223
(in millions of Euro)
31 December 2011
Variable interest rate
Fixed interest rate
Euro
USD GBP Other currencies Euro and other currencies
Total
Due within 1 year
703
145
16
86
33
983
Due between 1 and 2 years
-
10
-
12
8
30
Due between 2 and 3 years
-
4
-
9
5
18
Due between 3 and 4 years
-
1
-
5
403
409
Due between 4 and 5 years
394
-
-
1
5
400
Due after more than 5 years
-
6
-
-
16
22
Total
1,097
166
16
113
470 1,862
Average interest rate in period, as per contract
3.2%
3.1%
0.0%
8.2%
5.3%
4.0%
Average interest rate in period, including IRS effect (b) 3.8%
3.5%
0.0%
8.2%
5.3% 4.4%
The following tables provide a breakdown of borrowings from banks and other lenders by maturity and currency at 31 December
2012 and 2011:
(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
the debt in Euro 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. The percentages representing the average fixed rate refer to 31 December
2012.
(in millions of Euro)
31 December 2012
Variable interest rate
Fixed interest rate
Euro
USD GBP Other currencies Euro and other currencies
Total
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%
(b) There are interest rate swaps to hedge interest rate risk on variable rate loans in Euro and USD. The total hedged amount at 31 December 2011 equates to
54.7% of the debt in Euro and 32.8% of the debt in USD at that date. In particular, interest rate hedges consist of interest rate swaps which exchange a vari-
able rate (3 and 6-month Euribor for loans in Euro and 6-month USD Libor for those in USD) with an average fixed rate (fixed rate + spread) of 4.2% for Euro
and 4.5% for USD. The percentages representing the average fixed rate refer to 31 December 2011.
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” forming part of the Directors’ Report.
