annual financial statement 2011 - conwert Immobilien Invest SE

CONWERT IMMOBILIEN INVEST SE
ANNUAL FINANCIAL 2011 STATEMENT ANNUAL REPORT 2011
98
A detailed classification of the creditors and terms is not practical because of the large number
of loans and broad distribution of lending institutions. In 2011 the weighted average interest rate
(excluding non-cash effects) equalled 4.37% for short-term loans and borrowings (2010: 3.82%)
and 4.34% (2010: 4.17%) for long-term loans and borrowings. The conwert Group has unused credit
lines of € 8.5 million at the end of the reporting year (2010: € 9.2 million).
Loans and borrowings of € 1,368.4 million (excluding short-term working capital credits) are secured
by mortgages (2010: € 1,604.6 million). In addition, an average volume of current and future
rents receivable have been assigned.
Non-current loans and borrowings include finance lease liabilities with terms ranging from 180
to 300 months. Lease payments amounted to € 25.2 million in 2011 (2010: € 10.6 million)
and comprised € 23.5 million (2010: € 9.0 million) of principal repayments and € 1.7 million (2010:
€ 1.6 million) of interest.
2011 in € million
The present value test and the term test formed the main criteria for classification as a finance
lease. These lease agreements include extension and price adjustment clauses as well as an option
that entitles the conwert Group to purchase the properties at an advantageous price at the end
of the lease term.
The most important conditions of the leases are as follows:
+ The lessee takes over the object of the lease agreement for use in its present condition.
+ The lessee is entitled to the risks and rewards arising from rental agreements for space in the
leased object that are valid when the lease is concluded as well as rental agreements that will be
concluded in the future.
+ The lessee is responsible for administration of the rental agreements.
+ At the end of the lease term, the lessee has the option to acquire the leased object as well as the
shares in the lessor company.
BOND LIABILITIES
In 2004 the Group issued 100,000 bearer bond certificates with a nominal value of € 500 each, for
a total value of € 50,000,000. The issue price of these bond certificates was set at 101.441. The
surplus of proceeds received from the issue was released to profit or loss over the seven-year term
of the bonds, which began on 1 December 2004 and ended on 30 November 2011. The bond certificates
called for bullet repayment, and were repaid at their nominal value on 1 December 2011.
Total
Thereof remaining
term
up to 1 year
Thereof remaining
term
between
1 and 5 years
Thereof remaining
term
over 5 years
Minimum lease payments
Less:
90.4 2.5 10.7 77.2
Future financing costs 34.8 1.5 6.3 27.0
Present value of lease obligations 55.6
Net carrying amount 55.6
2011 in € million
Minimum lease payments
Less:
147.2 3.0 16.1 128.0
Future financing costs 68.1 1.9 11.7 54.6
Present value of lease obligations 79.1
Net carrying amount 79.1