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Part 3 - Financial statements
79
Restructuring costs, amounting to EUR 1.123 thousand
are mainly due to the ongoing plan to restore the
profitability of BU APC EMEA/Brazil.
12. Net Finance costs
The detail of net finance costs is as follows:
in EUR ‘000’
2012 2011 2010
Interest charges
Costs related to anticipated reimbursement
Other borrowing costs
Finance costs
Interest income
Interest income
Total
(5 110) (4 914 ) (3 909 )
- (194) -
(2 228 ) (1 927 ) (1 652 )
(7 338 ) (7 035 ) (5 561 )
574 579 332
574 579 332
(6 763 ) (6 456 ) (5 229 )
Interest charges on the debt of the Group increased in
2012 compared to 2011, mainly due to the increase of
the gross average debt over the year, and this, despite
the decrease of interest rates. This caption also includes
the cost of carry coming from the setting-ups of Interest
Rate Swaps and Cross Currency IRS (see note 36) and
the pre-financing interests on factoring operations without
recourse in 2011 and 2012.
The section “Other borrowing costs” includes, amongst
other, the amortization of setting-up costs, excluding
interest charges, of the syndicated credit facilities signed
on 17 December 2009 and 4 July 2011, commitment
fees remunerating the unused part of syndicated credit
as well as the utilization fees on the borrowings
contracted under the “revolver” credit line of the last
syndicated credit.
The average cost of the debt was 3,31% for 2012, (4,30%
and 4,68% for 2011 and 2010) or 3,92% (5,46% and
5,77% for 2011 and 2010) if the amortized refinancing
costs of the credit lines are included in the analysis.
Interest income was stable in 2012. The low return rates
reflect the prudent management followed by Hamon in
its investments in a low interest rate environment.