20) Financial debt and related financial instruments

A) Non-current financial debt and related financial instruments

Table : (Assets)/Liabilities 2014

Table : (Assets)/Liabilities 2013

Table : (Assets)/Liabilities 2012

The fair value of bonds, as of December 31, 2014, after taking into account currency and interest rates swaps, is detailed as follows:

Table : Fair value of bonds

Loan repayment schedule (excluding current portion)

Table : Loan repayment schedule (excluding current portion) 2014

Table : Loan repayment schedule (excluding current portion) 2013

Table : Loan repayment schedule (excluding current portion) 2012

Analysis by currency and interest rate

These analyses take into account interest rate and foreign currency swaps to hedge non-current financial debt.

Table : Analysis by currency and interest rate - monnay

Table : Analysis by currency and interest rate - rate

B) Current financial assets and liabilities

Current borrowings consist mainly of commercial paper or treasury bills or drawings on bank loans. These instruments bear interest at rates that are close to market rates.

Table : Current financial assets and liabilities - (Assets)/Liabilities

C) Net-debt-to-equity ratio

For its internal and external communication needs, the Group calculates a debt ratio by dividing its net financial debt by equity. Adjusted shareholders’ equity for the year ended December 31, 2014 is calculated after payment of a dividend of €2.44 per share, subject to approval by the Shareholders’ Meeting on May 29, 2015.

The net-debt-to-equity ratio is calculated as follows:

Table : Net-debt-to-equity ratio - (Assets)/Liabilities