Debt

Gross Debt as of December, 31 2011: 1.8 €/bln

	€/mln	Total		Non Current		Current
	bonds	499.662		499.662		-
	borrowings from banks	1,209.064		875.080		333.984
	borrowing from other financial institutions	7.959		7.216		743
	finance lease payables	23.102		19.950		3.152
	financial accrued liabilities and deferred income	31.671		589		31.082
	other financial payables	490		-		490
		1,771.948		1,402.497		369.451

Gross Debt composition by:

Pirelli manages the risk of an increase in interest rates associated with indebtedness at a floating rate through indirect offsetting with financial receivables at a floating rate and, for the net amount, through recourse to derivative contracts, normally interest rate swaps and interest rate collars.