Annual Report 2011 - Analist.be

Accounts at 31 December 2011 - Notes13. Cash and debts13.1. Cash and cash equivalentsIn EUR million 2011 2010 2009Bonds and commercial papers (corporate, state) 0.4 149.8 -Deposit (maturity < 3 months) 470.3 257.1 517.2Current accounts 267.2 278.9 87.6Total 737.9 685.8 604.8Of which: Holding 298.2 - -Imerys 424.2 - -Private equity 15.5 - -On 31 December 2011, almost all cash was held in fixed-term deposits and current accounts with various financial institutions.Also as of 31 December 2011, the Group had invested EUR 19 million in corporate bonds shown under the heading “Other noncurrentassets”.13.2. DebtsIn EUR million 2011 2010 2009Non-current financial debts 2,433.6 680.8 424.7Exchangeable loans (GBL) - 270.4 424.7Bank loans (GBL) 950.0 - -Retail bond (GBL) 349.9 349.9 -Retail bond (Imerys) 1,021.2 - -Other non-current financial debts 112.5 60.5 -Current financial debts 651.3 7.0 -Exchangeable loans (GBL) 182.7 - -Bank debts (Imerys) 389.7 - -Other current financial debts 78.9 7.0 -Exchangeable loans issued by GBL (Bloomberg: GLBBB 2.95 04/27/12 Corp; Reuters: BE021670693=)On 27 April 2005, Sagerpar, a 100% subsidiary of GBL, issued bonds for an amount of EUR 435 million that are exchangeable for5,000,000 GBL’s shares. This financial instrument, listed on the Luxembourg Stock Exchange, has a coupon of 2.95% (nominalrate), payable each year on 27 April, and will be reimbursed at par value on 27 April 2012 (7 years) if the bonds havenot yet been converted into GBL’s shares. The conversion price has initially been set at EUR 87, representing a 25.5% premiumcompared to the GBL share price at that time. The bonds are redeemable at the option of the issuer as from 11 May 2008 witha trigger at 130%.As a result of the capital increase in 2007 and pursuant to the anti-dilution clause, the number of GBL’s shares to be deliveredin case of exercise by the bondholders has been adjusted on 14 June 2007 to 5,085,340 shares, as well as the conversion priceto EUR 85.54.During 2011, the Group bought back its exchangeable bonds for a total amount of EUR 92 million in nominal value (EUR 159 millionin 2010) at the average price of 100.6% (100.9% in 2010), giving a consolidated yield-to-maturity of 3.3% (3.3% in 2010). The fairvalue of the bond component of the bought back securities totalling EUR 91 million on 31 December 2011 (EUR 157 millionson 31 December 2010) is deducted from the “Exchangeable loans” heading. The net value of the exchangeable loan thereforestood at EUR 183 million on 31 December 2011 (EUR 270 million on 31 December 2010). The number of treasury shares heldto cover this loan is mentioned in note 15.1.This instrument’s listing on 31 December 2011 amounted to 100.2% (101.9 % at the end of 2010).100 Annual Report 2011