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4Financial position – resultsNotes to the consolidated financial statementsNote 33 - Subsequent eventsIn the first quarter of 2013, the Group began discussions withits banks with a view to renewing its credit lines due to expire on30 June 2014.A number of agreements in principle were finalised on 26 March 2013as a result of these discussions, extending (i) Arjowiggins’ syndicatedfacility signed in 2007 and renewed in 2012; and (ii) Sequana’s confirmedcredit line and overdraft facility, through to 30 November 2015.The complete legal documentation should be finalised by the end ofApril 2013.As part of these agreements, Arjowiggins obtained certainchanges in the contractual terms and conditions of the facilities,in particular as regards covenants. These covenants can be summarisedas follows:Consolidated net debt/EBITDA (leverage):at 31 March 2013 < 8.00at 30 June 2013 < 8.25at 30 September 2013 < 7.50at 31 December 2013 < 6.00at 31 March 2014 < 6.25at 30 June 2014 < 4.75at 30 September 2014 < 5.50at 31 December 2014 < 4.25at 31 March 2015 < 4.75at 30 June 2015 < 3.50at 30 September 2015 < 3.75Maximum level of capital expenditure:at 31 December 2013€35 millionat 31 December 2014€35 millionat 31 December 2015€35 millionThe covenant stipulating the minimum level of equity wasdeleted, while the debt service cover covenant will not be testedat 31 December 2013.Interest on drawdowns in euros remains unchanged at 4.10%.Part of this 4.10% interest is deferred until the expiry of theagreement in November 2015 as follows: 2.50% deferred in 2013,2.00% in 2014, and 1.00% in 2015.The covenants stipulated in Sequana’s bilateral credit line agreementwere amended as follows:Consolidated net debt/EBITDA (leverage):at 30 June 2013 < 7.00at 31 December 2013 < 4.75at 30 June 2014 < 4.25at 31 December 2014 < 4.00at 30 June 2015 < 3.50Discussions with Antalis’ banks to renew the company’s 2007 syndicatedcredit facility extended in 2012 through to 30 June 2014will begin in the second quarter of 2013 and an agreement shouldbe finalised by the end of the year.Note 34 - Statutory Auditors’ feesThe fees charged by the Company’s Statutory Auditors and by the members of their networks over the past two financial periods aresummarised in the following table:PricewaterhouseCoopers AuditConstantin Associés(€ millions, net of taxes)AuditStatutory audit engagement, audit and certification of the individual companyand consolidated financial statementsAmount % Amount %2012 2011 2012 2011 2012 2011 2012 2011Issuer 0.2 0.3 6% 9% 0.2 0.2 20% 18%Fully consolidated subsidiaries 2.5 2.3 78% 66% 0.7 0.7 70% 64%Other reviews and services related to the statutory audit engagementIssuer 0.2 0.5 6% 14% 0.1 0.2 10% 18%Fully consolidated subsidiaries 0.2 0.1 6% 3% – – 0% 0%Sub-total 3.1 3.2 96% 91% 1.0 1.1 100% 100%Other services provided by the audit firm networks to fully consolidated subsidiariesLegal, tax and labour law 0.1 0.3 4% 9% – – 0% 0%Other services (if >10% of total audit fees) – – 0% 0% – – 0% 0%Sub-total 0.1 0.3 4% 9% – – 0% 0%TOTAL 3.2 3.5 100% 100% 1.0 1.1 100% 100%158 | Sequana | 2012 Document de référence (English version)