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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’s net indebtedness stood at €30,615 million at 30 June 2014 compared to €33,433 million at 31 December 2013(1).

This decrease is principally explained by the €4bn hybrid bond issue (2) in January 2014, by the decrease in net investments vs. H1 2014 and by the working capital improvement.

The average coupon of the Group was 3.5% at 30 June 2014 against 3.8% at 31 December 2013. The average maturity of Group debt was 12.4 years at 30 June 2014 compared to 9 years at 31 December 2013.

1. Data restated for the impact of IFRS 10 & 11
2. Given their characteristics and in compliance with IAS 32, these issues are recorded in equity

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 30 June 2014 breaks down as follows by currency: 70% in Euro, 20% in pound sterling and 6% 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 30 June 2014 was structured as follows: 64% of debt bore interest at fixed rates and 36% 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 30 June 2014

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

Average coupon: 3.5%
Average maturity: 12.4 years(2)

1. Mainly HUF, CHF, PLN and BRL
2. After redemption of the retail bond, which reached maturity in July 2014, the average maturity is 13.2 years for an average coupon that remains at 3.5%

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