2011 Annual report - touax group

At December 31, 2009
Types of financial liability Consolidated financial Valuation at Difference Sensitivity difference compared
(en milliers d’euros) statements fair value (%) +1% with fair value
Financial liabilities valued at amortized cost 336,435 337,686 0.37% 332,672 -1.48%
Financial liabilities valued at fair value 185 185 0.00% 0.00%
TOTAL 336,620 337,871 0.37% 332,672 -1.54%
As stated in note 1.18.3, financial liabilities are valued at their
cost amortized by the effective interest rate method.
Applying the fair value principle would value the financial liabilities
at €367.7 million, using closing rates at December 31, 2011.
• The fair value of fixed-rate debt is determined for each borrowing
by discounting future cash-flows. The discount rate used is the
average rate of fixed-rate debt considered representative of the
financing rate for the Group's risk class with no listed securities
(credit derivatives or bond yields).
• The net book value of variable-rate debt (both long-term and
short-term) provides a reasonable approximation of their fair
value.
Derivative liabilities are assessed using the values obtained from
first-rate financial institutions.
➜ OBSAR
The fair value of the debt component was calculated on the
original date (in 2007), using a market interest rate for an
equivalent non-convertible loan. The remainder – which is the
value of the equity component related to the conversion option
– is included in consolidated reserves (see the Schedule of
changes in shareholders’ equity).
❙ note 18.2.2. Breakdown by due date of loans and payments, December 31, 2011
The bond issue entered as an asset has the following breakdown:
(€ thousands) 2011
Par value of the equity warrant bond loan
at the issue date (March 8, 2007) 40,393
Loan issue costs (712)
Shareholders' equity component (628)
Debt component during initial recognition of the loan 39,053
Interest payable 1,944
Coupons paid (1,543)
Accrued coupons (200)
Debt component at December 31, 2007: 39,254
Interest payable 2,493
Coupons paid (2,242)
Debt component at December 31, 2008: 39,505
Interest payable 1,194
Coupons paid (926)
Debt component at December 31, 2009: 39,773
Interest payable 857
Coupons paid (585)
Debt component at December 31, 2010: 40,045
Interest payable 1,093
Coupons paid (799)
Debt component at December 31, 2011: 40,339
Redemption date March 8, 2012
(€ thousands) 2012 2013 2014 2015 2016 > 5 years TOTAL
Bond issues 40,415 1,188 41,603
Medium/long-term loans with recourse 6,337 6,475 6,263 4,225 3,037 4,792 31,129
Medium/long-term loans without recourse 4,595 4,092 7,594 4,092 10,477 19,294 50,145
Finance leasing commitments 19,664 20,172 19,425 17,665 14,446 22,406 113,779
Short-term loans with recourse 1,333 52,137 53,470
Short-term loans without recourse 18,245 29,963 48,208
TOTAL capital flow on loans 90,588 60,702 34,470 25,982 80,099 46,493 338,334
Future interest flow on loans 9,681 7,722 6,189 4,642 3,330 4,725 36,289
TOTAL flow on loans 100,269 68,424 40,659 30,624 83,428 51,218 374,623
Consolidated financial statements
This table only shows cash flows actually contracted for, and accordingly excludes those connected with borrowing such as overdrafts
and annually renewed lines of credit to which the banks have not made a firm commitment. These renewable sources of finance are
shown under current financial liabilities and described in note 18.2.1.
Interest payable in future on variable rate loans has been estimated on the basis of the current interest rates at December 31, 2011.
Financial information concerning the issuer’s assets, financial position and result
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