Groupe management determines the allocation of debt between fixed- and variable-rate debt, which is periodically reviewed in terms of interest rate trend forecasts.
At the end of 2020, the Groupe’s gross borrowings, excluding debt related to earn-out payments and debt relating to commitments to buy-out non-controlling interests (minority interests), consisted of:
The table below sets out the carrying amount by maturity at December 31, 2020 of the Groupe’s financial instruments exposed to interest rate risk:
Total at December 31, 2020 | Maturities | |||
|---|---|---|---|---|
(in millions of euros) | -1 year | 1-5 years | +5 years | |
Fixed rate | Fixed rate Total at December 31, 2020
| Fixed rate Maturities
| ||
Eurobond 2021(1) | Eurobond 2021(1) Total at December 31, 2020 699 | Eurobond 2021(1) Maturities 699 | - | - |
Eurobond 2023(1) | Eurobond 2023(1) Total at December 31, 2020 497 | Eurobond 2023(1) Maturities - | 497 | - |
Eurobond 2024(1) (2) | Eurobond 2024(1) (2) Total at December 31, 2020 602 | Eurobond 2024(1) (2) Maturities - | 602 | - |
Eurobond 2025(1) (2) | Eurobond 2025(1) (2) Total at December 31, 2020 745 | Eurobond 2025(1) (2) Maturities - | 745 | - |
Eurobond 2028(1) (2) | Eurobond 2028(1) (2) Total at December 31, 2020 746 | Eurobond 2028(1) (2) Maturities - | - | 746 |
| Eurobond 2031(1) (2) | Eurobond 2031 (1) (2)Total at December 31, 2020 742 | Eurobond 2031 (1) (2)Maturities - | - | 742 |
Net fixed-rate liabilities (assets) | Net fixed-rate liabilities (assets) Total at December 31, 2020 4,031 | Net fixed-rate liabilities (assets) Maturities 699 | 1,844 | 1,488 |
Variable rate | Variable rate Total at December 31, 2020
| Variable rate Maturities
| ||
Medium-term loan (financing of Epsilon acquisition)(3) | Medium-term loan (financing of Epsilon acquisition)(3) Total at December 31, 2020 150 | Medium-term loan (financing of Epsilon acquisition)(3) Maturities - | 150 | - |
Other borrowings and credit lines | Other borrowings and credit lines Total at December 31, 2020 17 | Other borrowings and credit lines Maturities 10 | 7 | - |
Bank overdrafts | Bank overdrafts Total at December 31, 2020 3 | Bank overdrafts Maturities 3 | - | - |
Cash and cash equivalents | Cash and cash equivalents Total at December 31, 2020 (3,700) | Cash and cash equivalents Maturities (3,700) | - | - |
Other financial assets | Other financial assets Total at December 31, 2020 (232) | Other financial assets Maturities (232) | - | - |
Net variable-rate liabilities (assets) | Net variable-rate liabilities (assets) Total at December 31, 2020 (3,762) | Net variable-rate liabilities (assets) Maturities (3,919) | 157 | - |
(1) Net of issuance costs.
(2) The Eurobond 2025, 2028 and 2031 swaps have the following characteristics:
(3) The medium-term loan (Epsilon acquisition financing) is at variable EURIBOR plus credit spread.
