Net financial debt
As at December 31, 2011 net financial debt was € 2,734,188 thousand, up € 3,156 thousand from December 31, 2010; it differs from the net financial debt at book value as it is posted "gross" of the expenses incurred i) for transaction costs and refinancing of the medium and long-term Senior debt with the Royal Bank of Scotland, ii) for the Subordinated Loan to Lighthouse International Company S.A. and iii) for the issue of the Senior Secured Bond, totalling € 33,123 thousand net of those portions already amortised. Net financial debt does not include the net value arising from the valuation at market values of the cash flow hedge instruments in place at the end of the period or, if closed early, cash flow hedge instruments that will become effective in subsequent periods. As at December 31, 2011 this value amounted in total to a net liability of € 1,561 thousand (€ 13,780 thousand as at December 31, 2010).
The following graph summarises the main elements that affected the change in net financial debt in 2011.