Aéroport de Paris - 2018 Registration document
FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL STATEMENTS 20
LIQUIDITY RISKS
for loans issues contracted through the European Investment Bank (EIB), a consultation clause that could lead to a request for early repayment is included within the contracts. These clauses concern: a lowering of the Group’s rating to below or equal to A by the specialist agency Standard & Poor’s (or any equivalent rating issued by a comparable rating agency), loss by the State of most of its share capital and its voting rights, and in the case of a substantial reduction in the cost of the project as defined within the loan contract (proportional repayment only); ¯ its ability to raise funds to finance investment projects. The Group’s euro-denominated bonds are listed on the Paris Stock Exchange. There is a provision in place with regard to bonds issued since 2008 that, in the case of a change of controlling interest in the Company and a rating below or equal to BBB- at the point of the change of controlling interest, each holder of a bond may request repayment or buy-back by the issuer of all or a proportion of the bonds that it holds at their nominal value.
Liquidity risk corresponds to the risk that the Group may experience difficulties in honoring its debts when these become due. The Group’s liquidity risk must be assessed in relation to: ¯ its cash and potential cash credit lines unused; The Group monitors its cash on a daily basis. Every month a report summarizes, in particular, financing operations and investments, and analyses divergences with regard to the annual cash-flow budget. It also includes a detailed breakdown of investments, possibly together with their degree of risk. ¯ its existing financial commitments in terms of repayment (debt maturities, off balance sheet commitments, prepayment provisions); The maturity schedule of financial liabilities are presented below. Off Balance Sheet commitments are presented in Note 13.3. The Group has entered into loan agreements with mandatory prepayment clauses:
The breakdown of the residual contractual maturities of financial liabilities is as follows:
Total contractual payments
Balance sheet value
As at 31 Dec., 2018 As at 31 Dec., 2018
0 -1 year
1 -5 years Over 5 years
(in millions of euros)
Bonds
4,678 2,078
4,700 2,273
300 404
1,800
2,600
Bank loans
1,126
743
Security deposits received
20 212
20 197
3 7
-
17
Other loans and assimilated debt
56
134 401
Interest on loans
98
1,103
179
523
Debt (excluding derivatives)
7,066
8,273
890 590
3,505
3,878
Trade payables
590
590
- -
- -
Contract liabilities
6
6
6
Other debts 1
1,184
1,184
450
390
344
Debt at amortised cost
8,846
10,053
1,936
3,895
4,222
Outgoings
- -
(124)
(26)
(78)
(20)
Receipts
73
13
43
17
Hedging swaps
50
(51) (18)
(13)
(35) (12)
(3)
Outgoings
- -
(6)
- - - - - -
Receipts
27
9 3
18
Trading swaps
(11)
9
6
Outgoings
- - 1
- - -
- - -
- - -
Receipts
Exchange rate hedging
TOTAL
8,886
10,011
1,926
3,866
4,219
1 Other debts exclude all accounts which do not constitute, within the terms of IAS 32, contractual obligations, such as tax and social security debts.
Financial covenants In addition to the remark related to TAV Tunisia detailed in Note 9.4.1, financing agreements linked to concessions operated by TAV Istanbul, TAV Esenboga, TAV Macedonia, TAV Milas Bodrum and TAV Ege also include early repayment clauses in case of non-compliance with financial
ratios. These contracts account for 12.92% of the total bank loans of the Group as at 31 December 2018. For these contracts, ratios were all met at 31 December 2018.
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AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018
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