Net financial debt comprises total loans and financial liabilities, less cash, cash equivalents and liquid assets.
Breakdown of financial debt The Group's gross debt
at 30 June 2016 breaks down as follows by currency: 78% in Euro, 15% in pound sterling and 5% in US dollar. The balance of 2% includes the Swiss franc, the Hungarian forint, the Polish zloty, the Brazilian real, the Canadian dollar and the Japanese yen. The Group's debt after hedging instruments
at 30 June 2016 was structured as follows: 56% of debt bore interest at fixed rates and 44% at floating rates.
The agencies' ratings - Moody's, Standard & Poor's and Fitch - are available on the rating pages