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Debt

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Debt

At the end of December 2019, Group net debt stood at Euro 74.8 million compared to Euro 32.9 million at the end of December 2018. The IFRS 16 financial lease liability, as at 31 December 2019, amounted to Euro 47.0 million, of which Euro 9.7 million as short term, and Euro 37.3 million as long term.

On a pre-IFRS 16 basis, 2019 Group net debt stood at Euro 27.8 million. The Group net financial position as at 31 December 2019 benefitted from the proceeds deriving from the share capital increase resolved by the Extraordinary Shareholders’ meeting held on 29 October 2018 and completed on 2 January 2019 with the collection of the remaining Euro 17.7 million.

Net Financial Position

The main items of Safilo Group's Net Financial Position, for the last five years, are reported below.

Net financial position
(Millions of euro)
December 31,
2019
2018
2017
2016
2015
Total liquidity 64.2 178.2 76.3 109.0 86.6
Bank overdrafts and short-t. bank borrowings (10.3) (3.3) (55.4) (10.0) (39.0)
Bonds - (147.8) - - -
Current portion of long-term borrowings - (60.0) - - -
Current portion of long-term lease liability IFRS 16 (9.7)        
Other short-term borrowings (8.8) - (10.0) (10.0) (5.0)
Debts and other current financial liabilities (28.9) (211.1) (65.4) (20.0) (44.0)
Current financial position, net 35.4 (32.9) 10.8 89.0 42.6
Long-term bank borrowings (72.9) - - - -
Bonds - - (142.5) (137.4) (132.5)
Other long-term borrowings - - - - -
Long-term lease liability IFRS 16 (37.3)        
Debts and other non current financial liabilities (110.2) - (142.5) (137.4) (132.5)
Total (74.8) (32.9) (131.6) (48.4) (89.9)
Total pre IFRS 16 (27.8)        

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