20) Financial debt and related financial instruments
A) Non-current financial debt and related financial instruments
The fair value of bonds, as of December 31, 2014, after taking into account currency and interest rates swaps, is detailed as follows:
Loan repayment schedule (excluding current portion)
Analysis by currency and interest rate
These analyses take into account interest rate and foreign currency swaps to hedge non-current financial debt.
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.
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: