DERICHEBOURG - Universal registration document 2018-2019
4
Financial statements Consolidated financial statements for the year ended September 30, 2019, in compliance with IFRS Notes
Market value of derivative instruments 4.12.2
09-30-19
09-30-18
Assets
Liabilities
Assets
Liabilities
In millions of euros
Derivatives for interest-rate risks Derivatives for exchange-rate risk
Cash flow hedge Cash flow hedge
2.5 0.2 2.7
1.1 0.0 1.1
0.0 0.0
0.0 0.0
Amount of derivatives in the consolidated balance sheet
Interest rate risks 4.12.3 The Group determines the desired split of debt between fixed and variable rates based on forecast trends for interest rates and the hedging requirement set forth in the syndicated loan agreement. At September 30, 2019, 20% of the debt was under a floating rate.
The Group uses several types of interest rate risk management instruments to optimize its financial expenses and manage the fixed/variable rate split of its debt. The Group's variable-rate debt is fully hedged. A 1% change in the three month Euribor would have no impact on the Group's financial statements.
Breakdown of debt between fixed and variable rates
09-30-19
09-30-18
Fixed rate Variable rate
Total
Fixed rate Variable rate
Total
In millions of euros
Financial liabilities
326.6
75.9
402.5
154.2
72.3 14.2 86.5 36%
226.5
Cash and cash equivalents Total financial liabilities
7.0
7.0
14.2
326.6
82.9 20%
409.5 100%
154.2
240.7 100%
%
80%
64%
Net financial position after hedging
09-30-19
09-30-18
Less than 1 year
From 1 to 5 years
Beyond that period
Less than 1 year
From 1 to 5 years
Beyond that period
In millions of euros
Non-current financial debt Current financial debt Financial liabilities
207.7
117.0
140.9
15.3
84.8 84.8
84.5 84.5
207.7
117.0
140.9
15.3
Non-current financial assets (excluding investment securities)
(5.0)
(2.1)
(5.0)
(3.6)
Current financial assets
(20.2)
(13.8)
Cash and cash equivalents
(7.0)
(145.6) (159.5)
Financial assets
(27.2)
(5.0) 202.7 (50.0) 152.7
(2.1) 114.9
(5.0) 135.9
(3.6) 11.7
Net position before hedging
57.6
(75.0)
Swaps
(95.0)
Net position after hedging
57.6
114.9
(170.0)
135.9
11.7
Derivative interest rate instruments by maturity
Less than 1 year
From 1 to 2 years
From 2 to 5 years
More than 5 years
Initial rate
In millions of euros
Swap variable rate -> fixed rate: SWAP EUR Total nominal value EUR
0.56%
50.0 50.0
DERICHEBOURG p 2018/2019 Universal Registration Document 150
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