ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG

CONSOLIDATED FINANCIAL STATEMENTS ACCORDING TO IFRS
96
(12) Financial liabilities (interest-bearing)
The breakdown and remaining terms of the interest-bearing financial liabilities are shown below:
Total Remaining term Remaining term Remaining term
of up to 1 year of over 1 up to 5 years of over 5 years
31.12.11 31.12.10 31.12.11 31.12.10 31.12.11 31.12.10 31.12.11 31.12.10
€ ’000 € ’000 € ’000 € ’000 € ’000 € ’000 € ’000 € ’000
Financial liabilities
(without finance lease)
Liabilities from
finance lease
28,057 22,862 3,567 3,106 16,005 12,364 8,485 7,392
Gross value 4,347 4,952 598 605 3,661 2,345 88 2,002
Discounting –604 –770 –152 –167 –450 –519 -2 -84
Present value 3,743 4,182 446 438 3,211 1,826 86 1,918
31,800 27,044 4,013 3,544 19,216 14,190 8,571 9,310
The finance lease agreements include a purchase option at the end of the minimum term, whose
value at the time the option is exercised is usually lower than the asset's current market value.
The agreed purchase prices are therefore included in the finance lease obligations.
Interest-bearing financial liabilities are secured by land charges of € 34.418 million (2010:
€ 26.418 million) as well as assignments of machines with gross acquisition costs of € 11.711
million (previous year: € 11.711 million). 125,000 (2010: 125,000) own shares were also used as
collateral.
Interest-bearing financial liabilities of € 31.800 million (2010: € 27.044 million) include € 31.332
million (2010: € 27.043 million) from credit agreements at fixed interest rates and € 0.468 million
(2010: € 0.001 million) from credit agreements at variable interest rates. An amount of € 8.733
million (2010: € 9.980 million) of the interest-bearing financial liabilities is covered by an interest
rate hedge. The breakdown of credit agreements at fixed interest rates by the remaining term and
the weighted average interest rates based on the book value is shown below:
Remaining term Average Book value Average Book value
interest rate 31.12.11 interest rate 31.12.10
2011 % € '000 2010 % € '000
of up to 1 year 3.9 3,544 3.9 3,545
of over 1 year up to 5 years 3.8 19,217 3.8 15,108
of over 5 years 3.9 8,571 4.1 8,390
31,332 27,043