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20.2 Notes to the consolidated financial statements for the year ended December 31, 2016
FINANCIAL INFORMATION CONCERNING ASSETS,
FINANCIAL POSITION AND FINANCIAL PERFORMANCE
20
Maturities of the group’s financial assets and borrowings at December 31, 2015
(in millions of euros)
Less than
one year
1 year to
2 years
2 years to
3 years
3 years to
4 years
4 years to
5 years
More than
5 years
Total
Financial assets
1,010
3
1
41
32
45
1,133
including fixed rate assets
0
0
including floating rate assets
972
972
including non-interest-bearing assets
39
3
1
41
32
45
161
Borrowings
(1,439)
(879)
(122)
(818)
(613)
(3,473)
(7,344)
including fixed rate borrowings
(1,036)
(869)
(122)
(818)
(613)
(2,997)
(6,456)
including floating rate borrowings
(266)
(10)
0
0
0
(255)
(530)
including non-interest-bearing
borrowings
(138)
(221)
(359)
Net exposure before hedging
(429)
(875)
(122)
(777)
(581)
(3,427)
(6,211)
share exposed to fixed rates
(1,036)
(869)
(122)
(818)
(613)
(2,997)
(6,456)
share exposed to floating rates
706
(10)
0
0
0
(255)
442
non-interest-bearing share
(99)
3
1
41
32
(175)
(197)
Off-balance sheet hedging
on borrowings: fixed rate swaps
180
61
155
532
729
1,657
on borrowings: floating rate swaps
(180)
(61)
(155)
(532)
(729)
(1,657)
Net exposure after hedging
(429)
(875)
(122)
(777)
(581)
(3,427)
(6,211)
share exposed to fixed rates
(855)
(869)
(61)
(664)
(81)
(2,269)
(4,799)
share exposed to floating rates
526
(10)
(61)
(155)
(532)
(983)
(1,215)
non-interest-bearing share
(99)
3
1
41
32
(175)
(197)
Based on the group’s exposure at December 31, 2016, a 1% increase in interest rates would have an impact on borrowing costs on a full-year basis estimated at
-12 million euros and, therefore, on the group’s consolidated income before tax. That impact was -12 million euros at year end 2015.
Operations held for sale
At December 31, 2016, the following financial instruments were used to hedge NewCo’s interest rate exposure:
(in millions of euros)
Total
Notional amounts by maturity date at December 31, 2016
Market
value
2017 2018 2019 2020 2021 > 5 years
Interest rate swaps – variable lender – EUR
Fixed borrower – EUR
175
175
(6)
Interest rate swaps – variable lender – EUR
EUR variable borrower
75
75
(1)
CAD variable borrower
381
63
317
(1)
Interest rate swaps – fixed lender – EUR
EUR variable borrower
550
50
150
150
200
43
Interest rate swaps – JPY fixed lender
EUR variable borrower
65
65
0
Inflation rate swaps – variable lender – USD
USD fixed lender
166
166
(38)
GRAND TOTAL
1,411
63
65
367
316
150
450
(1)
252
2016 AREVA
REFERENCE DOCUMENT