Download the 2009 annual report in PDF format - ANF

170
ANNUAL FINANCIAL STATEMENTS
Notes to the fi nancial statements
Note 15 Interest rate risk
The ANF Group is exposed to interest rate risk. Management actively manages this risk exposure. The Group uses a number of fi nancial
derivatives to address this. The goal is to reduce, wherever deemed appropriate, fl uctuations in cash fl ows as a result of changes in interest
rates. The Group does not engage in any fi nancial transaction, the risk of which cannot be quantifi ed when entered into.
ANF has undertaken to comply with the following minimum risk-free rate hedging commitments:
• Calyon: 50% of the debt hedged at fi xed rates;
• Natixis: 80% of the debt hedged at fi xed rates;
• Société Générale: 100% of the debt hedged at fi xed rates.
To this end, the ANF Group has arranged 25 interest rate hedging contracts to swap 3-month or 1-month Euribor variable rates for fi xed rates.
The table below details these contracts:
Effective
date Maturity date
ANF • 2009 ANNUAL REPORT
Fixed rate
paid (€ thousands) Nominal
Asset fair
value as of
12/31/2009
Liability fair
value as of
12/31/2009
07/24/2006 07/24/2012 3.9450% 3-month Euribor swap/3.945% 22,000 (1,118)
12/15/2006 12/15/2012 3.9800% 3-month Euribor swap/3.980% 28,000 (1,558)
10/31/2007 12/31/2014 4.4625% 3-month Euribor swap/4.4625% 65,000 (5,695)
04/11/2008 03/31/2015 4.2775% 3-month Euribor swap/4.2775% 11,000 (891)
08/20/2007 06/30/2014 4.4550% 3-month Euribor swap/4.455% 18,000 (1,525)
09/28/2007 12/31/2014 4.5450% 3-month Euribor swap/4.5450% 65,000 (5,944)
10/31/2007 12/30/2014 4.3490% 3-month Euribor swap/4.3490% 14,000 (1,153)
06/16/2008 12/31/2014 4.8350% 3-month Euribor swap/4.8350% 6,700 (716)
08/04/2008 06/30/2014 4.7200% 3-month Euribor swap/4.72% 10,000 (963)
08/11/2008 06/30/2014 4.5100% 3-month Euribor swap/4.51% 28,000 (2,440)
08/11/2008 06/30/2014 4.5100% 3-month Euribor swap/4.51% 10,000 (871)
10/08/2008 06/30/2014 4.2000% 3-month Euribor swap/4.2% 9,500 (701)
10/10/2008 06/30/2014 4.1000% 3-month Euribor swap/4.1% 12,800 (889)
11/14/2008 06/30/2014 3.6000% 3-month Euribor swap/3.6% 5,700 (271)
12/24/2008 06/30/2014 3.1900% 3-month Euribor swap/3.19% 6,350 (190)
07/01/2008 12/31/2014 4.8075% 3-month Euribor swap/4.8075% 2,300 (243)
08/11/2008 12/30/2014 4.5090% 3-month Euribor swap/4.509% 28,000 (2,550)
08/11/2008 12/30/2014 4.5040% 3-month Euribor swap/4.504% 10,167 (924)
10/06/2008 12/31/2014 4.3500% 3-month Euribor swap/4.35% 5,046 (422)
12/23/2008 12/31/2014 3.2500% 3-month Euribor swap/3.25% 5,821 (180)
02/06/2009 12/31/2014 2.9700% 1-month Euribor swap/2.97% 3,300 (59)
03/13/2009 06/30/2014 2.6800% 3-month Euribor swap/2.68% 11,700 (90)
06/26/2009 12/31/2014 2.8800% 3-month Euribor swap/2.88% 11,435 (151)
01/04/2010 06/30/2014 2.3580% 3-month Euribor swap/2.358% 23,900 150
01/04/2010 12/31/2014 2.4750% 3-month Euribor swap/2.475% 19,861 126
TOTAL DERIVATIVES ELIGIBLE
FOR HEDGE ACCOUNTING
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