Hornbach-Baumarkt-AG Group

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130 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Notes on the Consolidated Balance Sheet (22) Financial debt Total current and non-current financial debt is structured as follows: € 000s Maturities Carrying amount Current < 1 year Non-current 1-5 years Non-current > 5 years 2.28.2013 Total Bonds 0 0 245,794 245,794 Liabilities to banks 8,170 118,464 1,858 128,492 Liabilities in connection with finance leases 223 1,059 0 1,282 Negative fair values of derivative financial instruments 227 6,267 0 6,494 Total 8,620 125,790 247,652 382,062 € 000s Maturities Carrying amount Current < 1 year Non-current 1-5 years Non-current > 5 years 2.29.2012 Total Bonds 0 247,080 0 247,080 Liabilities to banks 18,757 152,297 6,645 177,699 Liabilities in connection with finance leases 192 989 293 1,474 Negative fair values of derivative financial instruments 5,652 0 0 5,652 Total 24,601 400,366 6,938 431,905 Current financial debt (up to 1 year) amounted to € 8.6 million at the balance sheet date on February 28, 2013 (2011/2012: € 24.6 million). This consists of interest deferrals of € 1.1 million (2011/2012: € 5.7 million), the portion of long-term financing facilities maturing in the short term, amounting to € 7.3 million (2011/2012: € 13.3 million), and liabilities of € 0.2 million relating to the measurement of derivative financial instruments (2011/2012: € 5.7 million). HORNBACH-Baumarkt-AG used the favorable capital market climate in February 2013 to place a seven-year corporate bond of € 250 million on the market on February 15, 2013. The proceeds from the issue were used to prematurely redeem the existing bond, issued in November 2004 with an interest coupon of 6.125%, on February 25, 2013. This significantly improved the maturity profile of the Group’s financial liabilities. The issue was several times oversubscribed, with great demand from both private and institutional investors. The new bond has an interest coupon of 3.875%. In combination with the issue price of 99.25%, this results in a yield of 4.00% p.a. The total costs of € 2,355k arising in connection with the corporate bond and the disagio of € 1,875k have been spread over the term using the effective interest method. As of June 30, 2011, HORNBACH-Baumarkt-AG took up an unsecured promissory note bond of € 80.0 million with a floating rate and a term running until June 30, 2016. The funds served to redeem the promissory note bond of the same amount maturing on June 30, 2011. To secure the interest rate, a forward swap with congruent terms was concluded in the 2010/2011 financial year already. The swap enabled the half-yearly interest payable to be secured at a level of 2.11% p.a., plus a bank margin, for the entire term.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Notes on the Consolidated Balance Sheet 131 In addition, the Group still has the promissory note bond concluded by HORNBACH Baumarkt CS spol s.r.o. in CZK with an original volume of € 20 million in the 2010/2011 financial year. This bond, also with a floating interest rate, was concluded for a term running until August 31, 2015. The interest payable was hedged with a congruent interest swap. The half-yearly interest payable via the interest swaps was secured at a level of 2.08% p.a. plus a bank margin for the entire term. Due to the pleasing liquidity situation, the promissory note bond concluded by HORNBACH (Schweiz) AG in CHF with an original volume of € 20 million was prematurely redeemed as of December 31, 2012. The relevant interest swap was redeemed at fair value. In the third quarter of the 2011/2012 financial year, HORNBACH-Baumarkt-AG agreed a syndicated credit line of € 250 million. This facility, which matures on December 14, 2016, served to prematurely replace the previous syndicated credit line of € 200 million at HORNBACH-Baumarkt-AG otherwise due to mature in June 2013. The new credit line may also be drawn down in foreign currencies, particularly CHF, SEK and CZK, up to an amount of € 25 million. Furthermore, supplementary bilateral loan agreements of up to € 50 million may also be concluded within the credit framework (also in foreign currencies). Upon utilization, the interest is based on the 3-month or 6-month EURIBOR, or the equivalent IBOR, plus an interest margin. The applicable interest margin is determined by reference to the company rating granted to HORNBACH-Baumarkt-AG by an internationally recognized rating agency. Margin premiums apply should the level of utilization exceed specified threshold values and when the facility is drawn down in foreign currencies. A provision fee dependent on the respective interest margin is charged for the unutilized portion of the credit line. As of February 28, 2013, the HORNBACH-Baumarkt-AG Group had total credit lines of € 302.2 million (2011/2012: € 315.3 million). Unutilized credit lines amounted to € 300.2 million (2011/2012: € 313.89 million). Furthermore, HORNBACH-Baumarkt-AG has a credit line for import credits amounting to USD 40.0 million (2011/2012: USD 40.0 million). Of this, an amount of USD 8.9 million had been drawn down as of the balance sheet date (2011/2012: USD 23.4 million). Land charges amounting to € 85.5 million have been provided as security for liabilities to banks (2011/2012: € 146.5 million). No assets have been provided as security for the credit lines, the promissory note bonds referred to above, or the bond. The relevant contractual arrangements nevertheless require compliance with customary bank covenants, non-compliance with which could lead to a premature repayment obligation. These regularly involve pari passu clauses and negative pledge declarations, as well as cross default arrangements for major financing facilities. In the case of the syndicated credit line at HORNBACH-Baumarkt-AG and the promissory note bond agreements at the HORNBACH-Baumarkt-AG Group, they also require compliance with specific financial ratios. These key financial ratios are based on consolidated figures at the HORNBACH- Baumarkt-AG Group and require interest cover of at least 2.25 times and an equity ratio of at least 25%. Maximum limits for financing facilities secured by land charges and financing facilities taken up by subsidiaries were also agreed. The interest cover, net debt/EBITDA ratio, equity ratio, agreed financing limits, and company liquidity (cash and cash equivalents, plus unutilized committed credit lines) are regularly monitored within the internal risk management framework. Should the values fall short of certain target levels, then countermeasures are initiated at an early stage. All covenants were complied with at all times in the year under report.
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Hornbach-Baumarkt-AG Group Annual R
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Key Group, Financial and Operating
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COMPANY PROFILE 7 Germany. The net
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10 TO OUR SHAREHOLDERS TO OUR SHARE
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12 REPORT OF THE SUPERVISORY BOARD
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14 REPORT OF THE SUPERVISORY BOARD
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16 DIRECTORS & OFFICERS DIRECTORS &
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CORPORATE GOVERNANCE 21 of its Boar
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Hornbach-Baumarkt-AG Group

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