Airbus 2015 Annual Report Download - page 245

AIRBUS GROUP FINANCIAL STATEMENTS 2015 l 63 l
Notes to the IFRSConsolidatedFinancialStatements
2.
2.7 Capital Structure and Financial Instruments
34.3 Financing Liabilities
Financing liabilities comprise obligations towards financial
institutions, issued corporate bonds, deposits made by
customers of AirbusGroup Bank, borrowings received from
joint ventures and other parties as well as finance lease liabilities.
Financing liabilities are recorded initially at the fair value of
the proceeds received, net of transaction costs incurred.
Subsequently, financing liabilities are measured at amortised
cost, using the effective interest rate method with any difference
between proceeds (net of transaction costs) and redemption
amount being recognised in total finance income (cost) over the
period of the financing liability.
Financing liabilities to financial institutions include liabilities
from securities lending transactions. In securities lending
transactions, the Group receives cash from its counterparty
and transfers the securities subject to the lending transaction
as collateral. The amount of cash received is recognised as a
financing liability. The securities lent are not derecognised, but
remain on the Group’s balance sheet.
The Group has issued several euro-denominated bonds under
its Euro Medium Term Note Programme (“EMTN”) and placed
a US dollar-denominated bond on the US institutional market
under Rule 144A. It has also issued a convertible bond in euro.
Furthermore, the Group has long-term US dollar-denominated
loans outstanding with the European Investment Bank (“EIB”)
and the Development Bank of Japan (“DBJ”).
The terms and repayment schedules of these bonds and loans are as follows:
Bond/ Loan Principal amount Issuance date Coupon or interest rate Effective interest rate Maturity date Additional features
EMTN 15years € 500,000,000 Sept. 2003 5.50% 5.58% Sept. 2018 Interest rate swapped into 3M Euribor +1.72%
EMTN 7years € 1,000,000,000 Aug. 2009 4.625% 4.68% Aug. 2016 Interest rate swapped into
3M Euribor +1.57%
EMTN 10years € 1,000,000,000 Apr. 2014 2.375% 2.394% Apr. 2024 Interest rate swapped into
3M Euribor +1.40%
EMTN 15years € 500,000,000 Oct. 2014 2.125% 2.194% Oct. 2029 Interest rate swapped into
3M Euribor +0.84%
US$ Bond 10years US$ 1,000,000,000 Apr. 2013 2.70% 2.73% Apr. 2023 Interest rate swapped into
3M Libor +0.68%
Convertible bond
7years € 500,000,000 July2015 0.00% 1.386% July2022
Convertible into
AirbusGroup SE shares at
€ 99.54 per share
DBJ 10years US$ 300,000,000 Jan. 2011 3M US-Libor
+1.15% Jan. 2021 Interest rate swapped into 4.76% fixed
EIB 10years US$ 720,750,000 Aug. 2011 3M US-Libor
+0.85% Aug.2021 Interest rate swapped into 3.2% fixed
EIB 7years US $ 406,110,000 Feb. 2013 3M US-Libor
+0.93% Feb. 2020
EIB 10years US$ 626,850,000 Dec. 2014 2.52% 2.52% Dec. 2024 Interest rate swapped into
3M Libor +0.61%
EIB 10years US$ 320,130,000 Dec. 2015 6M US-Libor
+0.559% Dec. 2025
The Group can issue commercial paper under the so called
“billet de trésorerie” programme at floating or fixed interest rates
corresponding to the individual maturities ranging from 1day
to 12months. The programme has been set up in 2003 with a
maximum volume of € 2billion, increased in 2013 to a maximum
volume of € 3billion. As of 31December 2015, there was no
outstanding amount under the programme. The Group signed
in April2015 the documentation of a US$ 2billion commercial
paper programme. As of 31December 2015, the outstanding
amount was US$ 550million.
Financing liabilities include outstanding debt of € 129million
(2014: € 147million) relating to a loan Airbus received from
Air 2 US in 1999 by way of a reinvestment note amounting to
US$ 800million, bearing a fixed interest rate of 9.88%, and
other liabilities related to sales financing (see Note25 “Sales
financing transactions”).
On 1 July 2015, the Group issued convertible bond for
€ 500million, with a 7-year maturity. The bond bear a coupon
of 0% and was issued at 102% of par. Its effective interest rate,
after separation of the equity conversion option, is 1.386%.
In December2015, the Group entered into a US$ 320million
loan agreement with the EIB maturing in December2025.
Financial Statements 2015
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Annual Report 2015 Financial Statements 2015
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