193 348
193
(*) The previously published prior year consolidated financial statements have been restated following the adoption of IFRS 10 and IFRS 11. Further details can
be found in Section C. Restatement of comparative figures.
31 December 2013 (*)
Asset
Liability
Non-current
Interest rate swaps (cash flow hedges)
-
4
Forward currency contracts on commercial transactions (cash flow hedges)
1
1
Total hedging derivatives
1
5
Metal derivatives
1
2
Total other derivatives
1
2
Total non-current
2
7
Current
Interest rate swaps (cash flow hedges)
-
5
Forward currency contracts on commercial transactions (cash flow hedges)
4
3
Total hedging derivatives
4
8
Forward currency contracts on commercial transactions
9
3
Forward currency contracts on financial transactions
5
5
Interest rate swaps
-
9
Metal derivatives
5
17
Total other derivatives
19
34
Total current
23
42
Total
25
49
The Prysmian Group entered into no new interest rate swaps
during 2014.
The early repayment of the remaining balance on the Term
Loan Facility 2010, originally due to mature on 31 December
2014, has led to the discontinued effectiveness of the related
cash flow hedges outstanding as at the date of repayment.
The contracts for which hedge accounting was discontinued in
2014 expired on 31 December 2014 and had a notional value of
Euro 180 million. In addition, 31 December 2014 was the expiry
date of the interest rate swaps, with a notional value of Euro
300 million, for which hedge accounting was discontinued in
2013 following early repayment of the Term Loan Facility 2010.
Interest rate swaps have a notional value of Euro 200 million
at 31 December 2014 (down from Euro 480 million at 31
December 2013), all of which refer to derivatives designated
as cash flow hedges. Such financial instruments convert the
variable component of interest rates on loans received into a
fixed rate of between 1.1% and 1.7%.
Forward currency contracts have a notional value of Euro 1,679
million at 31 December 2014 (Euro 2,332 million at 31 December
2013); total notional value at 31 December 2014 includes Euro
512 million in derivatives designated as cash flow hedges (Euro
691 million at 31 December 2013).
At 31 December 2014, like at 31 December 2013, almost all
the derivative contracts had been entered into with major
financial institutions.
Metal derivatives have a notional value of Euro 523 million at
31 December 2014 (Euro 482 million at 31 December 2013).
(in millions of Euro)