APC 2003 Annual Report Download - page 97

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95
18.2 - Breakdown by currency
(
€
millions)
Dec. 31, 2003 Dec. 31, 2002
Euro 2,443.2 2,138.7
US dollar (1) 13.9 21.9
British pound 5.3 -
Danish krona 82.1 120.3
Japanese yen (1) 37.8
Other 106.0 89.1
Total 2,688.3 2,370.0
(1) Mostly local borrowings.
18.3 - Main borrowings
The main Group borrowings, excluding overdrafts and short-term bank loans, are as follows:
(
€
millions)
2003 Interest rate Maturity
a) Perpetual bonds
Schneider Electric Industries SA 113.6 Euribor + 0.7% March 2006
(formerly Merlin Gerin) (1) swapped for fixed
b) Bonds
Schneider Electric SA 2004 951.0 3.75% fixed April 2004
Schneider Electric SA 2007 450.0 6.1275% fixed October 2007
Schneider Electric SA 2008 750.0 3.875% fixed October 2008
Total 2,151.0
c) Other bank borrowings (all currencies)
Bank loan (Schneider UK) 58.7 Variable swapped December 2005
Syndicated loan (Lexel) 16.7 Fixed December 2005
Industrial Revenue Bonds (Square D Company) 7.8 3.8% to 5.8% Various 2020
Other loans (less than € 20 million per loan) 75.9 Various
Total 159.1
d) Commercial paper (2) 60.2 Fixed Refinanced
overnight
e) Obligations under capital leases 10.4 Various Over periods
ranging from
15 to 20 years
(1) Perpetual bonds correspond to perpetual subordinated bonds redeemable in 15 years issued in 1991 by Merlin Gerin, for which
the subordination clause has been canceled. The bonds were issued in principal amount of
€
457 million, generating net proceeds of
€
345 million. Most of the bonds issued were originally swapped for a fixed rate.
(2) Schneider Electric SA issues commercial paper on behalf of the entire Group. Confirmed lines of credit back the commercial
paper program.