2010 Full year results - Unibail-Rodamco
2010 Full year results - Unibail-Rodamco
2010 Full year results - Unibail-Rodamco
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
LOW COST OF DEBT SECURED FOR THE NEXT 5 YEARS<br />
Sensitivity of the 2011 cost of debt to interest rate<br />
in € Mn<br />
12,000<br />
Average rate of swaps<br />
3.2%<br />
Cost of debt<br />
6.0%<br />
10,000<br />
3.0%<br />
5.0%<br />
8,000<br />
6,000<br />
4,000<br />
2,000<br />
2.8%<br />
2.6%<br />
2.4%<br />
2.2%<br />
4.0%<br />
3.0%<br />
2.0%<br />
1.0%<br />
0<br />
2011 2012 2013 2014 2015<br />
Total Caps<br />
Total Swaps<br />
Total fixed rate debt<br />
Average rate of swaps (fixed rate)<br />
2.0%<br />
0.0%<br />
0.7% 1.2% 1.7% 2.2% 2.7% 3.2%<br />
3-month Euribor<br />
• Reinforcement of hedging instruments<br />
in <strong>2010</strong> at attractive conditions<br />
• €4.0 Bn of forward swaps<br />
(average rate of 2.39%)<br />
• €1.45 Bn of collars/caps<br />
Average hedging amounts and fixed rate debt<br />
78<br />
• Limited exposure to interest rate evolution
Change language