Financial Situation

The financial structure of the Group seeks to limit the risks arising from uncertainty in financial markets, trying to minimize potential adverse effects on financial profitability. Throughout 2019, the company continued to work in order to have the tools and flexibility needed to continue with its objective of growth and diversification. In this regard, the Group constantly assesses its financial structure and, in the same way, must be in a position to improve it at all times, depending on the market situation and its evolution.

Saba recorded a higher financial result in 2019, corresponding mainly to the 2018 growth operation and the subsequent acquisition of companies in the United Kingdom, Germany, Slovakia and the Czech Republic.

Saba's total assets as of 31 December 2019 stood at close to 1,595 million euros. The company’s consolidated net equity as of 31 December 2019 amounted to €398 million, while gross debt (countable financial debt without derivative liability) stood at €706 million with its net financial debt at €607 million. With regard to the distribution of debt, long-term debt represented more than 72% at the close of FY 2018, while it will mature on average in 2021.

In order to minimize exposure to interest rate risks, Saba maintains a high percentage of debt at a fixed rate or at a rate fixed by hedging, approximately 57%. Therefore, it is estimated that any possible changes in interest rates would not have a significant impact on the company’s accounts.