18. Net financial position

Details of “Cash and cash equivalents” on the asset side of the consolidated balance sheets are as follows:

	31/01/13	31/01/12
Cash in hand and at banks	2,583,249	1,218,931
Short-term deposits	435,167	595,315
Fixed-income securities	824,502	1,652,506
Total cash and cash equivalents	3,842,918	3,466,752

Cash in hand and at banks includes cash on hand and demand deposits in financial institutions. Short-term deposits and fixed income securities comprise term deposits and money market investment funds that are used to acquire highly liquid, fixed income securities with average weighted maturity of less than 90 days, a high credit rating and which are convertible to known amounts of cash and are subject to an insignificant risk of changes in value. All the balances under this caption are unrestricted as to their use and there are no guarantees or pledges attaching to them.

“Current financial investments” on the asset side of the consolidated balance sheet relates mainly to investments in money market investment funds and fixed-income securities, with weighted average maturities ranging from 90 days to 12 months, all of which have high credit ratings and are highly liquid.

Details of Group bank loans and borrowings and obligations under finance leases are as follows:

31/01/2013

	Current	Non-current	Total
Loans	2,033	3,708	5,741
Credit facilities	-	-	-
Finance leases	284	592	876
Other financial debt	120	6	126
	2,437	4,306	6,743

31/01/2012

	Current	Non-current	Total
Loans	431	718	1,149
Credit facilities	-	-	-
Finance leases	255	781	1,036
Other financial debt	-	45	45
	686	1,544	2,230

At 31 January 2013 the Group had a limit of euros 2,984,991 thousand on its credit facilities (euros 2,923,554 thousand at 31 January 2012).

Interest on all the financial debt is negotiated by the Group on the respective financial markets and usually consists of a monetary market index plus a spread in line with the solvency of the Parent or the subsidiary that has arranged the debt.

Financial debt is denominated in the following currencies:

	31/01/2013	31/01/2012
Euro	165	1,149
Other European currencies	89	255
Other currencies	6,489	826
	6,743	2,230

The maturity of the Group’s bank loans and borrowings at 31 January 2013 and 2012 is as follows:

	31/01/2013	31/01/2012
Less than one year	2,437	686
Between one and five years	4,306	1,544
	6,743	2,230