annual financial statement 2011 - conwert Immobilien Invest SE

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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
INTRO | MANAGEMENT REPORT | | FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS Notes CONVERTIBLE BOND On 7 November 2007 the Group issued a convertible bond with a price of € 0.1 million per certificate and a total value of € 196.4 million. The conversion price equals 130% of the common share price on the date the convertible bond was issued. The conversion rights can be exercised at any time from 27 December 2007 to 3 November 2014. If the conversion right is not exercised, the bond will be repaid on 12 November 2014 at a price € 0.11 million per certificate. Interest will be paid each year until settlement at a rate of 1.5% per year. The bondholder is entitled to cancel some or all of the bonds in his/her possession that have not been converted or redeemed as of 12 November 2012. The issuer is entitled to redeem the bond prematurely at the applicable redemption price on or after 24 November 2010, if the price of the common shares to be delivered on conversion equals at least 130% of the redemption amount on 20 of 30 successive stock exchange days. The company started to repurchase the convertible bonds during the fourth quarter of the 2008 financial year. Convertible bonds with a nominal value of € 45.4 million (2010: € 34.3 million) had been repurchased by 31 December 2011 for € 32.3 million (incl. transaction costs, 2010: € 21.0 million). This represents 3,273,252 (2010: 2,393,580) shares of stock. The conversion price was adjusted from € 14.33 to € 13.87 to reflect the dividend. In 2011 repurchased convertible bond certificates with a nominal value of € 41.9 million were cancelled, which reduced the original nominal volume from € 196.4 million to € 154.5 million. In the first quarter of 2010 the conwert Group issued a convertible bond with a price of € 0.1 million per certificate and a total value of € 135.0 million. This bond has a six-year term ending on 1 February 2016. The bondholders have the right to redeem their bond certificates prematurely four years after the date of issue at the nominal value including accrued interest. The convertible bond certificates were issued at 100% of the nominal value of € 0.1 million. Interest is paid semi-annually at a rate of 5.25% per year. The conversion price was adjusted from € 11.60 to € 11.22 to reflect the dividend payment. The net proceeds from the issue of the bond were classified into a debt component and an equity component (which represents the amount required to convert the liability into equity). The classification as of 31 December 2011 and 2010 is shown below: CONVERTIBLE BOND 2010 – 2016 2011 in € million Issue proceeds (excl. proportional share of transaction costs), less repurchases 135.0 Debt component as of 31 December 126.6 Equity component 10.2 2010 in € million Issue proceeds (excl. proportional share of transaction costs), less repurchases 135.0 Debt component as of 31 December 124.8 Equity component 10.2 99
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| MANAGEMENT REPORT | CONSOLIDATED
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sold _ EBIT increase plus 16.1% _ R
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IMPRINT Owner, editor and publisher
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