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Acquisition and dividend payments attributable to these silent partners. Kabel Deutschland GmbH Notes to the consolidated financial statements 37 3.10 Deferred Income Deferred income primarily consists of customer prepayments on a quarterly, semiannual or annual basis. 3.11 Financial Liabilities (current and non-current) and Senior Notes 3.11.1 Current Financial Liabilities March 31, March 31, March 31, 2010 2009 2008 T€ T€ T€ Accrued interest related to Senior C redit Facility Tranche A 1,897 960 6,192 Tranche B 107 147 119 Tranche C 244 18,799 1,264 Senior N otes 20,836 19,616 16,966 Other 0 0 1,133 Current financial liabilities 23,084 39,522 25,674 3.11.2 Non-Current Financial Liabilities As of March 31, 2010 KDG has two different types of non-current financial liabilities in place. The Senior Notes and the Senior Credit Facility have developed as follows: March 31, March 31, March 31, 2010 2009 2008 T€ T€ T€ Senior Notes 738,752 744,123 724,425 Senior Credit Fac ility 1,643,000 1,653,081 1,191,404 2,381,752 2,397,204 1,915,829 Senior Notes
Kabel Deutschland GmbH Notes to the consolidated financial statements March 31, March 31, March 31, 2010 2009 2008 T€ T€ T€ Notes issued 755,553 755,553 755,553 Accrued financing and transaction cost -24,089 -28,241 -31,943 Foreign exchange rate effect -53,902 -47,182 -119,770 Currency hedge 61,190 63,993 120,585 38 738,752 744,123 724,425 On July 2, 2004 KDG issued T€ 250,000 Euro Senior Notes and TUS $ 610,000 Dollar Senior Notes (together the “Senior Notes”), each of which are guaranteed by KDVS. As of March 31, 2010, T€ 250,000 aggregate principal amount of Euro Senior Notes and TUS $ 610,000 aggregate principal amount of Dollar Senior Notes are outstanding. The Senior Notes are currently registered with the Securities and Exchange Commission in the United States (ISIN XS02688103610 for Euro Senior Notes and ISIN US48282AAB17 for Dollar Senior Notes) as well as with the Irish Stock Exchange, Dublin, Ireland (B05LTS8 and B1GJFQ8 for Euro Senior Notes as well as B01R087 and B1GR8M9 for Dollar Senior Notes). The Euro Senior Notes accrue interest at the rate of 10.750% per annum and the Dollar Senior Notes accrue interest at the rate of 10.625% per annum. The Senior Notes mature on July 1, 2014. Interest on the Senior Notes is payable on January 1 and July 1 of each year. With respect to the Senior Notes, KDG entered into a hedge agreement with various banks swapping 100 % of the US-Dollar denominated principal (TUS $ 610,000) and interest payments into Euro denominated principal and interest payments at a fixed rate over five consecutive years from July 1, 2004 until July 1, 2009. From December 2008 until March 2009, KDG successfully negotiated new swap agreements, which effectively prolonged the existing currency hedges at the same rate of US $ 1.2066 for each Euro and an increased average Euro fixed rate of 11.1695 % (previously 10.2046 %) by two years until July 1, 2011. As of March 31, 2010 the new swaps have been accounted at fair value through profit or loss. Accordingly, the changes in fair value for the new swaps and the currency translation of the US-Dollar denominated Senior Notes through profit or loss in accordance with IAS 21. As a result, we incurred a loss of T€ 347, which was recorded as an interest expense. We did not incur any losses in the fiscal year ended March 31, 2009 and March 31, 2008. to: The Senior Notes contain several covenants limiting, among other things, KDG’s ability • incur additional indebtedness; • pay dividends or make other distributions; • make certain other restricted payments and investments;
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Audit opinion We have audited the c
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