Annual Report 2002 - Agfa

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
MILLION EUROS 2002 2001
19. Financial liabilities
Non-current liabilities 665 898
Revolving multi-currency credit facility 1 633 807
Unsecured bank facilities 2 19 77
Finance lease liabilities 3 13 14
Current liabilities 53 168
Commercial paper program 3 99
Unsecured bank facilities 2 48 66
Finance Lease liabilities 3 2 3
1
Revolving multi-currency committed unsecured credit facilities
The Company negotiated revolving multi-currency committed credit facilities
maturing in 2004, 2006 and 2008 for a total notional amount of 870 million Euros.
The split up over the relevant periods is the following:
MILLION EUROS
Notional amount Outstanding amount Currency Interest rate
Maturity date
2002 2001 2002 2001 2002 2001
- 220 - 115 USD - 2.28% - 2.60% 2002
- 16 EUR - 3.59%
460 460 210 157 USD 2.03% - 2.63% 2.39% - 3.09% 2004
55 140 EUR 3.2% - 3.4% 3.60% - 3.77%
31 33 AUD 5.21% - 5.45% 4.34% - 7.65%
22 - GBP 4.18% -
- 1 MYR - 3.6%
9 - INR 7% -
- 5 TWD - 2.76% - 4.10%
370 370 109 197 USD 1.98% - 2.80% 2.25% - 3.09% 2006
145 55 EUR 3.20% 3.59%
- 23 GBP - 4.47%
3 2 KRW 5.75% 5.8% - 6.2%
19 23 AUD 5.3% - 7.65% 4.35% - 7.65%
40 40 - 40 USD - 2.4% - 2.8% 2008
30 - EUR 3.32% -
TOTAL 870 1,090 633 807
In general, drawdowns under these lines are made for periods from 1 month up to
1 year. Some of the interest rates are fixed over longer periods by using capped
constant maturity swaps. Interest rates of the Euro denominated long term facilities
are capped at a maximum level of 5.43%, whereas the interest rates of part of the USD
denominated loans are capped between 2.77% and 2.98% (note 22).
These loan facilities are unsecured.
In order to manage its interest rate exposure, the Group has designated interest rate
swaps hedging the interest variability on part of the USD loans (note 22).
Agfa annual report 2002
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