Annual Report 2006 ISS Global A/S

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1 January – 31 December. Amounts in DKK millions
25. Long-term debt 2006 2005
Euro Medium Term Notes 1)
Notes due 2010 6,546
Notes due 2014
Senior facilities
3,851
2)
Term facility A 1,480
Term facility B 4,973
Acquisition facilities 2,508
Mortgage loans 2
Other bank loans 27
Obligations under finance leases 194
Long-term debt - affiliates 368
Total long-term debt 3)
Fair value of long-term debt 4)
Long-term debt is payable as follows:
19,949
18,867
1-5 years 9,088
After 5 years 10,861
Total 19,949
Effective interest rate 5)
ISS Global's total long-term debt is denominated in the following currencies:
6,645
3,909
1,892
2,400
1,304
7
55
146
-
16,358
14,739
6,848
9,510
16,358
5.5% 4.8%
DKK 2.7% 8.3%
EUR 78.6% 70.2%
GBP 9.7% 9.3%
NOK 4.2% 5.8%
SEK 3.2% 4.6%
USD related 0.0% 0.0%
Others 1.6% 1.8%
ISS Global had no subordinated debt and no debt convertible into equity.
Finance lease obligations are payable as follows:
Within 1 year 101
1-5 years 148
After 5 years 6)
89
1)
Minimum
lease
payments Interest Principal
338
2006 2005
(13)
(23)
(20)
(56)
88
125
69
282
100.0% 100.0%
Minimum
lease
payments Interest Principal
ISS Global A/S listed a Euro Medium Term Note programme in September 2003 and subsequently launched its inaugural issue. The EUR 850 million
notes have a maturity of seven years and an annual coupon of 4.75%. In December 2004, ISS Global A/S issued EUR 500 million of notes with a maturity
of ten years and an annual coupon of 4.50%. At 31 December 2006, the weighted average interest rate was 4.66% (2005: 4.49%). See also Note 7, Net
finance costs.
2) The senior facilities are subject to customary undertakings, covenants (including financial covenants) and other restrictions. At 31 December 2006 the
term facility A and term facility B had a weighted average floating interest rate of 5.73% and 6.62% respectively (2005: 4.21% and 6.61%). The acquisition
facilities had a weighted average floating interest rate of 5.97% (2005: 4.67%).
3) In 2006, financing fees amounting to DKK 72 million (2005: DKK 40 million) have been recognised in long-term debt.
4)
The fair value of long-term debt is based on the quoted market price on the Luxembourg Stock Exchange of the Euro Medium Term Notes. For the
remaining long-term debt fair value is equal to the nominal value.
5)
Weighted average taking the effect of interest rate hedges into account.
6)
Financial lease obligations after five years related to buildings.
_____________________________________________________________________________________________________________
ANNUAL REPORT 2006 / Consolidated Financial Statements
82
110
92
84
286
(12)
(12)
(18)
(42)
98
80
66
244