Annual Report 2014

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Financial report Consolidated financial statements Transaction costs on the syndicated loan of 2011 amounting to € 13,921 thousand, on the restructuring of the syndicated loan in 2014 amounting to € 4,233 thousand and on the retail bond of 2012 amounting to € 5,700 thousand have been deducted from the loan at initial recognition and are being amortised over the life of the extended loan. In 2012 the Chilean subsidiaries of the Group entered into four amortising term loan facilities: • A 3-year term loan of € 32 million entered by Inversiones Etex Chile Limitada to refinance existing bank loans at a more favourable rate. The loan was drawn in euro and a cross currency and interest rate swap was entered into that exactly matched the capital and interest payments on the loan, so converting the interest and capital flows into Chilean Peso. The loan has a final maturity in June 2015. The loan is available for general corporate purpose. The financial covenants include required ratios of consolidated net debt to consolidated EBITDA of the Group. • Three term loans entered by Empresas Pizarreño SA for a total of CLP 49 billion in July 2012. The loans are available for use for general corporate purposes. Covenants all relate to the Empresas Pizarreño Group and include the usual operating covenants (see above). Financial covenants include required ratios of consolidated net debt to consolidated EBITDA of the Group, the ratio of total debt to net income plus depreciation and of total debt to total equity. The loans are drawn in Chilean pesos. The loans have a final maturity in July 2014, June 2017 and August 2017. The Colombian subsidiaries of the Group entered into three long term amortising loan facilities and several short term loans. One loan started in 2013 and two in 2014: • A 5-year term loan entered by Skinco Colombit SA for a total of COP 20 billion in December 2013 of which COP 17 billion is drawn in December 2014. The loan is available for use for general corporate purposes. There are no covenants on this loan. The loan has a final maturity in November 2018. • Two 7-year term loans of COP 45 billion and COP 14 billion entered by Ceramica San Lorenzo Industrial de Colombia SA. Both loans have a final maturity in December 2021. The loan is available for general corporate purpose. The covenants relate to Ceramica San Lorenzo Industrial de Colombia SA. The loans have a final maturity in December 2021. • All other loans are short term loans for a total of COP 61 billion and USD 14 million. For the USD loans forward contracts are drawn to match the repayments of the capital and interest charges, converting the interest and capital flows into Colombian Peso. A put option was granted to Lafarge Group (November 2011) in the context of the acquisition of the European and Latin American gypsum activities. After a standstill period of five years Lafarge Group had the right to exercise its put option in April 2017 or in April 2018. This put option was estimated at the end of 2012 based on expected future EBITDA by the time of put exercise for the acquired gypsum activities in Europe and Latin America. In 2013, Lafarge Group expressed its willingness to anticipate the originally agreed exercise date and both parties could agree on a lower transaction price. On 12 February 2014 the transaction was completed and Etex bought their remaining 20 per cent stake in the European and South American gypsum operations for € 145,000 thousand in cash. Therefore, this amount was used as the best estimate for the put option in the balance sheet as at 31 December 2013. The management of interest rate risk is described in Note 16. Net financial debt The net financial debt position is calculated as follows: IN THOUSANDS OF EUR 2013 2014 Non-current loans and borrowings 645,154 719,527 Current portion of loans and borrowings 442,441 292,761 Current financial assets -4,428 -1,079 Cash and cash equivalents -106,285 -107,112 Net financial debt 976,882 904,097 Finance lease liabilities The Group has finance leases for various items of plant, property and equipment. Future minimum lease payments, interest payments and present value of payments are as follows: 130
Etex Annual Report 2014 Financial report Consolidated financial statements 2013 2014 IN THOUSANDS OF EUR MINIMUM LEASE PAYMENTS INTEREST PRESENT VALUE MINIMUM LEASE PAYMENTS INTEREST PRESENT VALUE Less than 1 year 9,426 -469 8,957 4,938 -89 4,849 Between 1 and 5 years 5,101 -129 4,972 406 -32 374 Total 14,527 -598 13,929 5,344 -121 5,223 Operating leases The total expenses for operating leases recognised in the consolidated income statement for 2014 amount to € 40,028 thousand (€ 36,452 thousand in 2013). Future committed operating lease payments are as follows: 2013 2014 IN THOUSANDS OF EUR < 1 YEAR BETWEEN 1 AND 5 YEARS > 5 YEARS TOTAL < 1 YEAR BETWEEN 1 AND 5 YEARS > 5 YEARS TOTAL Buildings 9,780 18,233 18,448 46,461 8,918 18,745 19,432 47,095 Equipment 4,619 8,017 1,363 13,999 4,211 7,711 1,143 13,065 Total 14,399 26,250 19,811 60,460 13,129 26,456 20,575 60,160 Note 24 – Deferred tax IN THOUSANDS OF EUR ASSETS LIABILITIES NET Net carrying amount at 31 December 2013 81,140 229,516 -148,376 Translation differences 237 1,405 -1,168 Recognised in income statement 50,505 5,216 45,289 Recognised in equity - -21,148 21,148 Change in scope of consolidation -133 -84 -49 Netting -18,675 -18,675 - Net carrying amount at 31 December 2014 113,074 196,230 -83,156 The amount of deferred tax assets and liabilities are attributable to the following items: 2013 2014 2013 2014 IN THOUSANDS OF EUR ASSETS LIABILITIES ASSETS LIABILITIES NET NET VARIANCE Property, plant and equipment 6,763 211,822 10,938 204,414 -205,059 -193,476 11,583 Intangible assets 1,648 62,978 1,345 57,472 -61,330 -56,127 5,203 Employee benefits assets 1,069 415 2,029 167 654 1,862 1,208 Inventories 6,880 1,505 7,358 1,587 5,375 5,771 396 Trade & other receivables 7,660 1,789 4,601 1,160 5,871 3,441 -2,430 Other assets 3,650 410 4,969 35 3,240 4,934 1,694 Provisions 22,980 3,351 27,864 3,508 19,629 24,356 4,727 Employee benefits liabilities 38,882 -77 54,167 -83 38,959 54,250 15,291 Loans and borrowings 37 1,867 70 2,467 -1,830 -2,397 -567 Other non-current liabilities 409 1,307 55 1,049 -898 -994 -96 Current liabilities 16,557 2,296 20,908 1,276 14,261 19,632 5,371 Tax losses carried forward 164,233 - 182,890 - 164,233 182,890 18,657 Unrecognised deferred tax assets -131,479 - -127,298 - -131,479 -127,298 4,181 Netting by taxable entity -58,148 -58,148 -76,823 -76,823 - - - Total 81,140 229,516 113,074 196,230 -148,376 -83,156 65,218 Deferred taxes have not been recognised in respect of tax losses carried forward for an amount of € 118,288 thousand (€ 119,406 thousand in 2013) and net deductible temporary differences for € 9,010 thousand (€ 12,073 thousand in 2013) when it is not probable that future taxable profit will be available against which the Group can utilise the benefits there from. 131
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Annual Report 2014
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ABOUT ETEX 1 Our company & strategy
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Annual Report 2014

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