191
(a) There are interest rate swaps to hedge interest rate risk on variable rate loans in Euro. The total hedged amount at 31 December 2012 equates to 66.1% 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 4.3% for Euro-denominated debt. The percentages representing the average fixed rate
refer to 31 December 2012.
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 uncertainties” forming part of the Directors’ Report.
(in millions of Euro)
31 December 2012
Variable interest rate
Fixed interest rate
Total
Euro
USD
GBP Other currencies
Euro and other
currencies
Due within 1 year
157
70
20
55
59
361
Due between 1 and 2 years
483
73
-
7
43
606
Due between 2 and 3 years
-
4
-
6
413
423
Due between 3 and 4 years
389
-
-
1
3
393
Due between 4 and 5 years
-
-
-
1
3
4
Due after more than 5 years
-
-
-
-
7
7
Total
1,029
147
20
70
528
1,794
Average interest rate in period,
as per contract
2.6%
2.5% 1.3%
7.4%
5.5%
3.6%
Average interest rate in period,
including IRS effect
(a)
3.7%
2.5% 1.3%
7.4%
5.5%
4.2%
