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E
Financial
E.4
Consolidated financial statements
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Assumptions retained regarding the presentation of thematurity of non-current borrowings
The valuation of financial liabilities has been conducted based on:
exchange rates prevailing as of December 31, 2016; and
•
interest rates presented hereafter.
•
The effective interest rates in 2016 were as follows:
(In € million)
Carrying value
Fair value Effective interest rate
Bonds
900.0
900.0
2.44%
Bank loans
580.0
580.0
0.48%
Finance leases
42.5
42.5
2.39%
Securitization and Other borrowings
118.1
118.1
-
TOTAL BORROWINGS
1,640.6
1,640.6
Change in net debt over the period
(In € million)
December
31, 2016
December
31, 2015
Opening net cash/(debt)
593.1
989.1
New borrowings
-6.0
-568.0
Bonds
-300.0
-600.0
Repayment of long and medium-term borrowings
49.0
489.8
Variance in net cash and cash equivalents
189.5
279.0
New finance leases
-4.9
-0.2
Long and medium-term debt of companies sold during the period
-
-0.3
Long and medium-term debt of companies acquired during the period
-18.2
-46.7
Impact of exchange rate fluctuations on net long and medium-term debt
-0.3
43.6
Profit-sharing amounts payable to French employees transferred to debt
-0.8
-0.3
Other flows related to financing activities
-20.1
7.1
Closing net cash/(debt)
481.4
593.1
Fair value and characteristics of financial instruments
Note
23
(In € million)
31 December
2016
31 December
2015
Assets
Liabilities
Assets
Liabilities
Forward foreign exchange contracts
10.1
-8.9
9.5
-13.4
Forward interest rate contracts
-
-
-
-
Analysed as:
Non-current
0.1
-1.4
1.4
-4.7
Current
10.0
-7.5
8.1
-8.7
The fair value of financial instruments is provided by banking counterparties.