IAS 1 para 73, debt reclassified as current, breach of covenant, grace period following waiver less than 12 months

Renault S.A. – Annual report – 31 December 2016

Industry: automotive

NOTE 23 – FINANCIAL LIABILITIES AND SALES FINANCING DEBTS (extract)

D – Financial liabilities of the AVTOVAZ segment (extract)

As at December 31, 2016, AVTOVAZ Group received waivers for loan agreements in the amount of €282 million in relation to breached loan covenants including €124 million of long-term debt. However, a grace period of these waivers is less than twelve months after the reporting period. Therefore, €124 million of long-term debt was classified as short-term liabilities.

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