|
|
|
|
|
|
|
|
|
In € millions |
|
|
|
|
2008 |
2007 |
|
|
|
|
|
Debt issued |
2,245 |
1,901 |
|
Debt to credit institutions |
12 |
11 |
|
Other borrowings |
84 |
42 |
|
|
|
|
|
Total |
2,341 |
1,954 |
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 25.
In November and December 2008, bonds totaling €0.9 billion matured. We refinanced by means of a bond issue of €1 billion. This bond was placed in the market in December, maturing in five years, with an interest rate of 7.75 percent. The long-term borrowings increased due to debt acquired from ICI. The main item was a bond of $1 billion, of which $500 million was redeemed in December. In addition, a €1 billion is approaching its maturity date in 2009 and was transferred to short-term borrowings.
|
Debt issued |
|
|
|
|
|
|
|
In € millions |
|
|
|
|
2008 |
2007 |
|
|
|
|
|
55/8 % 2002/09 (€1 billion) |
– |
1,043 |
|
41/4 % 2003/11 (€750 million) |
756 |
752 |
|
55/8 % 2003/13 ($500 million) |
395 |
– |
|
73/4 % 2008/14 (€1 billion) |
997 |
– |
|
Other |
97 |
106 |
|
|
|
|
|
Total |
2,245 |
1,901 |
During 2008, the average effective interest rate was 5.13 percent (2007: 4.9 percent).
|
Aggregate maturities of long-term borrowings |
| |
|
|
|
|
|
In € millions |
|
|
|
|
2010 – 2013 |
after 2013 |
|
|
|
|
|
Debt issued |
1,248 |
997 |
|
Debt to credit institutions |
11 |
1 |
|
Other borrowings |
54 |
30 |
|
|
|
|
|
Total |
1,313 |
1,028 |
On December 31, 2008 and 2007, the total amount of long-term credit facilities arranged by AkzoNobel was €1.5 billion, maturing in 2013. At December 31, 2008, € nil (2007: €350) of this facility has been drawn. On December 31, 2008 and 2007, none of the borrowings was secured by collateral.
Finance lease liabilities are included in other borrowings and aggregated €21 million. An amount of €4 million will mature within one year and €17 million will mature in the period 2010 through 2013.
