Report - Kongsberg Gruppen 2007 - Kongsberg Maritime ...

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At 31 Dec., KONGSBERG had the following fixed-interest loans and interest swap agreements (from floating to fixed interest):
Time to Excess(+)/ Excess(+)/
maturity Interest Amount negative(-) at Amount negative(-) at
Due date 31 Dec 07 rate 2007 31 Dec 07 2006 31 Dec 06
Fixed interest agreements
Bond loan ISIN 00101 9701.5 26 Sept 07 0.0 5.2% - - 300 (3)
Interest swap agreements
Agreement 1 19 Dec 07 0.0 6.8% - - 300 (7)
Agreement 2 17 June 09 1.5 5.4% 300 1 300 (4)
Agreement 3 17 Dec 08 1.0 5.6% 100 - 100 (2)
Total interest swap agreements 400 1 700 (13)
Total 400 1 1 000 (16)
Interest swap agreements cover the interest rate risk on the floating parts of the Group's debt portfolio, cf. the specification below on loans.
Interest swap agreement 1 covers certificate loans (MNOK 300 at 31 Dec. 2006) and was redeemed in 2007. Interest rate swaps 2 and 3 cover bond issue with floating interest.
The interest hedges are defined as cash flow hedges, and excess/negative values are recognised in consolidated equity. The fixed interest loan is valued at its amortised
cost.
Other interest swap agreements
Kongsberg has signed interest rate swaps from floating to fixed interest for a nominal amount of MNOK 150. The agreements are related to leases for sale and leaseback
agreements as mentioned in Note 31 "Sale and leaseback". The value change is expensed on an ongoing basis.
At 31 Dec. 2007, the interest rate swap agreement had the following value: Excess(+)/ Excess(+)/
Years Interest negative(-) at negative(-) at
Due date MNOK remainin rate 31 Dec 07 31 Dec 06
Interest rate swaps 2 Nov 11 150 3.8 6.3% (6) (10)
Loan and overdraft facilities
Amounts in MNOK 31 Dec 07 31 Dec 06
Long-term liabilities
Unsecured bond issue 700 700
Certificate loans 300
Others loans 5 5
705 1 005
Loans and credit facilities At 31 Dec. 2007, the Group had At 31 Dec. 2006, the Group had
the following loans and credit facilities
the following loans and credit facilities
Nominal Term to Nominal Term to
interest maturity Face Carrying interest maturity Face Carrying
Due date rate 2007 2007 value amount Due date rate 2007 2007 value amount
Certificate loan 1 21 Feb 07 3.7% 0.1 100 100
Certificate loan 2 21 March 07 3.9% 0.2 100 100
Certificate loan 3 21 April 07 4.0% 0.3 100 100
Bond loan ISIN 00101 9701.4 (fixed interest) 26 Sept 07 5.2% 0.7 300 300
Bond loan ISIN 00103 6178.5 (floating interest) 30 March 12 6.4% 4.3 300 300
Bond loan ISIN 00101 2638.4 (floating interest) 10 June 09 6.8% 1.4 400 400 10 June 09 4.6% 2.4 400 400
Others loans 5 5 5 5
Total loans 2.7 705 705 1 005 1 005
Overdraft facilities (undrawn borrowing limit) 1 July 13 5.5 1 000 0 1 March 09 2.2 800 -
Certificate loans due in 2007 were classified as long-term, since it was assumed they were to be refinanced within the overdraft facility.
Kongsberg – Annual Report and Sustainability Report 2007