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F.29. Financial liabilities
Analysis of current and non-current financial liabilities:
In thousands of euros
31/12/2008
31/12/2007
Convertible bond
29,158
27,170
Borrowings and other financial liabilities
604
5,127
Borrowings on finance leases (Note F.15)
471
412
Total non-current financial liabilities
30,233
32,709
Borrowings and other financial liabilities
1,751
2,621
Borrowings on finance leases (Note F.15)
163
103
Bank overdrafts
4,620
4,030
Total current financial liabilities
6,534
6,754
TOTAL FINANCIAL LIABILITIES
36,766
39,463
Analysis of financial liabilities by maturity:
In thousands of euros
Total
< 1 year
1 - 5 years
> 5 years
At 31 December 2007
Convertible bond
27,170
27,170
Borrowings and other financial liabilities
7,749
4,698
3,051
0
Borrowings on finance leases
515
103
344
68
Bank overdrafts
4,030
4,030
0
0
Total financial liabilities
39,463
8,830
30,565
68
At 31 December 2008
Convertible bond
29,158
29,158
Borrowings and other financial liabilities
2,354
1,805
550
Borrowings on finance leases
633
163
443
28
Bank overdrafts
4,620
4,620
0
0
TOTAL FINANCIAL LIABILITIES
36,766
6,588
30,151
28
Features of the convertible bond issue
At their Combined Extraordinary and Ordinary General Meeting of
27 February 2003, the shareholders of Vétoquinol S.A. approved a
19,999,993,50 euro bond issue, consisting of 117,855 bonds with a
face value of 169.70 euros each and convertible into common shares
of Vétoquinol S.A. with the following terms and conditions:
• issue in two tranches, currently held by Soparfin:
- tranche A: 58,928 bonds;
- tranche B: 58,927 bonds;
• term of the bond:
- tranche A: 7 years;
- tranche B: 8 years;
• interest: 4% p.a. the first year, 5% p.a. thereafter;
• non-conversion premium:
Bondholders who do not opt for conversion within the prescribed
time limits stated above will receive a non-conversion premium of 6%
per annum, calculated so that the convertible bonds generate a
compound annual return equal to the annual coupon (i.e. 4% the first
year and 5% thereafter) plus an additional 6% payable on
redemption, in conformity with Article 1154 of the French Civil Code.
The redemption price will be one hundred sixty-nine euros and
seventy cents (169.70 euros) per convertible bond, plus accrued
interest and the non-conversion premium.
Following the 10-for-1 stock split approved by the Annual General
Meeting of 7 July 2006, the conversion ratio is now one convertible
bond for 10 Vétoquinol S.A. shares.
The value of the convertible bonds recorded on the balance sheet
excludes 180 thousand euros classified in equity. The fair value of the
interest expense recognised in 2008 was 1.989 million euros
(1,792 million euros in 2007).
Analysis of financial liabilities by primary currency and by type of
interest rate:
In thousands of euros
31/12/2008 31/12/2007
Fixed rate
221
0
Floating rate
0
2,076
CAD
221
2,076
Fixed rate on bonds
29,158
27,170
Fixed rate and floating swapped to fixed 2,367
2,551
Floating rate
400
3,636
EUR
31,925
33,357
Fixed rate
31,746
29,721
Floating rate
400
5,712
Total (all currencies)
32,146
35,433
Bank overdrafts
4,620
4,030
TOTAL
36,766
39,463