Significant Financial Flexibility

• Credit Ratios

  • Net Debt / EBITDA: 1.9 x
  • EBITDA / Net Interest : 7.1 x
  • Net Debt / Equity : 55.5%

• Credit Ratings

  • Moody’s : “Baa2”
  • S & P : “BBB”
    

• Cash and marketable securities : €194 million

• Confirmed credit lines : € 535 million

Net Debt (e million)

Comments

734

1,218

2000

2001

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