Annual Report 2008 Sustainable design & engineering - Grontmij

Notes to the consolidated financial statements
Terms and redemption scheme
In thousands of euros
31 December 2008 31 December 2007
Currency Nominal interest rate Year of Nominal Carrying Nominal Carrying
maturity value value value value
Bank loan EUR Euribor + 1.25% 2011 47,500 46,980 65,000 64,507
Bank loan GBP LIBOR + 1.25% 2014 23,539 23,403 - -
Bank loan EUR 7.875% 2009 1,500 1,500 4,500 4,500
Secured bank loan EUR Euribor + 2.00% Variabel 1,047 1,047 985 985
Secured bank loan HUF 4.75% 2009 248 248 - -
Secured bank loan EUR Euribor + 1.50% 2022 692 692 685 685
Secured bank loan EUR 5.50% 2009 3,200 3,200 8,800 8,800
Secured bank loan DKK 4.75% 2022 2,496 2,550 2,617 2,676
Unsecured other loan EUR 5.00% 2008 - - 10 10
Unsecured other loan EUR 4.00% Variabel 129 129 124 124
Unsecured other loan EUR 0.00% 2009 - - 2,476 2,476
Financial lease liability DKK 3.00% - 5.00% 2009-2011 588 560 1,302 1,225
Financial lease liability EUR 5.00% 2008 - - 200 200
Total loans and borrowings 80,939 80,309 86,699 86,188
The loan at a nominal value of € 47,500,000 was acquired as part of a 2006 term loan facilities agreement and relates to the acquisition of Carl Bro;
this loan is redeemed on a straight-line basis during the period 2008-2011.
The redemption for 2009 amounts to € 17,500 000; the redemption obligation for the period 2010-2011 amounts to € 30,000,000, of which
€ 17,500,000 is due in 2010. The floating interest rate equals Euribor +1.25% a year and is set on a quarterly basis in arrear. For this loan,
an interest rate swap contract has been entered into.
In the course of 2008 the Group acquired three United Kingdom based companies for which the above-mentioned term loan facilities agreement
was amended and restated as per 1 April 2008. Under the amended agreement, an additional Acquisition Facility to an amount of € 25,000,000
was acquired, redeemable on a straight-line basis over the period 31 December 2008-30 June 2014 and at a floating interest equalling
LIBOR +1.25%.
For further information on the Group’s interest rate, currency and lquidity risks, reference is made to note 24.
The main conditions and securities concerning the loan facility from Fortis Bank N.V. are as follows:
o the loan is payable on demand if the Group’s share in Carl Bro, partly or in full, is disposed of, Grontmij is no longer able to appoint the
Board of Directors of Carl Bro, the governance structure of Grontmij regarding the appointment of the Supervisory Board or the Executive
Board is changed, Stichting Administratiekantoor Grontmij N.V. holds less than 95% of voting rights in Grontmij or if a main part of the Group
is disposed of;
o the interest cover ratio, total net debt leverage ratio and the net equity ratio are to meet specific requirements;
o the Group is not allowed to pledge its assets as security, to sell, lease or transfer assets, or arrange for new or extend its interest bearing
liabilities.
As at 31 December 2008, the Group meets these requirements.
GRONTMIJ | ANNUAL REPORT 2008 103