205 348
205
Variable interest rate Fixed interest rate
Total
Euro
USD
GBP
Other
Euro and other
currencies
currencies
Due within 1 year
42
9
-
34
483
568
Due between 1 and 2 years
415
-
-
2
12
429
Due between 2 and 3 years
17
-
-
-
23
40
Due between 3 and 4 years
17
-
-
-
275
292
Due between 4 and 5 years
17
-
-
-
3
20
Due after more than 5 years
34
-
-
-
2
36
Total
542
9
-
36
798 1,385
Average interest rate in period, as per contract
1.6%
2.2%
0.0%
8.3%
4.9% 3.6%
Average interest rate in period, including IRS effect
(A)
2.1%
2.2%
0.0%
8.3%
4.9% 3.9%
Variable interest rate Fixed interest rate
Total
Euro
USD
GBP
Other
Euro and other
currencies
currencies
Due within 1 year
164
27
-
36
66
293
Due between 1 and 2 years
-
-
-
6
423
429
Due between 2 and 3 years
397
-
-
2
8
407
Due between 3 and 4 years
-
-
-
-
3
3
Due between 4 and 5 years
-
-
-
-
266
266
Due after more than 5 years
9
-
-
-
4
13
Total
570
27
-
44
770 1,411
Average interest rate in period, as per contract
1.7%
2.1%
0.0%
7.2%
5.0% 3.6%
Average interest rate in period, including IRS effect
(B)
3.1%
2.1%
0.0%
7.2%
5.0% 4.3%
The following tables provide a breakdown of borrowings from banks and other lenders by maturity and currency at 31 December
2014 and 2013:
(A) There are interest rate swaps to hedge interest rate risk on variable rate loans in Euro. The total hedged amount at 31 December 2014 equates to 36.9% of
Euro-denominated debt at that date. In particular, interest rate hedges consist of interest rate swaps which exchange a variable rate (3 and 6-month Euribor
for loans in Euro) with an average fixed rate (fixed rate + spread) of 3.0% for Euro-denominated debt. The percentages representing the average fixed rate
refer to 31 December 2014.
(*) 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.
(B) There are interest rate swaps to hedge interest rate risk on variable rate loans in Euro. The total hedged amount at 31 December 2013 equates to 66.4% of
Euro-denominated debt at that date. In particular, interest rate hedges consist of interest rate swaps which exchange a variable rate (3 and 6-month Euribor
for loans in Euro) with an average fixed rate (fixed rate + spread) of 3.8% for Euro-denominated debt. The percentages representing the average fixed rate
refer to 31 December 2013.
31 December 2014
31 December 2013 (*)
The Credit Agreement 2010 and Credit Agreement 2011 do
not require any collateral security. Further information can
be found in Note 32. Financial covenants. Risks relating to
sources of finance and to financial investments/receivables
are discussed in the section entitled “Risks factors and uncer-
tainties” forming part of the Directors’ Report.
(in millions of Euro)
(in millions of Euro)