 31, 2011, the subsidiary Sogefi Filtration S.A. had the following derivative in place to hedge its interest rate risk (in thousands of Euro) on the loan obtained from Banco Sabadell:

Description of IRS	Date opened	Contract maturity	Notional	Fixed rate	Fair Value
Hedging of Sogefi Filtration S.A. loan for € 7 millions (05/30/2011 maturity 05/30/2016), rate: Euribor 3 months + 225 bps	08/30/2011	05/30/2016	3,150	2.6509%	(106)

With the exception of the IRS, which envisages payment by the Group of an agreed fixed rate and receipt from the counterparty of the floating rate that is the basis of the underlying loan, the remaining financial instruments envisage the Group paying an interest rate that may fluctuate within a defined range (“Cap-Floor” for the IRC and “Cap-Knock in” for the K.IN FORWARD ZERO COST). As regards K.IN FORWARD ZERO COST, if the 3-month Euribor falls below the “Knock in”, the Group pays the “Floor” rate.
The aim of these contracts is to limit the risk of changes in interest rates. They have been treated in hedge accounting as hedging instruments and the related fair value is booked to equity, except for an amount of Euro 60 thousand that was booked to income statement under “Total financial expenses (income), net” as the ineffective portion of the hedge relationship.

Reference should be made to the paragraph on “Interest risk” for further information on the level of hedging of interest risk.

The main objectives pursued by the Group through its equity risk management are the creation of value for shareholders and the safeguarding of business continuity. The Group also sets itself the objective of maintaining an optimal equity structure so as to reduce the cost of indebtedness and meet the covenants established by the loan agreements.

The Group monitors equity on the basis of the net financial position/total equity ratio (“gearing ratio”). For the purposes of determination of the net financial position reference is made to note 22. Total equity is analysed in note 21.

As of December 31, 2011, gearing stands at 1.40 (0.77 as of December 31, 2010).
The worsening of the gearing ratio compared to the previous year is due to the higher indebtedness of the Holding Company Sogefi S.p.A. after the acquisition of the Systèmes Moteurs Group.

In compliance with the requirements of IFRS 7, the table below provides the information on the categories of financial assets and liabilities held by the Group as of December 31, 2011.
For the financial instruments measured at fair value in the statement of financial position the IFRS 7 requires a classification by hierarchy determined by reference to the source of inputs used to derive the fair value. This classification uses the following three levels:

• level 1: if the financial instrument is quoted in an active market;
• level 2: if the fair value is determined using valuation techniques and the inputs used for the valuation (other than quoted prices of financial instruments) are observable in the market. Specifically, fair value was calculated using the forward curves of exchange and interest rates;
• level 3: if the fair value is determined using valuation techniques and the inputs used for the valuation are non-observable in the market.

The following table therefore shows the fair value level of financial assets and liabilities measured at fair value, as of December 31, 2011.

(in thousands of Euro)	Note	Book value 2011	Receivables and financial assets	Financial assets available for sale	Held-to-maturity invetments	Financial liabilities	Fair Value with changes booked in the income statement
							Amount	Fair value hierarchies
Current assets
Cash and cash equivalents	5	102.461	102.461	-	-	-	-
Securities held for trading	6	11	-	-	-	-	11	1
Held-to-maturity investments	6	1.893	-	-	1.893	-	-
Assets for derivative financial instruments	6	8	-	-	-	-	8	2
Trade receivables	8	178.655	178.655	-	-	-	-
Other receivables	8	10.204	10.204	-	-	-	-
Other assets	8	2.800	2.800	-	-	-	-
Non-current assets
Other financial assets available for sale	12	490	-	490	-	-	-
Other non-current receivables	13	14.102	14.102	-	-	-	-
Current liabilities
Short-term financial debts	16	56.789	-	-	-	56.789	-
Other short-term liabilities for derivative financial instruments	16	632	-	-	-	-	632	2
Trade and other payables	17	283.516	-	-	-	283.516	-
Other current liabilities	18	7.324	-	-	-	7.324	-
Non-current liabilities
Medium/long-term financial debts	16	338.378	-	-	-	338.378	-
Other medium/long-term liabilities for derivative financial instruments	16	8.416	-	-	-	-	8.416	2

The following table therefore shows the fair value level of financial assets and liabilities measured at fair value, as of December 31, 2010. popopo

(in thousands of Euro)	Note	Book value 2010	Receivables and financial assets	Financial assets available for sale	Held-to-maturity invetments	Financial liabilities	Fair Value with changes booked in the income statement
							Amount	Fair value hierarchies
Current assets
Cash and cash equivalents	5	66.760	66.760	-	-	-	-
Securities held for trading	6	18	-	-	-	-	18	1
Assets for derivative financial instruments	6	182	-	-	-	-	182	2
Trade receivables	8	138.815	138.815	-	-	-	-
Other receivables	8	10.232	10.232	-	-	-	-
Other assets	8	2.485	2.485	-	-	-	-
Non-current assets					-
Other financial assets available for sale	12	440	-	440	-	-	-
Other non-current receivables	13	10.146	10.146	-	-	-	-
Current liabilities
Short-term financial debts	16	78.731	-	-	-	78.731	-
Other short-term liabilities for derivative financial instruments	16	164	-	-	-		164	2
Trade and other payables	17	210.019	-	-	-	210.019	-
Other current liabilities	18	2.121	-	-	-	2.121	-
Non-current liabilities
Medium/long-term financial debts	16	150.968	-	-	-	150.968	-
Other medium/long-term liabilities for derivative financial instruments	16	2.042	-	-	-	-	2.042	2