Annual report 2011 - Trelleborg

Note 26
Equity
Specification of other reserves
Hedging reserve Translation reserve Total
sek m 2011 2010 2011 2010 2011 2010
Opening balance, translation differences –29 –47 –533 690 –562 643
Cash-flow hedging
Fair value –83 8 –83 8
Tax on fair value 22 –2 22 –2
Transfers to income statement 9 16 9 16
Tax on transfers to income statement –2 –4 –2 –4
Changes for the year attributable to
translation of companies after tax 23 –1,880 23 –1,880
Hedging of net investment after tax –53 657 –53 657
Closing balance –83 –29 –563 –533 –646 –562
Accumulated translation differences are recorded from January 1, 2004.
Of transfers from the hedging reserve to profit and loss during 2011, SEK 6 M (16) caused a decline in the
Group’s financial interest expenses and SEK 3 M (0) caused a decline in operating profit.
The Board of Directors and President propose that a dividend of SEK 2.50 (1.75) per share be paid for
2011, totaling SEK 678 M (474).
Trelleborg AB’s share capital at December 31, 2011 amounted to SEK 2,620,360,569, distributed among
271,071,783 shares, with a par value of SEK 9.67 each.
Class of share No. of shares % of total No. of votes % of total
Series A 28,500,000 10.51 285,000,000 54.02
Series B 242,571,783 89.49 242,571,783 45.98
Total 271,071,783 100.00 527,571,783 100.00
Change in total number of shares 2011 2010
January 1 271,071,783 271,071,783
Change during the year – –
December 31 271,071,783 271,071,783
No treasury shares are held.
Note 27
Interest-bearing liabilities
Non-current interest-bearing liabilities
sek m 2011 2010
Liabilities to credit institutions 5,428 4,318
Other interest-bearing liabilities 24 25
Total 5,452 4,343
Current interest-bearing liabilities
sek m 2011 2010
Liabilities to credit institutions 2,029 2,849
Bank overdraft facilities 42 241
Other interest-bearing liabilities 14 9
Derivative instruments (Note 23) 86 63
Total 2,171 3,162
Total interest-bearing liabilities 7,623 7,505
The recognized amounts for interest-bearing liabilities represent an accurate estimation of their fair value.
The Group’s outstanding interest-bearing liabilities at year-end 2011, adjusted for any derivative financial
instruments, have the following currency distribution, effective interest rates and fixed-interest terms
Amount,
sek m
Effective interest
rate, %
Fixed-interest term adjusted
for any derivatives.
No. of days
2011 2010 2011 2010 2011 2010
SEK –571 –835 3.4 2.1 –246 83
USD 2,076 2,333 2.9 1.9 470 431
EUR 4,350 4,345 3.0 2.5 491 473
GBP 929 836 2.7 1.9 436 356
Other 839 826 2.9 1.1 72 66
Total 7,623 7,505 2.9 2.1 488 446
The Group’s interest-bearing liabilities (utilized amounts at closing date)
2011 2010
sek m Expiry, year sek m Expiry, year
Non-current
Syndicated loan, EUR tranche EUR 750 M 1,791 2016 – –
Syndicated loan, USD tranche USD 625 M 2,243 2016 – –
Medium Term Note EUR 110 M 985 2017 – –
Bond, EUR 50 M 448 2015 451 2015
Other non-current loans –39 2013–2024 52 2012–2024
Other interest-bearing liabilities 24 2013–2015 25 2012–2015
Syndicated loan, EUR tranche EUR 723 M – – 2,196 2012
Syndicated loan, USD tranche USD 580 M – – 1,349 2012
Bilateral loan, EUR 30 M – – 270 2012
Total non-current liabilities
Current
5,452 4,343
Commercial paper program 1,900 2012 1,139 2011
Overdraft facilities 42 2012 241 2011
Other current loans 129 2012 131 2011
Other interest-bearing liabilities 14 2012 9 2011
Derivative instruments 86 2012 63 2011
Syndicated loan, EUR tranche EUR 27 M – – 82 2011
Syndicated loan, USD tranche USD 20 M – – 46 2011
Bilateral credit facility, EUR 30 M – – 270 2011
Bilateral loan, EUR 30 M – – 270 2011
Bilateral loan, EUR 50 M – – 451 2011
Bond, EUR 40 M – – 360 2011
Bond, SEK 100 M – – 100 2011
Total current liabilities 2,171 3,162
Total 7,623 7,505
Committed confirmed and uncommitted confirmed credit facilities
sek m 2011 2010
NOTES – GROUP
Total Utilized Unutilized Total Utilized Unutilized
Committed confirmed credit facilities
Syndicated loan EUR 750 M + USD 625 M
(expires 2016)
Bilateral credit facility EUR 65 M (2010:
11,044 4,034 7,010 – – –
EUR 80 M) (expires 2015-2019)* 582 – 582 721 – 721
Bilateral credit facilities (expire 2012) 18 9 9 288 276 12
Overdraft facilities (expire 2012)
Syndicated loan EUR 750 M + USD 600 M
280 – 280 279 34 245
(expired)
Bilateral credit facility EUR 191.5 M
– – – 10,841 3,672 7,169
(expired 2011)
Bilateral credit facility EUR 50 M
– – – 1,726 – 1,726
(expired 2011) – – – 451 – 451
Bilateral credit facility EUR 50 M
(expired 2011)
– – – 451 – 451
Total 11,924 4,043 7,881 14,757 3,982 10,775
Uncommitted confirmed credit facilities
Overdraft facilities 1,378 42 1,336 1,386 207 1,179
* The bilateral credit facility provides the option of raising loans of up to EUR 65 M with terms of up to seven
years in the period until June 14, 2012.
In addition to the above credit facilities, the Group also commanded unconfirmed credit facilities amounting
to approximately SEK 700 M at year-end 2011.
The EUR 750 M + USD 625 M syndicated loan maturing in 2016 is subject to one financial covenant which
stipulates a maximum debt/equity ratio. Per the end of 2011, there was ample headroom in relation to this
covenant. The financial covenants of the EUR 65 M bilateral credit facility from the European Investment Bank
are under redocumentation in order to achieve an alignment with the above-mentioned syndicated loan
covenant.
Annual Report 2011 Trelleborg AB 89