2014 Registration Document and Annual Financial Report - page 235

5
Financial Statemements
Consolidated Financial Statements and Notes
Long and short-term debt after currency and interest rate hedging breaks down as follows:
(inmillions of euros)
Total debt
Amount
Rate % of total debt
EUR
2,382
3.11%
87%
CHF
197
1.74%
7%
JPY
29
0.11%
1%
CNY
21
3.42%
1%
MUR
26
7.68%
1%
COP
15
9.63%
1%
Autres devises
61
5.25%
2%
TOTAL LONGAND SHORT-TERM DEBT
2,731
3.11%
100%
Note 30.4 Long and short-term debt by interest rate after hedging
(inmillions of euros)
Total debt
Amount
Rate
December 2014
2,731
3.11%
December 2013
2,078
4.28%
At December 31, 2014, 98% of long and short-term debt was fixed
rate, with an average rate of 3.01%, and 2%was variable rate, with
an average rate of 7.26%.
At December 31, 2014, fixed rate debt was denominated primarily
in EUR (89%), while variable rate debt was denominated mainly
in COP (24%), in MUR (21%) and in EUR (8%).
None of the loan agreements include any rating triggers. However,
certain loan agreements include acceleration clauses that may be
triggered in the event of a change of control, following the acquisition
of more than 50% of outstanding voting rights. Of the overall gross
debt of €2,731 million, a total of €2,625 million worth is subject to
such clauses. In the case of bonds, the acceleration clause can be
triggered only if the change of control leads to Accor’s credit rating
being downgraded to non-investment grade.
Note, however, that in the case of the syndicated loan renegotiated
in June 2014, the acceleration clause can be triggered if Accor does
not comply with the leverage ratio covenant (consolidated net debt
to consolidated EBITDA).
None of the loan agreements include a cross default clause requiring
immediate repayment in the event of default on another facility.
Cross acceleration clauses only concern loans for periods of at least
three years; these clauses would be triggered solely for borrowings
and only if material amounts were concerned.
Note 30.5 Financial instruments
1. Currency hedges
The following tables analyzes the nominal amount of currency hedges by maturity and the carrying amount of these instruments in the
statement of financial position, corresponding to their fair value, at December 31, 2014:
Forward sales and currency swaps
(inmillions of euros)
December 31, 2014
Maturity 2015
Nominal amount
Fair value
JPY
30
30
-
CZK
11
11
-
HUF
7
7
-
CNY
17
17
-
Other
4
4
-
FORWARD SALES
69
69
-
Registration Document 2014
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