back 
In 2004, the EIB (European Investment Bank) granted a long-term loan to EADS in the amount of USD 421 million, bearing a fixed interest rate of 5.1% (effective interest rate 5.1%). In 2003, EADS issued two Euro denominated bonds under its EMTN Programme (Euro Medium Term Note Programme). The first issue of €1 billion with expected final maturity in 2010 carries a coupon of 4.625% (effective interest rate 4.686%) which was swapped into variable rate of 3M-Euribor +1.02%. The second issue of €0.5 billion maturing in 2018 carries a coupon of 5.5% (effective interest rate 5.6%) which was swapped during 2005 into variable rate of 3M-Euribor +1.81%.
On a rolling basis EADS issues regularly commercial paper under the so called “billet de trésorerie” programme at floating or fixed interest rates corresponding to the individual maturities ranging from 1 day to 12 months bearing as of 31st December 2007 an average interest rate of 4.54% (2006: 3.3%). The issued volume at 31st December 2007 amounted to €501 million (2006: €1,137 million). The programme has been set up in 2003 with a maximum volume of €2 billion. EADS has decided to manage more pro-actively its money market investor base. EADS has therefore decided to have an outstanding debt in line with this objective and to issue these commercial papers on a regular basis.
Financing liabilities include liabilities connected with sales financing transactions amounting to €1,356 million (2006: €1,702 million), thereof €396 million (2006: €480 million) at a fixed interest rate of 9.88% (2006: 9.88%) and the remaining amount mainly at variable interest rates.
Non recourse Airbus financing liabilities (risk is supported by external parties) amount to €859 million (2006: €1,058 million).
Defeased bank deposits for aircraft financing of €677 million and €927 million as of 31st December 2007 and 2006 respectively have been offset against financing liabilities.
(in €m) |
31st December 2007 |
31st December 2006 |
|
|
|
Bonds |
1,469 |
1,569 |
thereof due in more than five years: 430 |
|
|
Liabilities to financial institutions |
952 |
1,141 |
thereof due in more than five years: 651 |
|
|
Loans |
548 |
673 |
thereof due in more than five years: 382 |
|
|
Liabilities from finance leases |
121 |
178 |
thereof due in more than five years: 69 |
|
|
Long-term financing liabilities |
3,090 |
3,561 |
Commercial Papers/Bonds |
579 |
1,157 |
Liabilities to financial institutions |
108 |
140 |
Liabilities to affiliated companies |
163 |
118 |
Loans |
183 |
172 |
Liabilities from finance leases |
69 |
97 |
Others |
622 |
512 |
Short-term financing liabilities (due within one year) |
1,724 |
2,196 |
Total |
4,814 |
5,757 |
Included in “Others” are financing liabilities to joint ventures.
The aggregate amounts of financing liabilities maturing during the next five years and thereafter are as follows:
(in €m) |
Financing liabilities |
|
|
2008 |
1,724 |
2009 |
146 |
2010 |
1,160 |
2011 |
149 |
2012 |
103 |
Thereafter |
1,532 |
Total |
4,814 |
