Amadeus IT Holding, S.A. and Subsidiaries - Investor relations at ...

AMADEUS IT HOLDING, S.A. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEARS ENDED
DECEMBER 31, 2011, AND 2010
(EXPRESSED IN THOUSANDS OF EUROS - KEUR)
15. COMMITMENTS
a) Finance and operating leases
The Group leases certain facilities and equipment under operating and finance
leases.
The most significant asset acquired under finance lease is the data processing center
in Erding. The original cost (in 1988) of this facility was KEUR 106,558, which was
increased due to new construction, by KEUR 10,942 in the year 2000. These
expenditures were financed via lease agreements recognized as tangible assets
under finance leases (see note 9). The Group had the option to purchase the land
and the buildings for the residual value of KEUR 70,235 at the end of the year 2009,
such option was not exercised. Both leases were renegotiated during the year 2009
and the terms set forth are those applicable after completion of said negotiation. Both
leases expire on December 31, 2019, at this date the Group has a purchase option
by KEUR 16,720 and KEUR 4,377, respectively. Before this date is reached, the
Group has a restricted purchase option to terminate the main lease on December,
2012.
In December 2011, a new finance lease was arranged for the acquisition of tangible
assets corresponding to the installations and the technical equipment for an energy
center annex to the Data Center in Erding. The capitalized value amounts to KEUR
7,478 as mentioned in note 9. The lease term of the technical equipment
(Uninterrupted Power Supply and Cooling) rises to 96 months, until December 2019,
with a residual value of 10% which is planned to be purchased.
Quarterly payments consisted of principal plus interest at an average of 6.5% and
6.95% during the periods ended December 31, 2011, and 2010, respectively.
In October 2007, a finance lease with a capitalized value of KEUR 8,493 was
arranged to acquire equipment power supply. The finance lease had a four years
term, and it expired last September, 2011.
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