Annual report 2004 (English) - PDF 3546K - Imperial Tobacco

16. Payable to credit
institutions, debenture
and other marketable debt
security issues and interest
rate and exchange rate
hedges
a) Payable to credit institutions
The detail of the payables to credit institutions as
of December 31, 2004, is as follows:
Thousands of Euros
Long Term Short Term
Credit facilities 24,824 64,740
Loans 625,075 52,025
Collection rights assigned – 561,719
Financial leases (Note 5) 43,268 2,806
Accrued interest and other – 22,262
Total 693,167 703,552
All the credit facilities were arranged in euros and
bear interest at market rates.
The undrawn amount of the Group’s credit facilities
as of December 31, 2004, was €1,308 million. This
amount includes €1,200 million relating to the
limit of a syndicated credit facility arranged by the
Group against which no amounts had been drawn
down as of December 31, 2004.
Altadis Group 2004 Financial Information 111
The detail of the loan balances as of December 31,
2004, is as follows:
Last Thousands of Euros
Currency Maturity Long Term Short Term
Euro 2009 72,000 –
Euro 2007 50,000 –
Euro 2006 24,820 –
Euro 2005 – 34,134
USD 2006 1,102 3,670
USD 2007 26,534 13,267
USD 2008 2,739 954
Dirhams 2010 447,880 –
625,075 52,025
The loans in U.S. dollars are tied to Libor, those in
euros are tied to Euribor and those in dirhams are
tied to Moroccan Treasury Bonds. All of the loans
bear interest at market rates.
As of December 31, 2004, the Group company
SEITA had a financing system involving the
assignment of collection rights for securitization.
This financing system matures on December 15,
2005.
b) Debentures and other marketable debt
security issues
In October 2003 the Board of Directors partially
exercised the authorization to issue bonds granted
to it by the Shareholders’ Meeting. This issue,
which was secured by the Parent Company for
€1,100,000 thousand, was made through Altadis
Finance, B.V. in order to finance the acquisition of
RTM. The issue was launched in two tranches of
€600,000 thousand and €500,000 thousand,
maturing in 2008 and 2013 and bearing interest of
4.25% and 5.125%, respectively.