Consolidated Financial Statements and Consolidated Management ...

The applicable interest rate will be the three month EURIBOR rate plus a differential of 450 basis points, which may be adjusted either upward or downward
on the basis of compliance with the Financial Debt/EBITDA ratio and the degree of fulfilment of the Tranche B repayment schedule. The structuring fee is 2%
of the syndicated loan’s amount.
Within 45 days of signing the syndicated loan, the Group must enter into a hedging agreement for no less than fifty per cent of the Tranche A1 amount drawn
down and pending repayment at any time and for a term of no less than four years. The institutions which provide the hedge will have the same guarantees
attached to the loan.
In addition, the Group has obtained a refinancing undertaking from IMI / Banca Intesa for 75 million euros. The term for this loan is for three years, with an
optional additional two years at the discretion of NH Group’s Italian subsidiary. The agreement will be signed in July once the corporate restructuring process
in Italy has come to an end.
The arrangement of the syndicated loan, the 14 million euro loan and the agreement reached in Italy, the joint amount of which exceeds 805 million euros,
culminated the process of refinancing the Group, allowing it to focus all its efforts on continuing to improve its efficiency and results.
The pro forma maturity schedule of the Group’s financial debt at 31 December 2011 once the refinancing transaction described above with its respective
repayment schemes had been taken into account (amounting to 805 million euros, representing 76% of the Group’s total net financial debt), is shown in the
following table:
Maturities
Limit Available Drawn Down 2.011 2.012 2.013 2.014 Resto
Mortgage guarantee loans 194,818 893 193,925 37,942 21,792 21,318 112,873
Fixed rate 47,810 - 47,810 - 2,773 2,853 2,935 39,249
Variable Rate 147,008 893 146,115 - 35,169 18,939 18,383 73,624
Asset guarantee loans 12,297 - 12,297 - 8,517 2,780 1,000 -
Fixed rate - - - - - - - -
Variable Rate 12,297 - 12,297 - 8,517 2,780 1,000 -
Loans against pledged shares 75,000 15,000 60,000 - 3,750 7,500 7,500 41,250
Variable Rate 75,000 15,000 60,000 - 3,750 7,500 7,500 41,250
Subordinated loans 75,000 - 75,000 - - - - 75,000
Variable Rate 75,000 - 75,000 - - - - 75,000
Syndicated loans 715,855 19,555 696,300 - - 131,586 131,586 433,129
Tranche A1 Variable Rate 315,855 - 315,855 - - 31,586 31,586 252,684
Tranche A2 Variable Rate 150,000 19,555 130,445 - - - - 130,445
Tranche B Variable Rate 250,000 - 250,000 - 100,000 100,000 50,000
Credit lines 21,600 1,595 20,005 - 20,005 - - -
Variable Rate 21,600 1,595 20,005 - 20,005 - - -
Arrangement expenses - - (4,812) - (1,673) (1,046) (1,046) (1,047)
Debt due to interest - - 4,330 - 4,330 - - -
Borrowing situation at 31/12/2011 1,094,570 37,043 1,057,045 - 72,871 162,612 160,358 661,205
Borrowing situation at 31/12/2010 1,197,397 23,818 1,171,759 507,966 514,432 22,642 18,704 108,015
(*) New arrangement expenses have not been taken into consideration until the analysis of this transaction has been conducted in accordance with IFRS 39, paragraphs 40-42 and GA 62.
Assuming that the terms and conditions agreed upon with the financial institutions had been conducted in force on 31 December 2011, the consolidated
balance sheet on such date would have been as follows:
ASSETS
Without
Refinancing
12/31/11
Refinanced
12/31/11
LIABILITIES AND
SHAREHOLDERS’ EQUITY
Without
Refinancing
12/31/11
Refinanced
12/31/11
Fixed assets and real estate investments 2,343,131 2,343,131
NET ASSETS ATTRIBUTABLE TO
SHAREHOLDERS OF THE PARENT COMPANY
1,139,147 1,139,147
Non-current financial investments 182,417 182,417 Minority Interests 204,650 204,650
Deferred tax assets and other
noncurrent assets
136,264 136,264 TOTAL NET ASSETS 1,343,797 1,343,797
NONCURRENT ASSETS 2,661,812 2,661,812
Subsidies 21,195 21,195
Provisions for contingencies and expenses 30,846 30,846
Debts with credit institutions 225,923 984,174
Deferred tax liabilities and other noncurrent
liabilities
310,622 310,622
NONCURRENT LIABILITIES 588,586 1,346,837
Inventories 116,228 116,228 76
Trade creditors and other accounts
receivable
194,223 194,223 Provisions for contingencies and expenses 1,241 1,241
Other current assets 11,364 11,364 Debts with credit institutions 831,122 72,871
Cash, bank and equivalents 91,143 91,143 Trade creditors and other accounts payable 310,024 310,024
CURRENT ASSETS 412,958 412,958 CURRENT LIABILITIES 1,142,387 384,136
TOTAL ASSETS 3,074,770 3,074,770 TOTAL LIABILITIES AND EQUITY 3,074,770 3,074,770
106 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS