AEG 21604 G Manual de usuario descargar pdf (Pagina 611)

F-370

Alcatel-Lucent has the right to convert the total outstanding amount of the loan, excluding accrued and unpaid

interest, into Ordinary C shares up to the maturity date of the loan instrument. The number of shares issued in the

event of conversion is determined by the principal amount of the note outstanding at the date of conversion di-

vided by a conversion price which is set at € 4.61. The conversion price would be adjusted in the event of,

among others, distributions of dividends, options or warrants at less than fair market value to Company stock-

holders or of the Company's assets. Alcatel-Lucent has no right to participate in capital increases of the Com-

pany.

On 30 December 2008, the Company notified Alcatel-Lucent of its intention to repay the Note Instrument. At 31

December 2008 the total amount due under the Note was € 15,449,000 representing a € 14,000,000 principal,

capitalised interest of € 989,000 and accrued interest of € 460,000. In January 2009 the Company paid all of the

accrued and capitalised interest due as at 25 January 2009. The principal amount together with interest accrued

since 25 January 2009 was paid on 31 March 2009. Following repayment of the Note and the waiver of liabilities

(see note 8), the Company has no further obligations to Alcatel-Lucent other than through normal trading.

The balance of € 243,000 on December 2007, due to Alcatel-Lucent represents the residual outstanding debt

balance based on the initial estimated debt balance on closing at 25 January 2005. Under the terms of the Settle-

ment Agreement dated 19 December 2008 between Alcatel-Lucent and the Company, Alcatel-Lucent has agreed

to waive this amount.

The Group has entered into financing agreements which provided for trade receivable financing facilities in

France, The Netherlands, Italy and Spain, up to a maximum of € 31,800,000 as at 31 December 2008. At 31

December 2008, an amount of € 13,037,000 invoices were pledged (2007 € 28,197,000). After deduction of a

reserve for default losses of € 1,347,000 (2007 € 6,196,000), the net amount financed amounted to € 11,690,000

at 31 December 2008 (2007 € 22,001,000).

On 2 July 2007, the Group entered into a secured short-term bridge facility agreement with a financial institution

maturing 30 June 2008. The agreement provided a maximum facility of € 15,000,000 bearing interest at Libor

plus 1.25%. Interest accrued and unpaid at 31 December 2007 amounted to € 69,000. The facility was secured by

a pledge on the shares of Power Supply Systems Holdings France SAS and on the shares of AEG Power Supply

Systems GmbH. The facility was repaid prior to the maturity date during 2008.

The various debt agreements contain restrictions on working capital, payments of cash dividends outside the

Group, restrict liens on assets and the sale of subsidiaries.

The aggregate maturities of long-term financial debt for each of the five years subsequent to 31 December 2008

are € 15,449,000 in 2009, € 19,000 in 2010, € 62,000 in 2011, € 62,000 in 2012 and € 601,000 in 2013.

The capital lease obligation in respect of the premises in Spain and which terminated in 2008 had the following

scheduled principal repayments:

2008

2007

€ 1,000

Capital lease short-term financial debt................................

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Capital lease long-term financial debt................................

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AEG 21604 G Manual de usuario Pagina 611

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