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Long-term borrowings | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Long-term borrowings |
18 | Long-term borrowings
Long-term borrowings as at December 31, 2018, 2017 and January 1, 2017 consist of the following:
|  | 31/12/18 |  |  | 31/12/17 |  |  | 01/01/17 |
0.74% long-term debt payable in annual installments with final payment due April 2018 |  |  | — |  |  |  | 520 |  |  |  | 1,035 |
6-months Euribor (360) plus a 2.5% spread long-term debt with final payment due August 2019 |  |  | 6,631 |  |  |  | 7,533 |  |  |  | 8,838 |
6-months Euribor (360) plus a 3.9% spread long-term debt with final payment due August 2019 |  |  | 893 |  |  |  | 2,186 |  |  |  | 3,426 |
3-months Euribor (360) plus a 4% spread long-term debt with final payment due August 2019 |  |  | 2,500 |  |  |  | 3,500 |  |  |  | 4,500 |
6-months Euribor (360) plus a 2.9% spread long-term debt with final payment due December 2020 |  |  | 83 |  |  |  | 123 |  |  |  | 162 |
3-months Euribor (360) plus a 3,5% spread long-term debt with final payment due March 2022 |  |  | 1,625 |  |  |  | 2,063 |  |  |  | — |
3-months Euribor (360) plus a 2.2% spread long-term debt with final payment due February 2022 |  |  | 628 |  |  |  | 824 |  |  |  | — |
3-months Euribor (360) plus a 1.9% spread long-term debt with final payment due November 2022 |  |  | 1,583 |  |  |  | 1,968 |  |  |  | — |
2.3% long-term debt with final payment due June 2025 |  |  | 7,000 |  |  |  | 7,000 |  |  |  | — |
Total long-term debt |  |  | 20,943 |  |  |  | 25,717 |  |  |  | 17,961 |
Less current installments |  |  | (10,582 | ) |  |  | (4,840 | ) |  |  | (11,632 | )
Long-term borrowings, excluding current installments |  |  | 10,361 |  |  |  | 20,877 |  |  |  | 6,329 |
A loan of nominal 10,000 was incurred in 2015 by the Romanian subsidiary. The loan was payable on a monthly basis starting from August 2015 and ending in August 2017. In August 2017, the subsidiary negotiated a rescheduling of the loan’s repayment with the bank. In particular, the loan, remaining at year-end in the amount of 6,631 is due by August 2019, and the new amortization schedule provides for 11 monthly installments of 225 and a lump sum repayment of 5,050, due on maturity. The loan is guaranteed by a mortgage on the Romanian plant for an amount of 16,628, and is subject to the following covenants:
| • |  | Cash receipts >= 60% turnover
| • |  | Earnings before interest, taxes, depreciation and amortization (EBITDA) >= 4.5%
| • |  | Net debt/EBITDA <= 3
| • |  | Debt Service Cover Ratio >= 1.35
In August 2014, the Company incurred long-term debt for a 5,000 nominal amount with installments payable on a monthly basis and with final payments due August 2019. This loan, of which 893 remains at year-end, is collateralized by a mortgage on the plants located in Matera, for an amount of 10,000. In 2015 the Company incurred long-term debt for nominal amount of 5,000 with installments payable on a monthly basis and with final payments due August 2019. This long-term floating-rate debt, of which 2,500 remains at year-end, is collateralised by a mortgage on some Italian buildings for an amount of 10,000 and provides variable installments depending on the 3-months Euribor (360) plus a 4% spread. This loan is subject to financial covenants, which were measured at year-end as follows:
| • |  | Earnings before interest, taxes, depreciation and amortization (EBITDA) >= 3,000
| • |  | Net Financial Position / Net Equity <= 0.25
In 2015, one of the Italian subsidiaries incurred long-term debt for a 200 nominal amount with installments payable on a monthly basis and with final payments due December 2020. The interest rate is based on the 6-month Euribor (360) plus a 2.9% spread. This loan, of which 83 remains at year-end, is guaranteed by a mortgage on some Italian plants for a total amount of 300. In January 2017, the Company incurred long-term debt for a 2,500 nominal amount with installments payable on a quarterly basis and with final payments due March 2022. This long-term floating-rate debt, of which 1,625 remains at year-end, provides variable installments depending on the 3-months Euribor (360) plus a 3.5% spread, and is assisted by a third party warranty by 750. In 2017, one of the Italian subsidiaries incurred long-term debt for a 1,000 nominal amount, with installments payable on a monthly basis and with final payments due February 2022. This long-term floating-rate debt, of which 628 remains at year-end, provides variable installments depending on the 3-months Euribor (360) plus a 2.2% spread. In November 2017 the Company incurred long-term debt for a 2,000 nominal amount with installments payable on a quarterly basis and with final payments due November 2022. This long-term floating-rate debt, of which 1,583 remains at year-end, provides variable installments depending on the 3-months Euribor (360) plus a 1.9% spread. In July 2017 the Company incurred long-term fixed rate debt for a 7,000 nominal amount with installments payable on a monthly basis and with final payments due June 2025. This loan, of which 7,000 remains at year-end, is assisted by a mortgage on the plants located in Matera, for an amount of 14,000. During 2018 and 2017, the Company made all installment payments related to the aforementioned long-term borrowings. As at December 31, 2018 long-term borrowings denominated in foreign currency amounted to 6,631 and pertained entirely to the Romanian subsidiary. Interest expense related to long-term borrowings for the years ended December 31, 2018 and 2017 was 636 and 738, respectively. Interest due is paid with the related installment (quarterly, semi-annual or annual).

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