2011 Annual report - touax group

Clauses requiring the Group to be controlled by the Walewski family were also included.
Note that as the TOUAX Group has no official financial credit rating, in the financing agreements there is no advanced repayment
clause which could be triggered by a lower credit rating.
❙ note 18.2.4. Analysis of the debt
Consolidated net financial debt is as follows:
(€ thousands) 2011 2010 2009
Financial liabilities 364,050 331,746 336,620
Derivative instruments asset 1,029 77 183
Marketable securities & other investments 31,448 29,871 8
Cash assets 12,811 9,229 34,856
CONSOLIDATED NET FINANCIAL INDEBTEDNESS 318,762 292,569 301,573
Non-recourse debt 98,353 89,520 112,761
FINANCIAL INDEBTEDNESS EXCLUDING NON-RECOURSE DEBT 220,409 203,049 188,812
From 2010, the value of derivative instrument assets is taken into account in the calculation of consolidated net financial debt. The
figures for 2009 have been restated accordingly.
Financial liabilities broken down by currency
(€ thousands) 2011 2010 2009
Euro (EUR) 311,038 291,058 281,179
US dollar (USD) 34,916 25,218 37,598
Polish Zloty (PLN) 15,398 15,185 17,229
Others 3,698 285 614
TOTAL 365,049 331,746 336,620
Breakdown of gross debit by fixed rate – variable rate (including hedging instruments)
(€ thousands) 2011 2010 2009
Fixed rate 171,450 167,202 164,349
Floating rate 192,600 164,544 172,271
TOTAL 364,050 331,746 336,620
Average rate of gross debt by currency
2011 2010 2009
Average debt rate in Euro (EUR) 3.53% 3.51% 3.20%
Average debt rate in US Dollar (USD) 4.00% 4.62% 3.57%
Average debt rate in Polish Zloty (PLN) 7.02% 6.66% 6.65%
Average debt rate in other currencies 3.92% 6.59% 6.59%
AVERAGE AVERALL NET DEBT RATE 3.73% 3.74% 3.42%
Consolidated financial statements
Financial information concerning the issuer’s assets, financial position and result 87