| 31/12/2019 | 31/12/2018 | |||||
|---|---|---|---|---|---|---|
| (in millions of euros) | Initial debt structure | Impact of derivatives | Final debt structure | Initial debt structure | Impact of derivatives | Final debt structure |
| Fixed rates | Fixed rates 31/12/2019 62,128 | Fixed rates 31/12/2018 (21,035) | 41,093 | 55,810 | (21,949) | 33,861 |
| Floating rates | Floating rates 31/12/2019 5,252 | Floating rates 31/12/2018 21,035 | 26,287 | 3,378 | 21,949 | 25,327 |
| LOANS AND OTHER FINANCIAL LIABILITIES | LOANS AND OTHER FINANCIAL LIABILITIES 31/12/2019 67,380 | LOANS AND OTHER FINANCIAL LIABILITIES 31/12/2018 - | 67,380 | 59,188 | - | 59,188 |
The breakdown of loans and financial liabilities by interest rate includes the impact of all derivatives classified as hedges in accordance with IFRS 9.
A large portion of the EDF group’s fixed-rate loans is swapped to variable rates.
At 31 December 2019, the Group has unused credit lines with various banks totalling €10,490 million (€11,393 million at 31 December 2018). This total includes €5,050 million of credit lines indexed on ESG criteria, which were totally undrawn at 31 December 2019 (see note 3.3.1).
| 31/12/2019 | 31/12/2018 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
| (in millions of euros) | Total | < 1 year | 1-5 years | > 5 years | Total |
| CONFIRMED CREDIT LINES | CONFIRMED CREDIT LINES 31/12/2019 10,490 | CONFIRMED CREDIT LINES 31/12/2018 1,371 | 9,099 | 20 | 11,393 |
Project financing loans to EDF Renewables from non-Group parties generally include early repayment clauses, mainly applicable when the project company concerned fails to maintain a minimum Debt Service Coverage Ratio (DSCR). In general, early repayment clauses are activated when this ratio falls below 1.
In other Group entities, certain clauses contained in contracts for financing or other commitments may make reference to Group ratings but are not classified as covenants.
Two borrowings with a combined total of €750 million contain a rendezvous clause requiring contact between the borrower and lender if the borrower’s rating falls below a specified level, possibly leading to renegotiation of the terms of the loan.
No early repayment took place in 2019 as a result of any Group entity’s failure to comply with contractual clauses concerning loans.
Net indebtedness is not defined in the accounting standards and is not directly presented in the consolidated balance sheet. It comprises total loans and financial liabilities, less cash and cash equivalents and liquid assets. Liquid assets are financial assets consisting of funds or interest rate instruments with initial maturity of over three months that are readily convertible into cash and are managed according to a liquidity-oriented policy.
| (in millions of euros) | Notes | 31/12/2019 | 31/12/2018 |
|---|---|---|---|
| Loans and other financial liabilities* | Loans and other financial liabilities *Notes 41.2.1 | Loans and other financial liabilities *31/12/2019 67,380 | Loans and other financial liabilities *31/12/2018 59,188 |
| Derivatives used to hedge liabilities | Derivatives used to hedge liabilities Notes 44 | Derivatives used to hedge liabilities 31/12/2019 (3,387) | Derivatives used to hedge liabilities 31/12/2018 (1,972) |
| Cash and cash equivalents | Cash and cash equivalents Notes 40 | Cash and cash equivalents 31/12/2019 (3,934) | Cash and cash equivalents 31/12/2018 (3,290) |
| Debt and equity securities – liquid assets | Debt and equity securities – liquid assets Notes 39.2.2 | Debt and equity securities – liquid assets 31/12/2019 (18,900) | Debt and equity securities – liquid assets 31/12/2018 (20,538) |
| Net indebtedness of assets held for sale | Net indebtedness of assets held for sale 31/12/2019 (26) | Net indebtedness of assets held for sale 31/12/2018 - | |
| NET INDEBTEDNESS* | NET INDEBTEDNESS *31/12/2019 41,133 | NET INDEBTEDNESS *31/12/2018 33,388 |
*From 1 January 2019, due to application of IFRS 16, net indebtedness includes the lease liability, amounting to €4,492 million (see note 41.2).
