Reebok 2015 Annual Report Download - page 129

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125
3
GROUP MANAGEMENT REPORT – FINANCIAL REVIEW
Group Business Performance – Treasury
GROUP FINANCIAL FLEXIBILITY
The adidas Group’s financial flexibility is ensured by the availability of unutilised credit facilities of
€ 1.906 billion at the end of 2015 (2014: € 1.846 billion), consisting of committed and uncommitted bilateral
credit lines at different banks with a remaining time to maturity of up to five years. In addition, the Group
has a multi-currency commercial paper programme in the amount of € 2.0 billion available. We monitor
the ongoing need for available credit lines based on the current level of debt as well as future financing
requirements.
EUROBONDS WITH AN OVERALLVOLUME OF € 1 BILLION OUTSTANDING
In 2014, the adidas Group issued two Eurobonds with an overall volume of € 1.0 billion, thereby taking the
opportunity of a low interest rate environment in the Eurobond market to further strengthen the Group’s
financing mix while increasing the overall duration. The seven-year Eurobond of € 600 million matures
on October 8, 2021 and has a coupon of 1.25%. The twelve-year Eurobond of € 400 million matures on
October 8, 2026 and has a coupon of 2.25%.
see Note 18, p. 212
38TOTALCREDIT FACILITIES€ IN MILLIONS
2015 2014
Bilateral credit lines 2,134 1,520
Syndicated loan facility 0500
Private placements 138 218
Eurobonds 981 990
Convertible bond 483 471
Total 3,736 3,699
■
2014
■
2015
39REMAININGTIME TO MATURITYOF AVAILABLE FACILITIES€ IN MILLIONS
2015 2014
< 1 year 2,272 1,615
1 to 3 years 483 1,094
3 to 5 years ––
> 5 years 981 990
Total 3,736 3,699
■
2014
■
2015