PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

182Consolidated Financial Statements of gildemeister Aktiengesellschaft: Notes to the Consolidated Financial Statementsgildemeister re-structured the existing borrowers’ notes with a volume of € 200,000 k inFebruary 2010. The borrowers’ note with an original volume of € 140,000 k was reducedby a termination agreement by € 20,500 k to € 119,500 k. It had a term until 2013. Theborrowers' note with an original volume of € 60,000 k and a term of seven years wasreduced by a termination agreement by € 8,000 k to € 52,000 k. The term was shortenedby two years from seven years to 2013. In addition, a further borrowers' note of€ 30,000 k was likewise subscribed with a term until 2013.All borrowers’ notes bear interest at 6-month euribor plus a premium of a maximumof 4.75%.To safeguard the variable interest rate, interest rate swaps have been concluded (seepage 192 et seq.).Set out below are the major liabilities to financial institutions:31 Dec. 2010 31 Dec. 2009Remaining effective Remaining effectiveCurrency Book value period in years interest rate Currency Book value period in years interest rate€ k % € k %Loan EUR 14,896 up to 8 3.2 – 6.8 EUR 16,366 up to 9 3.2 – 6.8Loan jpy 0 jpy 1,428 up to 3 0.95 – 3.0Loan czk 80 up to 1 5.82 czk 220 up to 2 5.82Overdrafts various 92,153 up to 3 0.34 – 8.45 various 93,725 up to 2 1.26 – 12.5107,129 111,739consolidated financialstatementsLiabilities towards credit institutes reduced in comparison with the previous yearby € 4,610 k. Long-term loans reduced within the framework of the planned repaymentof € 3,038 k whilst making use of overdraft loans fell compared to the previous yearby € 1,572 k.The short and medium term resource requirements of gildemeister Aktiengesellschaftand, as part of the intra-group cash management system, of the majority ofdomestic subsidiaries are covered by syndicated loan agreements.In February 2010, the existing syndicated loans were re-financed. In addition to theexisting syndicated loan of € 175,000 k with a term until 30 June 2011, a new syndicatedloan with a volume of € 211,900 k was concluded, with the goal of securing the company'sfinancing until 2012 and to adjust it to the planned capital requirements. The existingloan is divided into two different tranches and the terms and conditions were adjustedwithin the scope of the refinancing.