2013-vinci-annual-report

21.1 Detail of long-term financial debt
The breakdown of net long-term financial debt (including the part at less than one year) at 31 December 2013 by business was as follows:
(in € millions) Concessions Contracting
31/12/2013 31/12/2012
Holding
companies and
VINCI
Immobilier Total Concessions Contracting
Holding
companies and
VINCI
Immobilier
Bonds (8,440) – (3,223) (11,663) (7,488) (103) (2,325) (9,915)
Other bank loans
and other financial debt
(6,762) (151) 8 (*) (6,905) (7,812) (242) 10 (*) (8,044)
Finance lease debt (4) (83) – (87) (3) (108) – (111)
Long-term financial debt (15,205) (235) (3,215) (18,655) (15,303) (452) (2,315) (18,071)
(*) Net of arrangement commissions relating to the undrawn VINCI syndicated credit facility, recognised as a reduction in debt.
Total
258 VINCI 2013 ANNUAL REPORT
At 31 December 2013, long-term financial debt amounted to €18.7 billion, up €584 million relative to 31 December 2012 (€18.1 billion).
In 2013, VINCI SA and ASF carried out the following bond issues under their EMTN programme.
ˇˇVINCI SA:
- €300 million two-year private placement on 20 February;
- €150 million two-year private placement on 25 March;
- €500 million three-year bond issue (at 3-month Euribor+0.58%) on 18 April.
ˇˇASF:
- €700 million 10-year bond issue (coupon of 2.875%) on 18 January;
- €100 million 12-year private placement on 11 March;
- €130 million 15-year private placement on 18 April;
- €181 million 15-year private placement on 3 December.
The main redemptions in 2013 were as follows:
- March, April and December: repayment of loans taken out with CNA by ASF and Escota at an average rate of 5.9%, for a total amount of
€454 million;
- May, June and December: full repayment by ASF of its term loan for €756 million.
After the business combination with the ANA group, VINCI repaid a significant portion of the acquired group’s debt, including €800 million
repaid to Banco Espirito Santo and €400 million to the Portuguese government.