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CONSOLIDATED FINANCIAL REPORT | EXPLANATORY NOTES
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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 2015 and 2014:
a)
Interest rate swaps were affected by the discontinuance of hedge accounting in the early part of 2015.
b)
Interest rate swaps have been put in place 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-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.
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.