Download PDF version English (3237KB) - Hamon

98
Hamon Annual Report 2012
Volatility is based on historical volatilities on 50 and
500 days.
Taking into account the exercise price and the charges
of the initial values accounted for in income statement,
the stock option plan represents a cost of EUR 0
thousand (EUR 29 thousand in 2011 and EUR 45
thousand in 2010) calculated according to the
Black & Scholes model.
34. FINANCIAL LIABILITIES
Detail of financial liabilities
in Eur ‘000’ 31/12/12 31/12/11 31/12/10
Bank borrowings 83 417 80 312 72 856
Bank overdrafts 9 557 1 215 1 746
Sub-total bank borrowings 92 974 81 527 74 602
Obligations under finance lease 3 266 3 778 4 480
Treasury notes 35 906 32 263 1 000
Other financial commitments 336 4 951 871
Sub-total other borrowings 39 508 40 992 6 351
Total 132 482 122 519 80 953
Of which:
Current (due for settlement within the year) 72 616 50 596 19 216
mount due for settlement in the 2nd year 2 381 609 4 401
Amount due for settlement in the 3rd year 222 359 54 374
Amount due for settlement in the 4th year 56 017 8 917 579
Amount due for settlement in the 5th year and after 1 246 62 038 2 383
Sub-total non-current: 59 866 71 923 61 737
Total 132 482 122 519 80 953
Of which:
Borrowings due for settlement within the year in
EUR 54 683 33 670 8 451
USD 179 171 155
Others 17 754 16 755 10 610
Non-current borrowings in
EUR 55 154 65 070 60 249
USD 708 905 1 042
Others 4 004 5 948 446
Total 132 482 122 519 80 953
Group bank borrowings as of 31 December 2012 (EUR
92.974 thousand) were mainly related to the syndicated
credit facility of 4 July 2011 (EUR 56.992 thousand).
The facility still offers advantageous conditions for
financing margins as well as for maturities. The “revolver”
credit lines and bank guarantees have a maturity ending
in 2016, with a single bullet repayment for the “revolver”
credit part .
Otherwise, the Group has the ability to proceed to a
new bank disintermediation on its debt, other than the
one already realized thanks to the Belgian treasury notes
program and to increase the bank guarantee line for
the cancelled amount of the “revolver” credit line.
No guarantee has been granted to the bank syndicate.
Finally, the agreement includes the standard securities
and undertakings :
■ The absence of pledges on assets to the profit of
third parties ;
■ The absence of major investment and divestment ;
■ The disclosure of regular financial information ;
■ Non-occurrence of ‘MAC’ – material adverse changes
or elements with a significant negative influence ;
■ The limitation of payment of dividends to 50 % or
33 % of the distributable profit depending upon the
ratio Net Debt / EBITDA.