Reebok 2007 Annual Report Download - page 173
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169
ANNUAL REPORT 2007 --- adidas Group
Gross borrowings decreased by € 432 million in 2007 compared to an increase of € 1.543 billion
in 2006.
Borrowings are denominated in a variety of currencies in which the Group conducts its busi-
ness. The largest portions of effective gross borrowings (before liquidity swaps for cash manage-
ment purposes) as at December 31, 2007 are denominated in euros (2007: 51 %; 2006: 51 %)
and US dollars (2007: 45 %; 2006: 44 %).
Month-end weighted average interest rates on borrowings in all currencies ranged from
5.2 % to 5.6 % in 2007 and from 4.2 % to 5.3 % in 2006.
As at December 31, 2007, the Group had cash credit lines and other long-term fi nancing
arrangements totaling € 6.3 billion (2006: € 6.9 billion); thereof unused credit lines accounted
for € 4.1 billion (2006: € 4.4 billion). In addition, the Group had separate lines for the issuance
of letters of credit in an amount of approximately € 0.2 billion (2006: € 0.3 billion).
The Group’s outstanding fi nancings are unsecured.
The private placement and convertible bond documentation each contain a negative-pledge
clause. Additionally, the private placement documentation contains minimum equity covenants
and net loss covenants. As at December 31, 2007, actual shareholders’ equity was well above the
amount of the minimum equity covenant.
The amounts disclosed as borrowings represent outstanding borrowings under the following
arrangements with aggregated expiration dates as follows:
GROSS BORROWINGS AS AT DECEMBER 31, 2007
€
in milli
o
n
s
Between Between
Up to 1 year 1 and 3 years 3 and 5 years After 5 years
To
t
al
Bank borrowings incl. commercial paper
Private placements
Convertible bond
T
ota
l
— — 198 — 1
98
186 583 376 419
1,564
— 384 — — 384
186 967 574 419 2,146
9
7
GROSS BORROWINGS AS AT DECEMBER 31, 2006
€
in milli
o
n
s
Between Between
Up to 1 year 1 and 3 years 3 and 5 years After 5 years
To
t
al
Bank borrowings incl. commercial paper
Private placements
Convertible bond
T
ota
l
144 — 275 —
419
109 610 474 591 1
,
784
— — 375 — 37
5
253 610 1,124 591 2,578
0
As all short-term borrowings are based upon long-term arrangements, the Group reports them
as long-term borrowings.
The borrowings related to our outstanding convertible bond changed in value, refl ecting the
accruing interest on the debt component in accordance with IFRS requirements.
05