Annual Report 2005/06 - voestalpine

Consolidated Financial Statements
122 Annual Report 2005/06
20. FinanCial liaBiliTies
Up to one year Over one year
03/31/2006 03/31/2005 03/31/2006 03/31/2005
Bank loans 427.6 412.6 780.4 642.4
Liabilities from finance leases 4.2 3.7 51.6 55.0
Liabilities from affiliated companies 12.3 13.0 0.0 0.0
Liabilities from other investments 57.8 9.7 0.0 0.0
Other payables and other liabilities 11.0 23.6 0.3 0.0
512.9 462.6 832.3 697.4
In millions of euros
On July 21, 2005, convertible bonds with a principal amount of
EUR 250 million and a term of 5 years have been issued. The interest
rate amounts to 1.5%.
The proceeds from the issue of the convertible bonds have been split
between a liability element and an equity component, representing the
fair value of the embedded option to convert the liability into equity.
The interest rate charged for the year is calculated by applying an
effective interest rate of 4.0%. The liability element as of
March 31, 2006, is calculated as follows:
03/31/2006
Nominal value 250.0
Equity component net –19.1
Emission expense –2.8
Deferred taxes –6.4
Liability component at the date of issue 221.7
Interest accrued 3.6
Liability component as of March 31, 2006 225.3
In millions of euros