Technologies · Systems · Solutions - Dürr

Consolidated financial statements of Dürr AG
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On July 6, 2004, Dürr AG issued a fixed-interest bond on the capital market. With a total volume
of € 200,000 thousand, the bond was issued with a coupon of 9.75% and a term of seven years.
The purpose of the bond is the long-term refinancing of the syndicated loan of € 200,000 thou-
sand and 50,000 thousand US dollars agreed in 2001 and redeemed as of July 6, 2004, and the
revolving line of credit of 50,000 thousand US dollars.
Moreover, on June 30, 2004, Dürr concluded a contract for a term loan (“syndicated loan”) of
€ 400,000 thousand with Deutsche Bank AG, Landesbank Baden-Württemberg, Commerzbank AG
and other banks. The syndicated loan consists of a revolving cash line (tranche A) of € 200,000
thousand and a guarantee line (tranche B) of € 200,000 thousand. The syndicated loan is payable
no later than 2009. Depending on the currency, the interest is based on the refinancing rate with
the same maturity (EURIBOR or LIBOR) plus a margin determined in relation to the financial ratio of
total net debt to EBITDA. Under the syndicated loan agreement, Dürr AG is required to observe
certain ratios for the financial indicators EBITDA to net interest, total net debt to EBITDA, total net
senior debt to EBITDA, and total net worth at the end of each calendar quarter. If these financial
ratios are infringed, the banks would be entitled to demand repayment with a two-third majority.
According to the calculations of the Board of Management, the financial ratios were observed
as of December 31, 2004. On December 31, 2004, Dürr AG and its subsidiaries had made use of
€ 71,656 thousand of tranche A and € 110,324 thousand of tranche B.
As of December 31, 2004, shares in subsidiaries and second-tier companies with a total net
worth of € 281,736 thousand have been pledged as collateral for the issued bond and the syndicated
loan.
The liabilities to banks shown in 2003 result from the syndicated loan borrowed under the lead
of Deutsche Bank AG, Landesbank Baden-Württemberg and other banks for € 200,000 thousand
and 50,000 thousand US dollars and a revolving line of credit of 50,000 thousand US dollars. On
December 31, 2003, € 80,000 thousand and 30,000 thousand US dollars as well as 50,000 thousand
US dollars of the revolving line of credit were used. Shares in subsidiaries and second-tier companies
with a total net worth of € 99,908 thousand were deposited as collateral. Under the syndicated
loan agreement, Dürr AG is required to observe certain ratios at the end of each calendar
quarter. If these financial ratios are not complied with, the banks would be entitled to demand
repayment with a two-third majority. The financial ratios were observed as of December 31, 2003.
The total amount of liabilities to banks which are due within the next five years and thereafter
breaks down as follows:
Amounts in €k
2005 2006 2007 2008 2009 Thereafter
Liabilities to banks 83,794 13,553 1,081 998 397 3,069
The total lines of credit and bank guarantees can be broken down as follows:
Amounts in €k
Dec. 31, 2004
Total amount of lines of credit and bank guarantees available 804,448
Total amount of lines of credit and bank guarantees used 463,682
of which with a residual term of less than one year 336,917
of which with a residual term of more than one year 126,765