Download PDF version English (3237KB) - Hamon

Part 3 - Financial statements
99
Concerning financial covenants, this syndicated credit
facility requires the compliance with the following ratios :
Net Debt / EBITDA, EBITDA / Net Cash Interest Payable
(minimum 2,50), Total Debt / Book Equity (maximum
2,00) and limits the amount of capital expenditures
(EUR 25 million per year).
The Net Debt/EBITDA ratio should be lower than
3,00 except as of 31 December 2012 (3,50) and as
of 30 June 2013 (3,25).
All those ratios are achieved by the Group.
The financing margins of the “ revolverv” credit line vary
between 1,1 % and 2,1 % depending on the Net Debt /
EBITDA ratio.
The Belgian treasury notes program signed on 30 August
2010 with two dealers remains a real success among
investors. The amount of treasury notes amounts to
EUR 35.906 thousand as of 31 December 2012.
The average cost of the debt was 3,31% for 2012,
(4,30 % for 2011) or 3,92 % (5,46 % in 2011) if the
amortized refinancing costs of the credit lines are
included in the analysis.
The debt of the Hamon Group – with the exception
of leasing debts and treasury notes – uses variable
interest rate references.
35. TRADE AND OTHER PAYABLES
in EUR ‘000’ 31/12/12 31/12/11 31/12/10
Trade payables 90 032 56 924 55 183
Amounts due to related parties 2 179 2 602 1 909
Other advances received 3 887 4 210 2 760
Social security and other payables 14 209 15 600 13 394
Other (non income) tax payable 10 344 6 803 10 389
Other current liabilities 3 869 4 618 2 530
Accruals and deferred income 2 414 3 382 3 563
Total 126 934 94 139 89 728
Companies of the Group receive on average between 30 to 60 days of credit from their suppliers.