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 €41,575 million at 31 December 2012 compared to €33,285 million at 31 December 2011, an increase of €8,290 million over 2012.
This rise is mainly due to the impacts of the Edison operation (€3,259 million), the negative free cash flow (-€2,714 million), and payment of dividends (-€2,355 million).
The average cost of Group debt (weighted interest rate on outstanding amounts) was 3.7% in 2012. The average maturity of Group debt was 8.5 in 2012 compared to 9.2 years in 2011.
In € billion
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Free cash flow
The Group's free cash flow in 2012 was negative at -€2,714 million (against -€1,477 million in 2011). The main factors were:
- operating cash flow of €12,314 million (see section 1.4.1);
- a decrease in working capital over 2012 (-€2,390 million, see section 1.4.2);
- gross capital expenditure of €13,386 million (see section 1.4.3).
In € billion
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Breakdown of financial debt
The Group's gross debt in 2012 breaks down as follows by currency after hedging: 62% in Euros, 23% in pounds sterling and 9% in US dollars. 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 31 December 2012 comprised 79% of debt bearing interest at fixed rates and 21% at floating rates. A 1% uniform annual rise in interest rates would generate an approximate €125 million increase in financial expenses at 31 December 2012, 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 12/31/2011 | Breakdown by currency at 12/31/2012 |
 |  * Including PLN, HUF, BRL |
Average coupon: 3.7% | |
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