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Net financial debt and cash flow

Change in net financial debt

Net financial debt comprises total loans and financial liabilities, less cash, cash equivalents and liquid assets.

The Group net indebtedness stood at €34,208 million at 31 December 2014 compared to €33,433 million at 31 December 2013(1).

The average coupon of the Group was 3.3% at 31 December 2014 against 3.8% at 31 December 2013. The average maturity of Group debt was 13.2 years at 31  December 2014 compared to 9.0 years at 31 December 2013.

1. Data restated for the impact of IFRS 10 & 11

In billion of euros

Change in net financial debt

(1) Data restated for the impact if IFRS 10 & 11
(2) Net investments excluding Linky and strategic operations

To find out more:


Cash Flow

In € billion

Free Cash Flow

(1) Net investments excluding Linky and strategic operations


Breakdown of financial debt

The Group's gross debt at 31 December 2014 breaks down as follows by currency: 68% in Euro, 23% in pound sterling and 5% in US dollar. The balance of 4% includes the Swiss franc, the Hungarian forint, the Polish zloty, the Brazilian real, and the Japanese yen.

The Group's debt after hedging instruments at 31 December 2014 was structured as follows: 60% of debt bore interest at fixed rates and 40% at floating rates.

The agencies' ratings - Moody's, Standard & Poor's and Fitch - are available on the rating pages.

Group financial debt after swaps as of 31 December 2014

Breakdown Fixed Rate / Floating Rate
Breakdown by currency
Breakdown Fixed Rate Breakdown by currency

Average coupon: 3.29%
Average maturity: 13.2 years

1. Mainly HUF, CHF, PLN and BRL

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