Net financial debt comprises total loans and financial liabilities, less cash, cash equivalents and liquid assets.
The Group's net indebtedness stood at €33,729 million at 30 June 2013 compared to €41,575 million at 31 December 2012, down by -€7,846 million from the first-half 2013 despite the negative free cash flow (-€1,437 million).
This decrease is principally explained by the perpetual bond issue in January 2013 (€6,125 million) and the withdrawal of €2,407 million from dedicated assets in March 2013 after the CSPE receivable was allocated to dedicated assets.
The average coupon on Group debt (weighted interest rate on outstanding amounts) was 3.9% at 30 June 2013 against 3.7% at 31 December 2012. The average maturity of Group debt was 9 years at 30 June 2013 compared to 8.5 years at 31 December 2012.
In billion of euros
Net financial debt at end-June of €33.7bn, i.e. a drop in accounting debt of €5.5bn versus December 2012 (2)
(1) The remaining 2012 dividend was paid in cash on 8 July 2013 and will therefore be recognised in the H2 2013 accounts
(2) Pro forma after allocation of the CSPE deficit to dedicated assets on 13 February 2013 and subtraction of €2.4bn from dedicated assets portfolio, enabling 100% coverage of the EDF nuclear liabilities that are eligible for dedicated assets
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The Group's free cash flow at 30 June 2013 was negative at -€1,437 million (against -€1,756 million at 30 June 2012). The main factors were:
In billion of euros
(1) Excluding EDF EN subsidies receivable
(2) Net investments excluding Linky and strategic operations
The Group's gross debt at 30 June 2013 breaks down as follows by currency after hedging as defined by IFRS: 61% in Euro, 23% in pound sterling and 10% in US dollar. The balance of 6% 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 30 June 2013 was structured as follows: 79% of debt bore interest at fixed rates and 21% at floating rates. These proportions have remained stable since 31 December 2012.
A 1% uniform rise in interest rates would generate an increase of approximately €113 million in financial expenses at 30 June 2013, based on gross floating-rate debt after hedging.
The agencies' ratings - Moody's, Standard & Poor's and Fitch - are available on the rating pages
|Breakdown Fixed Rate / Floating Rate |
|Breakdown by currency |
(1) Mainly HUF, CHF, PLN and BRL
Average coupon: 3.9%
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