ASF - 2002 annual report - Vinci

At December 31, 2002 none of the
CNA loans were guaranteed by the
French State. ASF entered into interest
rate swaps directly in 2002
on CNA fixed rate loans. These
swaps were on a notional amount
of €254.2 million (see note 4.26
“Off-balance sheet commitments”).
Including the effect of these swaps
under which ASF receives a floating
rate on loans maturing in January/February
2004, floating rate
debt totals €1,000.2 million, representing
13.9% of total borrowings.
Foreign currency risk:
In 2002, the Group generated all of
its revenues in France. It is therefore
not exposed to foreign currency risk.
Liquidity risk:
The Group had cash and cash equivalents
of €1,245 million at
December 31, 2002, therefore it will
not need to seek new financing in
2003.
Looking beyond 2003, the Group
has access to the proceeds from
AAA-rated debt issues by Caisse
Nationale des Autoroutes, to finance
investments under the current
concession agreement up until the
end of 2005.
Lastly, in March 2003 the ASF Group
was rated A+ by Standard & Poors,
which gives it access to market lending
under favorable terms.