Sopra Steria - 2019 Universal registration document
5 2019 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements
Financial debt essentially comprises the following: bond debt and bank borrowings, initially recognised at fair value p net of transaction costs incurred. Borrowings are subsequently recognised at amortised cost; any difference between the capital amounts borrowed (net of transaction costs) and the amounts repayable is recognised in profit or loss over the duration of the borrowings using the effective interest method; NEU CP short-term negotiable securities (previously referred to p as commercial paper), which have a maturity of less than 12 months and are recognised at amortised cost; Bonds 12.3.1. In 2018, the Group had a bond issued to institutional investors in 2013, in the amount of €180 million, maturing in July 2019. On 5 July 2019 the Group refinanced this bond with a new bond issue to top-tier institutional investors, composed of two tranches: one 7-year €130 million tranche with a fixed annual coupon of 1.749%, and one 8-year €120 million tranche with a fixed annual coupon of 2.0%. Bank borrowings 12.3.2. In 2014, the Group took out a €1,200 million five-year borrowing facility with two options to extend the expiry date by one year. This facility comprised a €200 million amortising tranche, an £80 million amortising tranche and a €900 million multi-currency revolving credit line. In 2018, following the exercise of the second one-year extension option, the expiry date was postponed to 6 July 2023. At 31 December 2019, the outstanding amount drawn on the loan was from the two amortising tranches (€112 million and £44.8 million after contractual amortisations for the period). The €900 million multi-currency revolving credit facility is undrawn. The Group also has two non-reducing bilateral bank facilities: one drawn to €60 million, maturing in early 2021; and the other undrawn, for €50 million, arranged in 2018, whose initial 5-year maturity was extended by one year.
NEU MTN medium-term negotiable securities, which have p maturities spread over one to five years from issuance, and are recognised at amortised cost; finance lease liabilities. A liability is recognised at the p commencement date of each lease for an amount equal to the present value of future lease payments, discounted using the interest rate implicit in the lease; current bank overdrafts. p Financial debt repayable within 12 months of the balance sheet date is classified as current liabilities. Other financial debt 12.3.3. In 2015, the Group arranged an unrated multi-currency NEU CP programme of short-term negotiable securities that was not underwritten, in a maximum amount of €700 million. This programme is presented in documentation available on the Banque de France website, which was last updated on 30 June 2019. The average amount outstanding under the NEU CP programme was €268.2 million in 2019, compared with €295.5 million in 2018. The Group benefited from negative short-term euro rates as well as investor interest in maturities of 6 to 12 months. The outstanding amount under the NEU CP programme at 31 December 2019 was €120 million (€157.0 million at 31 December 2018). The NEU CPs are included in Other sundry financial debt. In December 2017, as part of its efforts to diversify its borrowings, the Group arranged an NEU MTN programme of medium-term negotiable securities that was not underwritten, with a maximum amount of €300 million. As was the case for the earlier NEU CP programme, the NEU MTN programme is presented in documentation available on the Banque de France website. The NEU MTN programme pays fixed or floating rates, with a spread at each issue date, and maturities range from one to five years. At 31 December 2019, the outstanding amount under the NEU MTN programme was €99.0 million, with maturities of up to four years (€99.0 million at 31 December 2018). The NEU MTNs are included in Other sundry financial debt.
SOPRA STERIA UNIVERSAL REGISTRATION DOCUMENT 2019
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