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Note 18: Long-term borrowings


In € millions

 

2010

 

2011

Debt issued

 

2,684

 

2,941

Debt to credit institutions

 

6

 

15

Other borrowings

 

190

 

79

Total

 

2,880

 

3,035

The amounts due within one year are presented under short-term borrowings. For details on the exposure to interest rate and foreign currency risk, see Note 24. During 2011, the average effective interest rate was 6.22 percent (2010: 6.14 percent).

Debt issued

 

 

 

 

 

In € millions

 

2010

 

2011

5 5/8% 2003/13 ($500 million)

 

375

 

387

7 3/4% 2008/14 (€825 million)

 

995

 

822

7 1/4% 2009/15 (€621 million)

 

1,000

 

634

8% 2009/16 (£250 million)

 

289

 

297

4% 2011/18 (€800 million)

 

 

790

Other

 

25

 

11

Total

 

2,684

 

2,941

Aggregate maturities of long-term borrowings

 

 

 

 

 

In € millions

 

2013 – 2016

 

After 2016

Debt issued

 

2,151

 

790

Debt to credit institutions

 

14

 

1

Other borrowings

 

57

 

22

Total

 

2,222

 

813

In September 2011, the five year multi-currency syndicated revolving credit facility was renewed and increased to €1.8 billion (previously: €1.5 billion). Both at year-end 2011 and 2010, this facility had not been drawn. At year-end 2011 and 2010, none of the borrowings was secured by collateral.

In 2011, we bought back bonds with nominal amounts of €175 million maturing in January 2014 and €353 million maturing in March 2015. A bond was issued with a nominal amount of €800 million maturing December 2018 at a coupon of 4 percent.

Finance lease liabilities are included in other borrowings and aggregated €9 million. An amount of €5 million will mature within one year and €3 million will mature in the period 2013 through 2016 and €1 million after 2016.

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