Financial debt and cost of debt

At December 31, 2018, net financial debt totaled 416 million euros, 300 million euros higher than the 116 million euros at December 31, 2017.

The variation of the financial year reflects the acquisitions of GNVI, Attiva and Zephyro and the good cash generation of the operating activities which limited the net financial debt.

The table below provides a simplified breakdown of the Group’s net financial debt:

(In milions of euro) 12.31.2018 12.31.2017
Non-current bank loans 275 144
Amounts due to other lenders - non-current portion 75 77
Non current net financial debt 350 221
Bonds - current portion - 4
Short-term financial debt 218 157
Current financial assets (3) (6)
Cash and cash equivalents (149) (260)
Current net financial debt 66 (105)
Net financial debt 416 116
Debt/Equity 0.07 0.02

Net financial expense benefit from a lower level of average debt and a lower cost due to a different mix of financial resources. Note that, in 2017, the figure included 8 million euros of expenses for the bond loan of Edison Spa, repaid upon expiry in November 2017.