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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 €35,462 million at 31 December 2013 compared to €41,575 million at 31 December 2012, down by €6,113 million over 2013.

This decrease is principally explained by the hybrid 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 cost of Group debt (weighted interest rate on outstanding amounts) was 3.8% in 2013, against 3.7% at 31 December 2012. The average maturity of Group debt was thus 8.9 years at 31 December 2013, compared to 8.5 years at 31 December 2012.

In billion of euros

Change in net financial debt

(1) 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
(2) Net investments excluding Linky and strategic operations

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Free cash flow

The Group's free cash flow at 31 December 2013 was negative at -€1,897 million (against -€2,714 million at 31 December 2012). The main factors were:

  • operating cash flow of €12,973 million;
  • use of working capital over 2013 (-€1,783 million);
  • gross capital expenditure net from sales of assets of €13,087 million.

In billion of euros

Free Cash Flow

(1) Net investments excluding Linky and strategic operations

Breakdown of financial debt

The Group's gross debt at 31 December 2013 breaks down as follows by currency after hedging as defined by IFRS: 61% in Euro, 25% in pound sterling and 10% in US dollar. The balance of 4% includes the Swiss franc, the Hungarian forint, the Polish zloty, the Brazilian real, the Canadian dollar and the Japanese yen.

The Group's debt after hedging instruments at 31 December 2013 comprised 76% at fixed rates and 24% at floating rates.
A 1% uniform annual rise in interest rates would generate an approximate €129 million increase in financial expenses at 31 December 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
at 12/31/2013
Breakdown by currency
at 12/31/2013
Breakdown Fixed Rate Breakdown by currency
(1) Mainly HUF, CHF, PLN and BRL

Average coupon: 3.8%
Average maturity after Jan. 2014 hybrid issue: 12.2 years

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