CONSOLIDATED FINANCIAL STATEMENTS >
EXPLANATORY NOTES
190
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
Finance lease obligations represent the liability arising as a result of entering into finance leases. Finance lease obligations are
reconciled with outstanding payments as follows:
Finance lease obligations are analysed by maturity as follows:
The following tables provide a breakdown of borrowings from banks and other lenders by maturity and currency at 31 December
2013 and 2012:
(a) 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.
(in millions of Euro)
31 December 2013
31 December 2012
Due within 1 year
3
2
Due between 1 and 5 years
7
10
Due after more than 5 years
11
8
Minimum finance lease payments
21
20
Future interest costs
(4)
(6)
Finance lease obligations
17
14
(in millions of Euro)
31 December 2013
31 December 2012
Due within 1 year
2
2
Due between 1 and 5 years
5
7
Due after more than 5 years
10
5
Total
17
14
(in millions of Euro)
31 December 2013
Variable interest rate
Fixed interest rate
Total
Euro
USD
GBP Other currencies
Euro and other
currencies
Due within 1 year
164
51
-
36
87
338
Due between 1 and 2 years
-
-
-
6
423
429
Due between 2 and 3 years
397
31
-
2
8
438
Due between 3 and 4 years
-
5
-
-
3
8
Due between 4 and 5 years
-
-
-
-
266
266
Due after more than 5 years
9
-
-
-
4
13
Total
570
87
-
44
791
1,492
Average interest rate in period,
as per contract
1.7%
2.4% 0.0%
7.2%
4.9%
3.5%
Average interest rate in period,
including IRS effect
(a)
3.1%
2.4% 0.0%
7.2%
4.9%
4.1%
