A N N U A L R E P O R T - Bouygues
A N N U A L R E P O R T - Bouygues
A N N U A L R E P O R T - Bouygues
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RISKS<br />
Interest-bearing debt maturity (€ million)<br />
Split of current and non-current debt by interest rate type<br />
Current<br />
debt<br />
2006<br />
1 to 2<br />
years<br />
2 to 3<br />
years<br />
3 to 4<br />
years<br />
Non-current debt<br />
4 to 5<br />
years<br />
5 to 6<br />
years<br />
2007 2008 2009 2010 2011<br />
6 years<br />
and<br />
over<br />
2012<br />
Other<br />
Total<br />
non current<br />
debt<br />
12/2005<br />
Split of current and non-current debt, including the effect of all open interest rate<br />
hedging contracts at the balance sheet date:<br />
Fixed rate*<br />
12/2005 12/2004<br />
85%<br />
69%<br />
Bond issues<br />
Bank borrowings<br />
Finance lease obligations<br />
594<br />
43<br />
35<br />
67<br />
18<br />
12<br />
15<br />
1,012<br />
13<br />
8<br />
509<br />
11<br />
5<br />
759<br />
17<br />
4<br />
1,728<br />
56<br />
7<br />
4,008<br />
176<br />
57<br />
Floating rate<br />
(*) fixed-rate debt due at more than one year<br />
15%<br />
31%<br />
Other debt<br />
Participating loans<br />
22<br />
4<br />
8<br />
3<br />
1<br />
2<br />
2<br />
20<br />
Interest rate risk<br />
Total interest<br />
bearing debt<br />
694 89 35 1,036 526 782 1,793 4,261<br />
The split of financial assets and liabilities by interest rate type at 31 December<br />
2005 was as follows:<br />
Call option for 6.5% of<br />
<strong>Bouygues</strong> Telecom<br />
Total (including <strong>Bouygues</strong><br />
Telecom call)<br />
460 460<br />
694 549 35 1,036 526 782 1,793 4,721<br />
Comparative at 31/12/2004 242 1,050 37 32 1,040 536 1,813 140<br />
Split of current and non-current debt by currency<br />
Non-current at<br />
31/12/2005<br />
Euro<br />
Europe<br />
GBP<br />
Other<br />
currencies<br />
USD<br />
CFA<br />
Other<br />
currencies<br />
4,610 38 23 9 35 6 4,721<br />
Current at 31/12/2005 677 3 1 11 2 694<br />
Non-current at<br />
31/12/2004<br />
4,486 13 11 20 103 15 4,648<br />
Current at 31/12/2004 220 18 4 242<br />
Total<br />
Floating<br />
rate<br />
Fixed<br />
rate<br />
Total<br />
Financial liabilities 447 4,968 5,415<br />
Financial assets* 3,063 3,063<br />
Net position before hedging (2,616) 4,968 2,352<br />
Interest rate hedges 345 (345)<br />
Net position after hedging (2,271) 4,623 2,352<br />
Adjustment for the seasonal<br />
nature of certain activities<br />
Net position after hedging<br />
and adjustment<br />
350<br />
(1,921)<br />
(*) including €26 million for fair value of financial instruments used to hedge net debt<br />
An immediate 1% rise in short-term interest rates would reduce interest charges<br />
by €19.2 million over a full year.<br />
96
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