Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
The bank loans are secured by the following:<br />
First priority mortgage on the real estate in The Netherlands and Germany<br />
Pledge of property, plant and equipment, receivables, inventories and the shares of all group companies.<br />
Assignment of movable fixed assets and inventories, rights and claims un<strong>de</strong>r a Share Purchase Agreement<br />
and certain insurance policies.<br />
The Group maintains the following lines of credit:<br />
A EUR 17.5 million facility for capital expenditures, with interest payable at the rate of EURIBOR plus 1.50 %.<br />
A EUR 50.0 million revolving credit facility to meet short-term financing needs, with interest payable at the<br />
rate of EURIBOR plus 1.50 %.<br />
Finance lease liabilities<br />
Finance lease liabilities are payable as follows:<br />
EUR’000<br />
Future<br />
minimum<br />
lease<br />
payments<br />
2009<br />
Interest<br />
2009<br />
Present<br />
value of<br />
minimum<br />
lease<br />
payments<br />
2009<br />
Future<br />
minimum<br />
lease<br />
payments<br />
2008<br />
Interest<br />
2008<br />
Present<br />
value of<br />
minimum<br />
lease<br />
payments<br />
2008<br />
Less than one year 4,898 601 4,297 5,233 711 4,522<br />
Between one and five years 9,595 926 8,669 12,365 1,370 10,995<br />
More than five years 1,175 37 1,138 2,948 136 2,812<br />
15,668 1,564 14,104 20,546 2,217 18,329<br />
Financial leases relate mainly to a warehouse and an office building in France and production equipment in Belgium<br />
and Poland.<br />
page _ 88 / 89
Change language