DERICHEBOURG - Universal registration document 2019-2020
4
Financial statements Consolidated financial statements for the year ended September 30, 2020, in compliance with IFRS Notes
Interest rate risks 4.12.3 The Group determines the desired split of debt between fixed and variable rates based on forecast trends for interest rates and the hedging requirement set forth in the syndicated loan agreement. At September 30,2020, 40%of the debt was under a variablerate.
The Group uses several types of interest rate risk management instruments to optimize its financial expenses and manage the fixed/variablerate split of its debt. The Group’s variable-rate debt is fully hedged. A 1% change in the three month Euribor would have no impact on the Group’s financial statements.
Breakdown of debtbetween fixed andvariable rates
09-30-20
09-30-19
Fixed rate Variable rate
Total
Fixed rate Variable rate
Total
In millions of euros
Financial liabilities
421.2
273.4
694.6
326.6
75.9
402.5
Cash and cash equivalents Total financial liabilities
8.5
8.5
7.0
7.0
421.2
281.9
703.1 100%
326.6
82.9 20%
409.5 100%
%
60%
40%
80%
Net financialpositionafter hedging
09-30-20
09-30-19
From 1 to 5 years
Beyond that
From 1 to 5 years
Beyond that period
Less than 1 year
period Less than 1 year
In millions of euros
Non-current financial debt Current financial debt Financial liabilities
445.1
127.1
207.7
117.0
130.9 130.9
84.8 84.8
445.1
127.1
207.7
117.0
Non-current financial assets (excluding investment securities)
(4.3)
(4.0)
(5.0)
(2.1)
Current financial assets
(15.4)
(20.2)
Cash and cash equivalents
(361.9) (377.3) (246.4)
(7.0)
Financial assets
(4.3) 440.7 (170.0) 270.7
(4.0) 123.1
(27.2)
(5.0) 202.7 (50.0) 152.7
(2.1) 114.9
Net position before hedging
57.6
Interest rate derivatives
Net position after hedging
(246.4)
123.1
57.6
114.9
Derivative interest rateinstruments by maturity
From 1 to 2 years
From 2 to 5 years
More than 5 years
Initial rate Less than 1 year
In millions of euros
Variable rate -> fixed rate derivative instruments: SWAP ARKEA EUR
0.56% 0.00% 0.00% 0.00% 0.00%
50.0 40.0 20.0 20.0 40.0
CAP BNP EUR
CAP CMUT EUR CAP LCL EUR CAP SGN EUR
Total derivative interest rate
170.0
DERICHEBOURG p 2019/2020 Universal Registration Document 165
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