REGISTRATION DOCUMENT AND FINANCIAL REPORT - Iliad

20. FINANCIAL INFORMATION CONCERNING THE COMPANY’S ASSETS AND LIABILITIES,
FINANCIAL POSITION AND PROFITS AND LOSSES
20.1 CONSOLIDATED FINANCIAL STATEMENTS FOR 2007, 2006 AND 2005
Breakdown of borrowings by type of rate
Gross borrowings at the year-end can be analyzed as follows by type of rate:
(in € thousands)
At December 31,
2007
At December 31,
2006
Fixed-rate borrowings .......................................................... 337,235 307,880
Variable-rate borrowings ....................................................... 18,128 5,940
Total borrowings ............................................................. 355,363 313,820
Breakdown of borrowings by nature and maturity
The following table presents borrowings by nature and maturity at December 31, 2007:
(in € thousands)
Due
within 1
year
Due in
1to2
years
Due in
2to3
years
Due in
3to4
years
Due in
4to5
years
Due
beyond
5 years Total
Bonds ........................................... 7,274 0 0 0 301,927 0 309,201
Bank borrowings ................................ 750 0 0 0 0 0 750
Borrowings related to finance leases ............. 6,556 5,093 3,447 2,705 2,323 7,836 27,960
Other bank borrowing facilities .................. 11,691 0 0 0 0 0 11,691
Other ............................................ 4,885 801 0 0 0 75 5,761
Total ............................................ 31,156 5,894 3,447 2,705 304,250 7,911 355,363
The following table presents borrowings by nature and maturity at December 31, 2006:
(in € thousands)
Due
within 1
year
Due in
1to2
years
Due in
2to3
years
Due in
3to4
years
Due in
4to5
years
Due
beyond
5 years Total
Bonds ............................................ 3,707 0 0 0 0 295,416 299,123
Bank borrowings ................................. 941 940 191 191 190 254 2,707
Borrowings related to finance leases .............. 3,066 2,823 1,570 464 318 475 8,716
Other bank borrowing facilities ................... 3,216 0 0 0 0 0 3,216
Other ............................................. 16 0 0 0 0 42 58
Total ............................................. 10,946 3,763 1,761 655 508 296,187 313,820
Description of the Group’s main finance leases outstanding at December 31, 2007
Real estate finance leases
The Group purchases premises to house the technical equipment required for rolling out its FTTH network. As
part of this process, in January 2007 Iliad entered into a master agreement with Genefim to finance the purchase
of such premises through a real-estate finance lease with a 12-year term following which the related assets may
be acquired for a token amount of €1. The agreement does not contain any contingent lease payment or renewal
options, and does not impose specific restrictions, for example concerning dividends, additional debt or further
leasing.
Equipment finance leases
As part of its operations, the Group holds several items of equipment (mainly switching equipment) under
finance leases with terms of between three and seven years. None of the lease arrangements contain contingent
lease payment or renewal options, nor do they impose specific restrictions, for example concerning dividends,
additional debt or further leasing. All of the contracts include bargain purchase options at the end of the lease
term.
144 - Iliad – Registration Document 2007