(19) Financial Liabilities, Interest Swaps and Credit Lines



in th. euros   31.12.2008   31.12.2007
    short-term   long-term   short-term   long-term
  • Sparkasse Schwäbisch Hall-Crailsheim, loan for various acquisitions 2008
   857   5,143   0   0
  • Deutsche Bank AG, loan for the acquisition of ARP Holding AG
   2,728   0   2,452   2,451
  • Sparkasse Schwäbisch Hall-Crailsheim, loan for the acquisition of ARP Holding AG
   1,344   0   1,208   1,207
  • Other long-term loans
   114   42   107   51
  • Landesbank Baden-Württemberg, two loans for the acquisition of the system house division of Eurodis Schweiz AG
   0   0   1,449   0
Loans with an initial term in excess of 1 year   5,043   5,185   5,216   3,709
Other financial liabilities   5,423   0   833   0
Total financial liabilities   10,466   5,185   6,049   3,709

The loan from Sparkasse Schwäbisch Hall-Crailsheim in the amount of 6,000 thousand euros has a term until 30 September 2015. It is subject to a variable interest rate (Euribor-3M + 85 base points) and is repaid by way of annual payments of 857 thousand euros in each case due on 30 September. Collateral securities are stated in the negative pledge or in the pari passu clause when furnishing collateral. The risks of the variable interest rate of the loan are eliminated by way of an interest swap. The interest swap with an initial reference amount of 6,000 thousand euros is to be regarded as a cash flow hedge and 100 per cent effective in hedging the interest rate risk. Bechtle pays the fixed interest rate of 4.8 per cent and is provided with the Euribor-3M as a variable interest rate. The date of maturity is set as 30 September 2015. The market value of the interest swap on 31 December 2008 was - 369 thousand euros. Taking into account hedging by the interest swap against the interest rate risk, this gives rise to an interest rate for the loan of 5.65 per cent.

The loan from Deutsche Bank AG in the amount of 2,728 thousand euros is denominated in Swiss francs (4,060 thousand CHF) and matures on 1 April 2009. It is subject to a variable interest rate (CHF-LIBOR-3M + 100 base points) and is repaid by way of annual payments of 2,728 thousand euros (4,060 thousand CHF) in each case due on 1 April. Collateral securities are stated in the negative pledge or in the pari passu clause when furnishing collateral. The risks of the variable interest rate of the loan are eliminated by way of an interest swap. The interest swap with an initial reference amount of 20,300 thousand CHF is to be regarded as a cash flow hedge and 100 per cent effective in hedging the interest rate risk. Bechtle pays the fixed interest rate of 1.50 per cent and is provided with the CHF-LIBOR-3M as a variable interest rate. The date of maturity is set as 1 April 2009. The market value of the interest swap on 31 December 2008 was - 5 thousand euros. Taking into account hedging by the interest swap against the interest rate risk, this gives rise to an interest rate for the loan of 2.50 per cent.

The loan from Sparkasse Schwäbisch Hall-Crailsheim in the amount of 1,344 thousand euros is denominated in Swiss francs (2,000 thousand CHF) and matures on 1 April 2009. It is subject to a variable interest rate (CHF-LIBOR-6M + 90 base points) and is repaid by way of annual payments of 1,344 thousand euros (2,000 thousand CHF) in each case due on 1 April. Collateral securities are stated in the negative pledge or in the pari passu clause when furnishing collateral. The risks of the variable interest rate of the loan are eliminated by way of an interest swap. The interest swap with an initial reference amount of 10,000 thousand CHF is to be regarded as a cash flow hedge and 100 per cent effective in hedging the interest rate risk. Bechtle pays the fixed interest rate of 1.49 per cent and is provided with the CHF-LIBOR-6M as a variable interest rate. The date of maturity is set as 1 April 2009. The market value of the interest swap on 31 December 2008 was 5 thousand euros. Taking into account hedging by the interest swap against the interest rate risk, this gives rise to an interest rate for the loan of 2.39 per cent.

Two loans from the Landesbank Baden-Württemberg (Baden-Württembergische Bank) were completely repaid according to schedule on 30 December 2008.

The market value of the interest swaps in the reporting period was - 370 thousand euros (prior year: 79 thousand euros) and after taking into account deferred taxes of 98 thousand euros (prior year: - 21 thousand euros) is recognised directly in equity capital (retained earnings).There were no ineffective changes in market value to be recognised as affecting the income statement either in the reporting period or in the prior year.

The remaining financial liabilities included a low-interest loan from a manufacturer in the amount of 4,898 thousand euros (prior year: 833 thousand euros) and other overdrafts in the amount of 545 thousand euros (prior year: 0 thousand euros).

The company has at its disposal global credit lines of 42,326 thousand euros. On the balance sheet date, 0 thousand euros hereof had been used in cash loans and 2,444 thousand euros in aval-based loans resulting in unused credit lines of 39,882 thousand euros.

In accordance with requirements of IFRS, the financial liabilities are, as in the prior year, assigned in full extent to the category “Loans”.