329 348
329
other types of remuneration, pension and medical benefits,
received for their service as directors or statutory auditors of
Prysmian S.p.A.. Further details can be found in the Remu-
neration Report.
Directors' compensation amounts to Euro 4,477 thousand in
2014, and Euro 11,503 thousand in 2013. Statutory auditors'
compensation for duties performed in Prysmian S.p.A.
amounts to Euro 175 thousand in 2014 (Euro 175 thousand
in 2013). Compensation includes emoluments, and any
27.
COMPENSATION OF DIRECTORS AND STATUTORY AUDITORS
In accordance with the disclosures required by Consob Communication DEM/6064293 dated 28 July 2006, it is reported that no
atypical and/or unusual transactions took place during the year.
28. ATYPICAL OR UNUSUAL TRANSACTIONS
a) Financial covenants
• Ratio between EBITDA and Net finance costs (as defined
in the relevant agreements);
• Ratio between Net Financial Position and EBITDA (as
defined in the relevant agreements).
The covenants contained in the various credit agreements are
as follows:
The credit agreements in place at 31 December 2014, details
of which are presented in Note 10. Borrowings from banks
and other lenders, require the Group to comply with a series
of covenants on a consolidated basis. The main covenants,
classified by type, are listed below:
29. GROUP FINANCIAL COVENANTS
EBITDA/Net finance costs (*)
Net financial position/EBITDA (*)
not less than
not more than
Credit Agreement 2011
5.50x
2.50x
EIB Loan
5.50x
2.50x
Credit Agreement 2014
4.00x
3.00x
Revolving Credit Facility 2014
4.00x
3.00x
Default events
The main default events are as follows:
• default on loan repayment obligations;
• breach of financial covenants;
• breach of some of the non-financial covenants;
• declaration of bankruptcy or subjection of Group
companies to other insolvency proceedings;
• issuance of particularly significant judicial rulings;
b) Non-financial covenants
A number of non-financial covenants have been established
in line with market practice applying to transactions of a
similar size and nature. These covenants involve a series
of restrictions on the grant of secured guarantees to third
parties, on the conduct of acquisitions or equity transactions,
and on amendments to the Company's by-laws.
(*) The ratios are calculated on the basis of the definitions contained in the relevant agreements.