Annual Report 2013

Notes to the consolidated statement of
financial position

(17) Borrowings


in million euros
December 31, 2012 December 31, 2013
Non-current Current Total Non-current Current Total
Bonds 2,451 1,173 3,624 1,383 1,078 2,461
Commercial papers1 35 35
Liabilities to banks2 146 146 117 117
Other borrowings 3 1 4 3 3
Total 2,454 1,320 3,774 1,386 1,230 2,616
1
From the euro and US dollar commercial paper program (total volume 2 billion US dollars and 1 billion euros).
2
Obligations with floating rates of interest or interest rates pegged for less than one year.

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Bonds
Issuer Type Nominal
value
Carrying amounts
excluding accrued
interest
Market values
excluding accrued
interest1
Market values
including accrued
interest1
Interest rate2 Interest
fixing
in million euros 2012 2013 2012 2013 2012 2013 2012 2013
Henkel AG & Co. KGaA Bond 1,000 1,015 1,017 1,041 4.2500 to 2013
Interest rate swap
(3-month Euribor +0.405 %)5
Receiver swap 1,000 16 16 40 0.5951 3 months
Henkel AG & Co. KGaA Bond 1,000 1,024 1,004 1,050 1,008 1,086 1,044 4.6250 4.6250 to 20143
Interest rate swap
(3-month Euribor +2.02 %)5
Receiver swap 1,000 26 5 26 5 61 41 2.2053 2.2955 3 months
Henkel AG & Co. KGaA Hybrid bond 1,300 1,427 1,383 1,401 1,379 1,408 1,386 5.3750 5.3750 to 20154
Interest rate swap
(3-month Euribor +1.80 %)5
Receiver swap 650 60 39 60 39 62 41 1.9902 2.0172 3 months
Interest rate swap
(1-month Euribor +0.955 %)5
Receiver swap 650 78 51 78 51 82 54 1.0650 1.1133 1 month
Total bonds 3,300 3,466 2,387 3,468 2,387 3,535 2,430
Total interest rate swaps 3,300 180 95 180 95 245 136

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The ten-year bond issued in 2003 by Henkel AG & Co. KGaAKGaA
Abbreviation for “Kommanditgesellschaft auf Aktien.” A KGaA is a company with a legal identity (legal entity) in which at least one partner has unlimited liability with respect to the company’s creditors (personally liable partner), while the liability for such debts of the other partners participating in the share-based capital stock is limited to their share capital (limited shareholders).
for 1 billion euros with a coupon of 4.25 percent matured in June 2013 and has been redeemed.

The five-year bond issued in 2009 by Henkel AG & Co. KGaAKGaA
Abbreviation for “Kommanditgesellschaft auf Aktien.” A KGaA is a company with a legal identity (legal entity) in which at least one partner has unlimited liability with respect to the company’s creditors (personally liable partner), while the liability for such debts of the other partners participating in the share-based capital stock is limited to their share capital (limited shareholders).
for 1 billion euros with a coupon of 4.625 percent matures in March 2014.

The 1.3 billion euro subordinated hybrid bondhybrid bond
Equity-like corporate bond, usually with no specified date of maturity, or with a very long maturity, characterized by its subordination in the event of the issuer becoming insolvent.
issued by Henkel AG & Co. KGaAKGaA
Abbreviation for “Kommanditgesellschaft auf Aktien.” A KGaA is a company with a legal identity (legal entity) in which at least one partner has unlimited liability with respect to the company’s creditors (personally liable partner), while the liability for such debts of the other partners participating in the share-based capital stock is limited to their share capital (limited shareholders).
in November 2005 to finance a large part of the pension obligations in Germany matures in 2104. Under the terms of the bond, the coupon for the first ten years is 5.375 percent. The earliest bond redemption date is November 25, 2015. If it is not redeemed, the bond interest will be based on the 3-month Euribor interest rate plus a premium of 2.85 percentage points. The bond terms also stipulate that if there is a “cash flowcash flow
Inflows and outflows of cash and cash equivalents divided within the statement of cash flows into cash flows from ordinary activities, from investing and acquisition activities, and from financing activities.
event,” Henkel AG & Co. KGaAKGaA
Abbreviation for “Kommanditgesellschaft auf Aktien.” A KGaA is a company with a legal identity (legal entity) in which at least one partner has unlimited liability with respect to the company’s creditors (personally liable partner), while the liability for such debts of the other partners participating in the share-based capital stock is limited to their share capital (limited shareholders).
has the option or the obligation to defer the interest payments. A cash flowcash flow
Inflows and outflows of cash and cash equivalents divided within the statement of cash flows into cash flows from ordinary activities, from investing and acquisition activities, and from financing activities.
event is deemed to have occurred if the adjusted cash flowcash flow
Inflows and outflows of cash and cash equivalents divided within the statement of cash flows into cash flows from ordinary activities, from investing and acquisition activities, and from financing activities.
from operating activities is below a certain percentage of the net liabilities (20 percent for optional interest deferral, 15 percent for mandatory interest deferral); see Section 3 (4) of the bond terms and conditions for more details. On the basis of the cash flowcash flow
Inflows and outflows of cash and cash equivalents divided within the statement of cash flows into cash flows from ordinary activities, from investing and acquisition activities, and from financing activities.
calculated at December 31, 2013, the percentage was 123.11 percent (previous year: 70.56 percent).

The US dollar liabilities of Henkel of America, Inc., Wilmington, USA, in the amount of 1,340 million euros are set off against the deposit of 1,302 million euros of Henkel US LLC, Wilmington, USA, and financial collateral of 60 million euros. The net amount of financial collateral shown in the statement of financial position under “Other financial assets” is 22 million euros.