The Group had a net cash position of €74 million at December 31, 2011 compared with net debt of €25 million at the previous year-end.

Long-term debt consists mainly of:
- €596 million in bank borrowings repayable in installments in June 2014 and June 2015.
- €794 million worth of 7-year 3.625% bonds due October 6, 2017.

Other marketable securities include €995 million worth of term deposits and equivalents with maturities of more than three months and €90 million worth of money market securities and bonds.

Cash and cash equivalents break down as €146 million in cash and €291 million in money market instruments with initial maturities of less than three months.