sain t-gobain annu al report 2008 annual report

NOTE 16
Financial commitments
excluding leases
Commitments given
(in € thousands)
Amount
Guarantees (1) 2,785,122
Other commitments given
A. Commitment related
to the fine levied on the Flat Glass business
by the European Commission (see Note 20.2) 896,000
B. Commitments towards other members
of “GIE” intercompany partnerships 6,904
Total 3,688,026
(1)
Of which guarantees given
on behalf of consolidated companies 2,500,848
Commitments received
Commitments relating to interest rate hedging instruments
are as follows:
At December 31, 2008
(Euro equivalent in thousands)
Amount
Interest rate swaps
(fixed rate borrower/variable rate lender) 1,250,000
Interest rate swaps
(fixed rate lender/variable rate borrower) 133,000
Interest rate swaps
(variable rate lender/variable rate borrower) 155,000
Greenhouse gas emission allowance swaps –
sales of EUAs/purchases of CERs 1,885
Greenhouse gas emission allowance swaps –
purchases of CERs/sales of EUAs 1,560
Commodity swaps –
fixed price payer /variable price receiver 94,111
Commodity swaps –
variable price payer/fixed price receiver 94,111
(in € thousands)
Amount
Guarantees
Retention money 71
Other commitments received
Debt waivers with a clawback clause 3,720
Total 3,791
Of which:
Commitments received from consolidated companies 3,720
Commitments relating to currency hedging instruments
are as follows:
(in thousands of the currency concerned)
Amount
Equivalent in euros of forward purchases
and sales of foreign currency EUR 739,897
Purchased currency options EUR 39,764
Written currency options EUR 39,764
Currency swaps EUR 2,733,282
NOTE 17
Lease commitments
On December 18, 1996, Compagnie de Saint-Gobain entered
into a 12-year finance lease on its head office building
at La Défense (Les Miroirs), starting February 1, 1997.
(in € thousands)
Head office
Cost at inception of the lease 80,798
Depreciation:
Accumulated depreciation at January 1, 2008 15,983
Depreciation for the year 1,464
Total 17,447
Lease payments:
Cumulative lease payments at January 1, 2008 100,073
Lease payment for the year 9,552
Total 109,625
Future minimum lease payments:
Due within one year 773
Due in one to five years –
Due beyond 5 years –
Total 773
Residual value:
Within one year 12,120
In one to five years –
Beyond 5 years –
Total 12,120
The purchase option was exercised at the end of the lease,
on January 31, 2009, at a price equal to the residual value.
NOTES THE PARENT COMPANY FINANCIAL STATMENTS
209
Saint-Gobain – Financial Report 2008