Investor Presentaiton
5- Limiting the Group's exposure to interest rates changes
through a cautious hedging policy
A significant portion of the debt is kept at fixed rate...
VINCI →
...while maintaining a controlled sensitivity to floating rates, in order to hedge the
structural excess cash position generated by contracting activities
■Gross Debt position after hedging:
Capped/Inflation-linked
Fixed Rate
Floating Rate
Floating Rate
Total
(Millions €
Amount
%
Rate
Amount
%
Rate
Amount
%
Rate
Amount
Rate
At 30 June 2011
9 709
55%
5,00%
2 685
15%
3,78%
5 296
30%
2,04%
17 690
3,93%
At 31 December 2010
10 147
56%
5,07%
1 855
10%
2,56%
6 218
34%
1,85%
18 219
3,72%
Net Debt position after hedging:
Fixed Rate
Capped/Inflation-linked Floating
Floating Rate
Total
Rate
(Millions €
Amount
%
Amount
%
Amount
%
Amount
At 30 June 2011
9 709
68%
2 685
19%
1 877
13%
14 271
At 31 December 2010
10 147
80%
1 855
15%
625
5%
12 627
→ 70% of gross debt is protected (87% of net debt is protected)
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