Debt information

Terms and debt repayment schedule

      31 December 2016
€’000 Interest rate Year of maturity Face value Carrying amount*
Revolving bank facility (110 MEUR) Euribor + margin 2020 - (1,113)
Private placement loan Fixed rate USD coupon 2017-2020 102,941 136,571
Private placement loan Fixed rate USD coupon 2018-2023 95,624 130,987
Finance lease liabilities   2018    
Other loans   2016-2017 104 104
Total interest-bearing liabilities     198,669 266,549

* Difference between the face value and the carrying amount consists of the fair value difference and the amount of amortised front-end fees.

The following financial measures constitute the aligned set of covenants for the Private Placement loans and the Revolving bank facility. As per the end of the fourth quarter 2016, the financial measures as defined in the Revolving Credit Facility Agreement and the Private Placement Notes Amendment document were as follows:

  31 December 2016 Covenants
Net Debt to Consolidated EBITDA 0.3 ≤ 3.0
Consolidated EBITDA to Consolidated Finance costs 13.8 ≥ 5.0
Consolidated Net Worth ∈ 212m ≥ ∈ 120m

Note that the definition of the above measures differ from the definitions of the Net Debt to EBITDA and Interest cover disclosed in the Financial position section below, primarily related to gains from sales of assets and cash in non-OECD markets.

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Financial Position

As per 31 December 2016

  • Net debt at hedged values €13.2m (€94.0m)
    • Net debt €82.3m (€171.6m)
  • Net debt at hedged values/ EBITDA (LTM) 0.1 (0.8)
    • Net debt/EBITDA (LTM) 0.6 (1.5)
  • Interest cover (Q4) 6.9 (6.5)
  • Interest cover (LTM): 6.6 (4.8)

* Adjusted for fair value movements of the USD private placement notes