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30 Payables to banks and medium/long- and short-term financing

 

As at 31 December 2009, medium/long term loans totalled Euro 2,144,857 thousand (Euro 1,560,658 thousand as at 31 December 2008), and relate to mortgages and loans of Euro 513,333 thousand and the bond issues of Euro 1,631,524 thousand.

Medium/long-term amounts due to banks also include loans subscribed by the subsidiary Fea Srl for a total of Euro 65,500 thousand. These loans are guaranteed by mortgages and special privileges for the banking pool underwriting the loan. Repayment, expiring on 30 June 2019, is established under contract in half-yearly floating rate instalments indexed to the 6-month Euribor rate.

Provider Institution Residual amount          31-Dec-2009 Instalment in current period Instalment within 5th year Instalmente after 5th year
UNICREDIT BANCA 38,250,000.00 5,500,000.00 13,485,000.00 19,265,000.00
BANCA INTESA 15,300,000.00 2,200,000.00 5,394,000.00 7,706,000.00
BANCA INTESA 7,650,000.00 1,100,000.00 2,697,000.00 3,853,000.00
BANCA POPOLARE DI MILANO 15,300,000.00 2,200,000.00 5,394,000.00 7,706,000.00
BANCA INTESA 5,343,750.00 1,187,500.00 4,156,250.00 
EFIBANCA 5,681,025.97 1,032,913.80 4,131,655.20 516,456.97
CASSA DI RISPARMIO DI CENTO 5,201,893.28 594,436.39 2,532,798.07 2,074,658.82
BANCA DI ROMAGNA 301,907.77 144,452.22 157,455.55 -  
BANCA DI IMOLA 1,452,853.33 388,853.40 1,063,999.93 -  
B.CR. COOPERATIVO RAVENNATE E IMOLESE 2,517,500.00 530,000.00 1,987,500.00 -  
BANCO DI SARDEGNA 9,408,116.06 938,936.18 5,288,304.91 3,180,874.97
CASSA DEPOSITI E PRESTITI 165,734.42 14,677.85 86,616.61 64,439.96
BANCA INTESA 3,388,834.76 238,017.44 1,292,568.54 1,858,248.78
CARIM S.P.A. 3,679,701.19 393,014.90 2,243,400.04 1,043,286.25
BANCA DELLE MARCHE 16,254,581.76 833,774.16 4,060,349.50 11,360,458.10
BANCA DELL'ADRIATICO SPA 674,823.28 106,669.31 278,712.49 289,441.48
CARIFANO SPA 847,709.30 184,145.82 663,563.48 -  
B.CR. COOPERATIVO DEL METAURO 368,823.10 85,458.71 283,364.39 
B.CR. COOPERATIVO RAVENNATE E IMOLESE 4,326,660.00 1,591,789.00 2,060,278.00 674,593.00
B.CR. COOPERATIVO RAVENNATE E IMOLESE 1,823,552.34 170,327.02 809,393.32 843,832.00
BANCA DI BOLOGNA 743,613.00 159,289.00 584,324.00 -  
BANCA POP. VERONA E NOVARA 160,000.00 160,000.00 -   -  
UNICREDIT BANCA 250,000.00 250,000.00 -   -  
BANCA INTESA 10,950,491.08 2,196,948.07 8,753,543.01 -  
CASSA DEPOSITI E PRESTITI 490,695.68 85,991.12 238,523.20 166,181.36
UNICREDIT BANCA 3,254,756.08 590,796.49 2,663,959.59 -  
BANCA DELLE MARCHE 313,034.99 205,954.40 107,080.59 -  
BANCA INTESA 60,061,525.38 24,157,917.95 28,510,889.81 7,392,717.62
BANCA POP. VERONA E NOVARA 799,166.70 799,166.70 -   -  
BEI 180,000,000.00 -   -   180,000,000.00
BNL 11,250,000.00 1,500,000.00 6,000,000.00 3,750,000.00
CARISBO 3,761,537.42 919,565.00 2,841,972.42 -  
CASSA DI RISP. DI CESENA 1,967,233.56 282,302.18 1,202,269.23 482,662.15
CASSA DI RISP. DI RAVENNA 1,701,742.16 101,433.52 458,752.31 1,141,556.33
DEXIA CREDIOP 32,142,857.15 7,142,857.14 25,000,000.01 -  
FON SPA 3,426,059.03 621,891.05 2,804,167.98 -  
ISTITUTO SAN PAOLO 1,315,495.96 354,588.50 613,449.38 347,458.08
MONTE DEI PASCHI DI SIENA 4,619,028.00 2,274,107.61 2,344,920.39 -  
UNICREDIT BANCA 2,438,659.72 1,895,843.17 542,816.55 -  
CASSA DEPOSITI E PRESTITI 19,823,118.88 3,291,037.55 10,353,476.68 6,178,604.65
  477,406,481.35 66,424,655.65 151,086,355.18 259,895,470.52

