Annual Report 2012 - ORCO Germany

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Borrowings maturity (bonds and financial debts)
In 2012, the non-current financial debts amount to EUR 545 million (in 2011 EUR 38 million). The table below represents the carrying amount of the
debts allocated by date of repayment.
A t 3 1 D e c e m b e r 2 0 1 2
N o te
L e s s th a n
o n e y e a r 1 to 2 y e a rs 2 to 5 y e a rs
M o re th a n 5
y e a r s
T o ta l
N o n -c o n v e rt ib le b o n d s 1 5 .1 - - - 2 0 ,0 0 0 2 0 ,0 0 0
F in a n c ia l d e b ts - 3 3 ,5 8 2 2 4 8 ,7 7 0 1 2 ,6 1 0 2 9 4 ,9 6 2
B a n k lo a n s 1 5 .1 - 3 3 ,5 8 2 2 4 8 ,7 7 0 - 2 8 2 ,3 5 2
B a n k lo a n s fix e d ra te - - - - -
B a n k lo a n s flo a tin g ra te - 3 3 ,5 8 2 2 4 8 ,7 7 0 - 2 8 2 ,3 5 2
O th e r n o n -cu rre n t b o r ro w in g s 1 5 .1 - - - 1 2 ,6 1 0 1 2 ,6 1 0
T o ta l - 3 3 ,5 8 2 2 4 8 ,7 7 0 3 2 ,6 0 9 3 1 4 ,9 6 1
N o n c o n v e rtib le b o n d s 17 2 - - - - 2
F in a n c ia l d e b ts 8 ,0 1 3 - - - 8 ,0 1 3
B a n k lo a n s 17 7 ,9 4 4 - - - 7 ,9 4 4
B a n k lo a n s fix e d ra te - - - - -
B a n k lo a n s flo a tin g ra te 7 ,9 4 4 - - - 7 ,9 4 4 -
O th e r b o rro w in g s 17 69 - - - 69
F in a n c ia l lia b ilitie s lin k e d to d is c o n t in u e d a c tiv itie s - - - - - -
T o ta l 8 ,0 1 5 - - - 8 ,0 1 5
T O T A L 8 ,0 1 5 3 3 ,5 8 2 2 4 8 ,7 7 0 3 2 ,6 0 9 3 2 2 ,9 7 6
The other non-current borrowings (more than 5 years) represent mainly equity loan granted by the parent company OPG.
The Group has entered into interest rate derivatives representing 100% of the non-current floating rate borrowing amounts (100% in 2011) and 100%
of the current floating rate borrowing amounts (100% in 2011), in order to limit the risk of the effects of fluctuations in the prevailing levels of market
interest rates on its financial position and cash flows. Most floating interest debt instruments have a fixing period of maximum 3 months.
Bank loans include amounts secured by a mortgage on properties and/or a pledge on the shares of the companies benefiting from the loan to the
value of EUR 290.3 million (EUR 436.3 million as at 31 December 2011).
The Group's borrowings are fully denominated in euro.
In 2011
The other non-current borrowings (more than 5 years) represent mainly equity loan granted by the parent company OPG.
The Group has entered into interest rate derivatives representing 100%of the non-current floating rate borrowing amounts (100% in 2010) and 100%
of the current floating rate borrowing amounts (24.9% in 2010), in order to limit the risk of the effects of fluctuations in the prevailing levels of market
interest rates on its financial position and cash flows. Most floating interest debt instruments have a fixing period of maximum 3 months.
Bank loans include amounts secured by a mortgage on properties and/or a pledge on the shares of the companies benefiting from the loan to the
value of EUR 436.3 million (EUR 508.8 million as at 31 December 2011). Orco Germany S.A. usually grants its guarantee in favour of the bank for
each of the subsidiaries. The guarantees granted to financial institutions remain fully valid until complete reimbursement of credits. No partial waiver
on pledge or mortgage has been scheduled.
The Group's borrowings are fully denominated in euro.
ANNUAL CONSOLIDATED FINANCIAL STATEMENTS | 35