AT&S World

16. Financial liabilities
(in EUR 1,000) 31 March 2011
*) Reference is made to Note 19 “Derivative financial instruments”.
The bonds with a total nominal value of EUR 80 million were
placed by the Company on the Third Market of the Vienna Stock
Exchange on 27 May 2008 with a maturity of five years. The
bond is divided into amounts of EUR 50,000 and is exempt from
the prospectus requirement pursuant to § 3 (1) 9 KMG (Austrian
Capital Market Act). The annual fixed interest in the amount of
5.50% of the nominal value is payable subsequently on 27 May
of each year. The bondholders do not have an ordinary cancellation
right. An extraordinary cancellation right has been agreed
in case of the following events occurring at the Company or one
of its main subsidiaries:
Cessation of payments or announcement of insolvency or overindebtedness,
Bankruptcy or other insolvency proceedings (exception: court
settlement) or liquidation,
Significant deterioration of the financial position and performance
due to the discontinuation of the major part of operations,
sale of major parts of assets or non-arm’s length transactions
with related parties
Change of control as stipulated in the Austrian Takeover Act,
if this significantly affects the ability to meet the bond obligations.
Less
than 1 year
Consolidated Financial Statements as of 31 March 2011
Remaining maturity
Between
1 and 5 years
More
than 5 years Interest rate in %
Bonds 83,514 3,713 79,801 – 5.5
Export loans
Loans from state authorities:
36,000 36,000 – – 1.45
- Public authorities 403 163 240 – 2.0-2.5
Other bank borrowings 92,015 76,515 15,500 – 1.93-5.0
Derivative financial instruments*) 54 36 18 –
Carrying amount 211,986 116,427 95,559 –
(in EUR 1,000) 31 March 2010
Less
than 1 year
Remaining maturity
Between
1 and 5 years
More
than 5 years Interest rate in %
Bonds 83,418 3,713 79,705 – 5.5
Export loans
Loans from state authorities:
36,000 36,000 – – 1.3
- Public authorities 430 177 253 – 2.0-2.5
Other bank borrowings 54,019 29,179 24,840 – 1.2-6.0
Derivative financial instruments*) 1,785 1,386 399 –
Carrying amount 175,652 70,455 105,197 –
Other bank borrowings include long-term financing, in addition
to the current liquidity needs. For the plant in South Korea and
the expansion in India, long-term financing was raised in the
financial year 2009/10 and additionally used in the fiscal year
2010/11, which has to be repaid in semi-annual instalments until
31 March 2014. The variable interest was fully hedged by an
interest rate swap. The main contract terms are as follows:
Maintaining the 98.76% investment in AT&S Korea and the 100%
investment in AT&S India,
No encumbrances on the investments.
Funds raised for the expansion of the plant in China (on the
basis of a G4 guarantee of the Republic of Austria) were repaid
according to the repayment schedule with the last semi-annual
instalment on 31 March 2011.
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