On 16 February 2006, parent company Hera Spa issued a Euro 500 million 10-year Eurobond repayable in full on maturity. The loan is regulated by 4.125% fixed rate annual warrants.

The Parent Company also issued or underwrote the following bonds or loans.

  • 17 May 2007: a put bond for Euro 100 million entirely subscribed by Deutsche Bank AG London;
  • 2 August 2007: an extendable put bond for Euro 200 million, entirely underwritten by BNP Paribas;
  • 13 November 2007: an extendable step-up put loan for Euro 50 million with Royal Bank of Scotland Plc;
  • 28 November 2007: similar to previous point, with Barclays Bank Plc.

In 2008, Hera SpA issued an additional "puttable, callable, resettable" bond organised with Banca IMI, BNP Paribas, and The Royal Bank of Scotland for Euro 200 million, extendable to Euro 250 million, expiring in 2031. The terms for exercising the call and put options envisaged in the structure and transferred to third parties point out that the transaction as a whole is basically a fixed-rate loan, both during the first three years and during the years that follow, should the call option be exercised, without prejudice to the possibility of early repayment if bondholders exercise the put option. The contractual terms of this loan are therefore similar to the other "put bonds" stipulated by the Group. It is therefore thought to calculate this loan at amortised cost according to the same procedures adopted for the above-mentioned loans, which are similar.

The above-mentioned bond loans and loans incorporate put options meeting the criteria specifying that that need not be valued independently according to the instructions given in IAS 39, paragraph AG30, letter g.

In late July 2009, Hera SpA issued a Japanese Yen 20 billion 15-year bond simultaneously hedged in Euro, for a total value of around Euro 150 million, in order to eliminate the exchange rate risks. The bond was fully subscribed by a single investor and settled by 2.925% fixed rate semi-annual coupons.

Towards the end of November 2009, Hera Spa successfully issued a Euro 500 million 10-year Eurobond repayable in full on maturity. The loan was placed at a price of Euro 99.28 and is settled by 4.5% fixed rate annual coupons.

The valuation of these transactions according to the amortised cost entailed entering interest expense equal to Euro 13,360 thousand (Euro 2,563 thousand at 31 December 2008).
For a full description of these transactions, please refer to the "Financial Policy and Rating" section of the Report on Operations.

As at 31 December 2009, short term loans totalled Euro 113,039 thousand (Euro 204,818 thousand as at 31 December 2008) and include payables to banks and other lenders.

Liquidity risk
Liquidity risk consists of the impossibility to cope with the financial obligations taken on due to a lack of internal resources or an inability to find external resources at acceptable costs. Liquidity risk is mitigated by adopting policies and procedures that maximise the efficiency of management of financial resources. For the most part, this is done with the centralised management of incoming and outgoing flows (centralised treasury service); in the perspective assessment of the liquidity conditions; in obtaining adequate lines of credit; and preserving an adequate amount of liquidity.

Current cash, cash equivalents, and credit facilities, in addition to the resources generated by the operating and financing activities, are deemed sufficient to meet future financial needs. In particular, as at 31 December 2009, there are unused credit lines totalling Euro 1,238,772 thousand.

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