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

Consolidated Financial Statements of gildemeister Aktiengesellschaft: Notes to the Consolidated Financial Statements 183The first tranche with a volume of € 154,900 k comprises a forward start facility andmatures in December 2012. It can be drawn upon in cash from 26 June 2011 and replacesthe existing syndicated loan with a volume of € 175,000 k. The second tranche with avolume of € 57,000 k could be drawn upon immediately. It likewise matures in December2012. The new syndicated loan was undersigned by banks in the existing banking consortium.The loan agreements pay interest at a 6-month euribor plus a premium of amaximum of 4.75%.The financing commitments have been guaranteed by 32 banks. The largest bankprovides an amount of € 40,500 k. The finance agreements were signed in February 2010.The syndicated loan is classified as current as it can be drawn upon for a maximumof six months.The financing agreements for the syndicated loan and the borrowers’ notes bindgildemeister to adhere to covenants. As the key financial figures had changed as aconsequence of the growth in orders in the machine tools segment and through delays inthe project business, and as it was possible that the key financial figures could be breachedas at 31 December 2010, gildemeister held negotiations timely with the lenders inorder to make a one-off adjustment of the leverage threshold. All the lenders agreed tothis change.As for the previous financing, in the refinancing, both for the syndicated credit lineas well as for the borrowers’ notes, the lending banks have completely waived the rightto collateral.The companies deckel maho Pfronten GmbH, deckel maho Seebach GmbH,gildemeister Drehmaschinen GmbH, dmg Vertriebs und Service GmbH deckel mahogildemeister, gildemeister Italiana S.p.A., famot Pleszew S.A. and gildemeisterPartecipazioni S.r.l. continue to be guarantors for the loan agreements and the borrowers’notes. a+f GmbH has been added as an additional guarantor.In addition, there are still some long-term loans and short-term bilateral loans ofindividual subsidiaries with a deduction amounting to € 22.8 million (previous year:€ 23.4 million).As of 31 December 2010, the international share in liabilities to banks amounted intotal to about 7.1% (previous year: about 14.5%). The average cost of borrowingsamount to 9.1% (previous year: 5.8%).Open credit lines at the balance sheet record date amount to € 287.7 million (previousyear: € 220.6 million). These comprise free cash lines of € 156.4 million (previous year:€ 89.9 million) and additional open lines of credit (guaranteed bills outstanding, bills ofexchange, abs, factoring) of € 131.3 million (previous year: € 130.7 million).In addition to the granted mortgage loans sauer GmbH has assigned fixed assetsand current assets in an amount of € 1,546 k (previous year: € 1,769 k) to the lendingbanks by transfer of ownership by way of security.consolidated financialstatements