At 31 December 2021
| 31/12/2021 | |||||
|---|---|---|---|---|---|
| Initial debt structure | Impact of hedging instruments | Debt structure after hedging | |||
| (in millions of euros) | amount | % of debt | amount | amount | % of debt |
| Euro (EUR) | 38,003 | 55% | 11,119 | 49,122 | 71% |
| American dollar (USD) | 18,128 | 26% | (12,910) | 5,218 | 7% |
| Pound sterling (GBP) | 10,018 | 14% | 2,410 | 12,428 | 18% |
| Other | 3,257 | 5% | (619) | 2,638 | 4% |
| LOANS AND OTHER FINANCIAL LIABILITIES | 69,406 | 100% | - | 69,406 | 100% |
The breakdown of loans and other financial liabilities by type of interest rate includes the effect of derivatives classified as hedges under IFRS 9.
Floating-rate loans indexed on the LIBOR USD that have not yet been “switched” to the interbank interest rate benchmark reform (see note 1.2.3) amount to a total €219 million before derivatives (€224 million in 2021), and €18 million including the effect of derivatives (€17 million in 2021).
At 31 December 2022
| 31/12/2022 | |||||
|---|---|---|---|---|---|
| Initial debt structure | Impact of hedging instruments | Debt structure after hedging | |||
| (in millions of euros) | amount | % of debt | amount | amount | % of debt |
| Fixed rates | 69,748 | 73% | (13,784) | 55,964 | 58% |
| Floating rates | 26,305 | 27% | 13,784 | 40,089 | 42% |
| LOANS AND OTHER FINANCIAL LIABILITIES | 96,053 | 100% | - | 96,053 | 100% |
At 31 December 2021
| 31/12/2021 | |||||
|---|---|---|---|---|---|
| Initial debt structure | Impact of hedging instruments | Debt structure after hedging | |||
| (in millions of euros) | amount | % of debt | amount | amount | % of debt |
| Fixed rates | 64,335 | 93% | (15,434) | 48,901 | 70% |
| Floating rates | 5,071 | 7% | 15,434 | 20,505 | 30% |
| LOANS AND OTHER FINANCIAL LIABILITIES | 69,406 | 100% | - | 69,406 | 100% |
A large portion of the EDF group’s fixed-rate loans is swapped to variable rates.
Project financing loans from non-Group parties to SPV-type project companies owned by EDF Renewables may include early repayment clauses that principally apply when the project company concerned fails to respect certain covenants, particularly 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 credit ratings but are not classified as covenants.
Seven loans with a combined total of €2,042 million contain a rendez-vous clause requiring contact between the borrower and lender if the borrower’s credit rating falls below a specified level, possibly leading to renegotiation of the terms of the loan.
No early repayment took place in 2022 as a result of any Group entity’s failure to comply with contractual clauses concerning loans.
In 2022, EDF concluded four new credit lines with a combined total of €2,600 million, including €2,000 million with BNP. Four other credit lines totalling €900 million matured, and the available balance of the EIB credit line (€400 million) was fully drawn.
At 31 December 2022, the Group has unused credit lines with various banks totalling €14,051 million (€13,039 million at 31 December 2021), including €10,053 million of credit lines indexed on ESG criteria.
| 31/12/2022 | 31/12/2021 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
| (in millions of euros) | Total | < 1 year | 1-5 years | > 5 years | Total |
| CONFIRMED CREDIT LINES | 14,051 | 2,617 | 11,412 | 22 | 13,039 |
