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We present a complete analysis of the hard X-ray (2-10 keV) properties of theSeyfert galaxy NGC 1365, based on a 60 ks XMM-Newton observation performed inJanuary 2004. The two main results are: 1) We detect an obscuring cloud withN_H~3.5x10^23 cm^(-2) crossing the line of sight in ~25 ks. This implies adimension of the X-ray source not larger than a few 10^13 cm and a distance ofthe obscuring cloud of the order of 10^16 cm. Adopting the black hole massM(BH) estimated from the M(BH)-velocity dispersion relation, the source size isD_S<20 R_G and the distance and density of the obscuring clouds areR~3000-10000 R_G and n~10^(10) cm^(-3), i.e. typical values for broad lineregion clouds. 2) An iron emission line with a relativistic profile is detectedwith high statistical significance. A time integrated fit of the line+continuumreflection components suggests a high iron abundance (~3 times solar) and anorigin of these components in the inner part (~10 R_G) of the accretion disk,in agreement with the small source size inferred from the analysis of theabsorption variability.

Variable partial covering and a relativistic iron line in NGC 1365