Supplemental Disclosure Material - Ono

€1,076 million under the Bank Tranches of the New Senior Facility would mature prior to the maturity of the Notes in 2018.
Facility A loans totaling €891 million commence amortizing on June 30, 2013 and matures on June 30, 2017. Facility B loans
totaling €185 million mature on March 31, 2018.
Our ability to make payments on our debt or to refinance any such debt will depend on our ability to generate cash.
Our ability to generate cash is dependent on many factors, including, among others:
• Our future operating performance;
• The level of our capital expenditures;
• The demand and price levels for our products and services;
• General economic conditions and conditions affecting customer spending;
• Competition;
• The ability to improve our business processes and procedures;
• Our ability to use our carry-forward tax losses;
• The availability of financing in the capital markets at attractive rates; and
• Legal, tax, litigation, regulatory and other factors affecting our business.
We achieved positive free cash flow for the first time in 2009, after experiencing negative free cash flow every year
since we commenced operations in 1998. Nonetheless, we do not expect that our business will generate sufficient cash flow to
fulfill our debt obligations, and we expect to have to raise additional capital or refinance all or a portion of our debt on or
before maturity in order to fund operations and to meet our debt service.
Our ability to raise capital or refinance our debt depends on a number of factors, including the liquidity of the
capital markets, and we may not be able to do so on satisfactory terms, or at all. In the event that we cannot raise additional
capital or refinance our debt, we expect not to be able to meet our debt repayment obligations. In addition, the terms of any
refinancing indebtedness may be materially more burdensome to us than the indebtedness it refinances. Such terms, including
additional restrictions on our operations and higher interest rates, could have an adverse effect on our results of operations and
financial condition and could have a material adverse effect on the value of the Notes.
Furthermore, our inability to meet repayment obligations under the existing agreements could trigger various default
provisions, accelerate a substantial portion (if not all) of our debt and materially adversely affect our business, results of
operations, financial position and prospects.
A substantial portion of our debt bears variable interest rates.
As of March 31, 2012, on a pro forma basis after giving effect to the May 2012 Refinancing, 30.6% of our
outstanding debt would have borne interest at floating rates. If market interest rates increase, our variable rate debt will result
in higher debt service requirements, which could adversely affect our results of operations and financial condition. Currently,
all our interest rate hedge agreements have expired and, though we are evaluating whether to enter into further hedging
arrangements, there is no guarantee that we will enter into additional hedge agreements on satisfactory terms or at all.
Subject to certain restrictions, we may be able to incur substantially more debt, which would increase the leverage-related
risks described in this offering memorandum.
Subject to the restrictions in the New Senior Facility, the Indenture, the Euro Notes Indenture, the Subordinated
Notes Indenture and other outstanding debt that is subject to a number of significant qualifications and exceptions, we may
incur substantial additional debt in the future. Furthermore, the New Senior Facility, the Indenture, the Euro Notes Indenture
and the Subordinated Notes Indenture permit us to issue additional series of notes or other indebtedness that will share in the
security for the Notes and the New Senior Facility, subject to certain conditions. See “Description of Other Indebtedness—
New Senior Facility”.
To the extent new debt is incurred, the risks described in “—Our current leverage is substantial, which may have an
adverse effect on our available cash flow, our ability to obtain additional financing if necessary in the future, our flexibility in
reacting to competitive and technological changes and our operations” and “—Following the May 2012 Refinancing, a
significant portion of our existing debt will mature prior to the maturity of the Notes in 2018. We may be unable to generate
sufficient cash flow to repay those of our other debt obligations at maturity and, to the extent we cannot repay such debt, we
may not be able to refinance these debt obligations or may be able to refinance only on terms that will increase our cost of
borrowing” could become more significant.
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