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CONSOLIDATED FINANCIALSTATEMENTS BarryCallebaut Annual Report2010/11 23 Long-term debt as of August 31, 2011 2010 2011 2010 in thousands of CHF Carrying amounts Fair values Senior notes 680,579 442,394 701,777 461,524 Long-term bank debts 3,853 256,406 3,853 256,406 Less currentportion (note 20) (953) (552) (953) (552) Interest-bearing loans from employees 7 14 7 14 Long-term other loans 669 – 669 – Finance lease obligation (note 16) 805 1,254 805 1,254 Total long-term debt 684,960 699,516 706,158 718,646 On July 13, 2007, the Group issued a6%Senior Note with maturity in 2017 for an amount of EUR 350 million. The Senior Note has been issued at aprice of 99.005%, and includes acoupon step-up clause of 0.25% (limited to 1.00%) per downgraded notch by one or more rating agencies. On June 15, 2011, the Group issued a5.375% Senior Note with maturity in 2021 for an amount of EUR 250 million. The Senior Note has been issued at aprice of 99.26% and includes acoupon step-up clause of 0.25% (limited to 1.00% per annum) per downgraded notch by one or morerating agencies. On June 15,2011, the Group ended its existing syndicated EUR 850 million Revolving Credit Facility. Atthat same day, the Group entered into anew syndicated EUR 600 million Revolving Credit Facility,leading to a5-year multi-purpose single tranche facility with two extension options (being in 2013 and 2014 to be agreed upon by the participating banks at their sole discretion). The EUR 350 million Senior Note, the EUR 250 million Senior Note and the EUR 600 million Revolving Credit Facility all rank pari passu. The Senior Notes as well as the EUR 600 million Revolving Credit Facility are guaranteed by Barry Callebaut AG and certain of its subsidiaries. As aresult, the maturity profile of the long-term debt can be summarized as follows: as of August 31, 2011 2010 in thousands of CHF 2011/12 – 5,013 2012/13 1,066 247,413 2013/14 1,243 3,303 2014/15 1,414 349 2015/16 and thereafter (for 2009/10) 327 443,438 2016/17 and thereafter (for 2010/11) 680,910 – Total long-term debt 684,960 699,516 The weighted average maturity of the total debt increased from 4.5 years to 6.7 years. 108
CONSOLIDATED FINANCIALSTATEMENTS BarryCallebaut Annual Report2010/11 Long-term financial liabilities are toamajor extent denominated in EUR and at fixed interest rates. as of August 31, 2011 2010 Split per currency Amount Interest range Amount Interest range in thousands of CHF from to from to EUR 682,977 3.00% 7.11% 572,151 0.97% 6.14% CAD – n/a n/a 115,552 1.10% 1.58% MYR – n/a n/a 8,763 3.62% 4.00% USD – n/a n/a – n/a n/a BRL 1,983 4.50% 4.50% 2,700 4.50% 4.50% Other – n/a n/a 350 4.00% 6.80% Total long-term debt 684,960 3.00% 7.11% 699,516 0.97% 6.80% as of August 31, 2011 2010 in thousands of CHF Split fixed/floating interest rate: Fixedrate 684,792 447,148 Floating rate 168 252,368 Total long-term debt 684,960 699,516 24 Employeebenefit obligations A. Pension and other long-term employmentbenefit plans The Group has, apart from the legally required social security schemes, numerous independent pension plans.Inmost cases,these plans are externally funded in vehicles that arelegally separate from the Group.For certain Group companies,however,noindependent assets exist for defined benefitpension plans and other long-term employment plans.Inthese cases,the related liability is included in the balance sheet. Reconciliation of assets and employee benefitobligations recognized in the balance sheet: as of August 31, 2011 2010 2011 2010 in thousands of CHF Defined benefit pension plans Other long-term employment benefit plans Presentvalue of funded obligations 204,696 229,610 – – Fair value of plan assets (128,742) (144,177) – – Excess of liabilities (assets)offunded obligations 75,954 85,433 – – Presentvalue of unfunded obligations 11,306 66,538 10,125 19,325 Net unrecognized actuarial gains (losses) (49,917) (65,136) 130 (1,231) Net employeebenefitobligations recognized in the balancesheet 1 37,343 86,835 10,255 18,094 thereofrecognized as an asset (276) (185) – – thereofrecognized as aliability 37,619 87,020 10,255 18,094 1 Main reason for the decrease in obligations is the discontinuation of the European Consumer Products business 109
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ANNUALREPORT 2010/11
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Barry Callebaut aims to significant
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KEY FIGURES BarryCallebaut Annual R
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FIVE REASONS TO INVEST IN BARRY CAL
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INTERVIEWWITH THE CHAIRMAN AND THE
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EMPLOYEES BarryCallebaut Annual Rep
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EMPLOYEES BarryCallebaut Annual Rep
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REGION EUROPE BarryCallebaut Annual
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REGION EUROPE BarryCallebaut Annual
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REGION AMERICAS BarryCallebaut Annu
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REGION ASIA-PACIFIC BarryCallebaut
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GLOBALSOURCING&COCOA BarryCallebaut
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INNOVATION BarryCallebaut Annual Re
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CorporateSocial Responsibility andS
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CORPORATE SOCIALRESPONSIBILITY AND
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Our values Customer focus Passion E
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CORPORATE GOVERNANCE BarryCallebaut
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GLOSSARY BarryCallebaut Annual Repo
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BarryCallebaut AG (head office) Wes
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