Annual Report 2012 - ORCO Germany

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The loan value from shareholder of EUR 31.8 million (EUR 41.4 million in 2011 million) due with more than 5 years is not included in the table. As at
31 December 2012, the consolidated carrying value of this loan amounts to EUR 12.5 million.
As at 31 December 2012, fixed rates bonds for EUR 20.0 million after restructuring are due more than 5 years (prolonged to 2050) and floating rate
loans for EUR 287.0 million are due between 1 and 5 years (88% of the total financial debt).
A t 3 1 D e c e m b e r 2 0 1 2
L e s s th a n 1
m o n th
B e tw e e n 1 a n d 6
m o n th s
B e tw e e n 6
m o n t h s a n d 1
y e a r
B e tw e e n 1 a n d 5
y e a rs
M o re th a n 5
y e a rs
T o t a l
T o ta l
b o o k e d
v a l u e a s a t
3 1 .1 2 . 2 0 1 2
F ixe d ra te lo a n s a n d b o n d s - - - (2 0 ,0 0 0 ) (2 0 ,0 0 0 ) (2 0 ,0 0 0 )
F lo a tin g r a te lo a n s (*) - (4 ,6 7 4 ) (4 ,6 5 8 ) (2 8 7 ,0 3 9 ) - (2 9 6 ,3 7 1 ) (2 9 0 ,2 9 6 )
In te re st ra te d e riv a tive s - - ( 4 ,3 9 7 ) - (4 ,3 9 7 ) (4 ,5 2 1 )
E m b e d d e d d e riva tiv e s o n b o n d s - - - - - - -
L ia b ilitie s h e ld fo r s a le - - - - - - -
T ra d e p a ya b le (2 ,9 8 0 ) ( 1 2 5 ) (1 ,5 0 5 ) - - (4 ,6 1 0 ) (4 ,6 1 1 )
O th e r cu rre n t lia b ilitie s (7 ,9 1 4 ) (4 ,1 3 8 ) (2 ,0 2 4 ) - - (1 4 ,0 7 6 ) (1 7 ,4 5 7 )
T o ta l (1 0 ,8 9 4 ) (8 ,9 3 7 ) (8 ,1 8 7 ) (2 9 1 ,4 3 6 ) (2 0 ,0 0 0 ) (3 3 9 ,4 5 4 ) (3 3 6 ,8 8 5 )
(*) A s a t 3 1 .1 2 .2 0 1 2 th e re a re n o flo a tin g ra te b o n d s
T o ta l
B e tw e e n 6
L e s s th a n 1 B e tw e e n 1 a n d 6
B e tw e e n 1 a n d 5 M o re th a n 5
b o o k e d
A t 3 1 D e c e m b e r 2 0 1 2
m o n t h s a n d 1
T o t a l
m o n th
m o n th s
y e a rs
y e a rs
v a l u e a s a t
y e a r
3 1 .1 2 . 2 0 1 2
F ixe d ra te lo a n s a n d b o n d s - - - (2 0 ,0 0 0 ) (2 0 ,0 0 0 ) (2 0 ,0 0 0 )
F lo a t in g ra te lo a n s a n d b o n d s - (4 ,6 7 4 ) (4 ,6 5 8 ) (2 8 7 ,0 3 9 ) - (2 9 6 ,3 7 1 ) (2 9 0 ,2 9 6 )
In te re st ra te d e riv a tive s - - ( 4 ,3 9 7 ) - (4 ,3 9 7 ) (4 ,5 2 1 )
E m b e d d e d d e riva tiv e s o n b o n d s - - - - - - -
L ia b ilitie s h e ld fo r s a le - - - - - - -
T ra d e p a ya b le (2 ,9 8 0 ) ( 1 2 5 ) (1 ,5 0 5 ) - - (4 ,6 1 0 ) (4 ,6 1 1 )
O th e r cu rre n t lia b ilitie s (7 ,9 1 4 ) (4 ,1 3 8 ) (2 ,0 2 4 ) - - (1 4 ,0 7 6 ) (1 7 ,4 5 7 )
T o ta l (1 0 ,8 9 4 ) (8 ,9 3 7 ) (8 ,1 8 7 ) (2 9 1 ,4 3 6 ) (2 0 ,0 0 0 ) (3 3 9 ,4 5 4 ) (3 3 6 ,8 8 5 )
A t 3 1 D e c e m b e r 2 0 1 1
L e s s th a n 1
m o n th
B e tw e e n 1 a n d 6
m o n th s
B e tw e e n 6
m o n t h s a n d 1
y e a r
B e tw e e n 1 a n d 5
y e a rs
M o re th a n 5
y e a rs
T o t a l
T o ta l
b o o k e d
v a l u e a s a t
3 1 .1 2 . 2 0 1 1
F ixe d ra te lo a n s a n d b o n d s - (9 7 ,7 7 7 ) - - - (9 7 ,7 7 7 ) (9 7 ,7 7 7 )
F lo a tin g r a te lo a n s a n d b o n d s - (3 9 6 ,8 4 0 ) - (3 2 ,0 5 1 ) (4 ,3 0 0 ) (4 3 3 ,1 9 1 ) (4 3 6 ,7 3 8 )
In te re st ra te d e riv a tive s (8 ,9 7 8 ) - (9 9 0 ) (5 6 9 ) (1 0 ,5 3 7 ) (6 ,9 2 8 )
E m b e d d e d d e riva tiv e s o n b o n d s - (2 5 ,0 2 5 ) - - - (2 5 ,0 2 5 ) (2 2 ,9 1 4 )
L ia b ilitie s h e ld fo r s a le - - (1 0 ,7 4 5 ) - - (1 0 ,7 4 5 ) (1 0 ,7 4 5 )
T ra d e p a ya b le (2 ,5 3 7 ) ( 7 7 0 ) (1 ,2 5 1 ) - - (4 ,5 5 8 ) (4 ,5 5 8 )
O th e r cu rre n t lia b ilitie s (1 2 ,2 1 7 ) (4 ,4 3 0 ) (7 ,0 2 4 ) - - (2 3 ,6 7 1 ) (2 3 ,6 7 1 )
T o ta l (1 4 ,7 5 4 ) (5 3 3 ,8 2 0 ) (1 9 ,0 2 0 ) (3 3 ,0 4 1 ) (4 ,8 6 9 ) (6 0 5 ,5 0 4 ) (6 0 3 ,3 3 1 )
The floating rate loans are disclosed
The difference between the book value and the future cash flows on the floating rate loans and bonds can be mainly explained by the capitalization of
the refinancing fees on GSG loan as at 31 December 2012 for EUR 6.0 million (which are amortized during till the expiration of the loan)
Undrawn bank credit facilities
As at 31 December 2012 all credit lines are fully drawn
3.2. Fair value estimates
Fair value measurements are classified of financial instruments reported at fair value by level of the following measurement hierarchy:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
• Inputs other than quoted prices that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)
(level 2).
• Inputs for the assets or liabilities that are not based on observable market data (that is, unobservable inputs) (level 3).
The fair value of financial instruments traded in active markets (such as publicly traded derivatives, trading securities and financial assets at fair value
through profit or loss) is based on quoted market prices at the balance sheet date. The fair value of financial instruments that are not traded in an
active market is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market
conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt. Other
ANNUAL CONSOLIDATED FINANCIAL STATEMENTS | 19