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191
2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Notes to the Consolidated statements
32.2
ANALYSIS OF BORROWINGS
(EXCLUDING DERIVATIVE INSTRUMENTS RECORDED IN LIABILITIES)
32.2.1 ANALYSIS BY INTEREST RATE
(in € millions)
December 31, 2014
December 31, 2013
before hedging
after hedging
before hedging
after hedging
Fixed rate borrowings
8,035
7,473
8,483
8,161
Variable rate borrowings
450
1,038
696
1,045
TOTAL
8,485
8,511
9,179
9,206
32.2.2 ANALYSIS BY CURRENCY
The following analysis by currency concerns borrowings including the impact of currency swaps.
(in € millions)
December 31, 2014
December 31, 2013
Euro
8,120
8,802
Brazilian real
120
157
Chinese yuan
23
79
Taiwan dollar
73
78
Argentine peso
101
46
Polish zloty
69
36
Romanian leu
6
6
TOTAL
8,511
9,206
Euro-denominated borrowings represented 95% of total borrowings at December 31, 2014 (December 31, 2013: 96%).
32.2.3 ANALYSIS BY MATURITY
(in € millions)
December 31, 2014
December 31, 2013
Due within one year
1,696
1,683
Due in 1 to 2 years
1,329
1,242
Due in 2 to 5 years
2,486
2,955
Due beyond 5 years
3,000
3,326
TOTAL
8,511
9,206