IN MILLIONS OF USD |
DEC 31, 2017 | DEC 31, 2016 | ||||||
| Bank debt (overdrafts) | – | 1.5 | ||||||
| Related party loans | 80.7 | – | ||||||
| Financial debt, short-term | 80.7 | 1.5 | ||||||
| Related party loans | 520.4 | 475.2 | ||||||
| Financial debt, long-term | 520.4 | 475.2 | ||||||
| Total | 601.1 | 476.7 | ||||||
| OF WHICH ARE | ||||||||
| Bank debt | – | 1.5 | ||||||
| Related party loans | 601.1 | 475.2 | ||||||
The related party long-term loans (refer to note 32) are denominated in USD and CAD. The interest rate for USD loans in 2017 was 5.9 % (2016: 5.9 %). The interest rate for CAD loans in 2017 was 3.9 %.
DETAILED CREDIT FACILITIES
Dufry, jointly with Hudson, negotiates and manages its key credit facilities centrally and then provides intercompany financing to its subsidiaries. Minor credit lines at local level are kept for practical reasons. Hudson’s credit lines are with Credit Agricole and Bank of America.
NET DEBT
IN MILLIONS OF USD |
CASH AND CASH EQUIVALENTS | FINANCIAL DEBT CURRENT | FINANCIAL DEBT NON-CURRENT | NET DEBT | ||||||||||||
| Balance at January 1, 2017 | 187.6 | 1.5 | 475.2 | 289.1 | ||||||||||||
| Cash flows from operating, financing and investing activities | (51.1 | ) | – | – | 51.1 | |||||||||||
| Repayments of financial debt | – | (21.5 | ) | (6.5 | ) | (28.0 | ) | |||||||||
| Loan from common control transaction | – | 103.1 | 51.6 | 154.7 | ||||||||||||
| Cash flow | (51.1 | ) | 81.6 | 45.1 | 177.8 | |||||||||||
| Currency translation adjustments | 0.9 | (2.4 | ) | 0.1 | (3.2 | ) | ||||||||||
| Non-cash movements | 0.9 | (2.4 | ) | 0.1 | (3.2 | ) | ||||||||||
| Balance at December 31, 2017 | 137.4 | 80.7 | 520.4 | 463.7 | ||||||||||||
IN MILLIONS OF USD |
CASH AND CASH EQUIVALENTS | FINANCIAL DEBT CURRENT | FINANCIAL DEBT NON-CURRENT | NET DEBT | ||||||||||||
| Balance at January 1, 2016 | 160.4 | 0.9 | 483.1 | 323.6 | ||||||||||||
| Cash flows from operating, financing and investing activities | 26.1 | – | – | (26.1 | ) | |||||||||||
| Repayments of financial debt | – | – | (7.3 | ) | (7.3 | ) | ||||||||||
| Loan from common control transaction | – | – | – | – | ||||||||||||
| Cash flow | 26.1 | – | (7.3 | ) | (33.4 | ) | ||||||||||
| Currency translation adjustments | 1.1 | 0.6 | (0.6 | ) | (1.1 | ) | ||||||||||
| Non-cash movements | 1.1 | 0.6 | (0.6 | ) | (1.1 | ) | ||||||||||
| Balance at December 31, 2016 | 187.6 | 1.5 | 475.2 | 289.1 | ||||||||||||
IN MILLIONS OF USD |
CASH AND CASH EQUIVALENTS | FINANCIAL DEBT CURRENT | FINANCIAL DEBT NON-CURRENT | NET DEBT | ||||||||||||
| Balance at January 1, 2015 | 104.5 | – | 473.6 | 369.1 | ||||||||||||
| Cash flows from operating, financing and investing activities | 54.5 | – | – | (54.5 | ) | |||||||||||
| Business combinations (acquisitions) | 4.3 | 1.0 | – | (3.3 | ) | |||||||||||
| Repayments of financial debt | – | 0.9 | (10.9 | ) | (10.0 | ) | ||||||||||
| Loan from common control transaction | – | – | – | – | ||||||||||||
| Cash flow | 58.8 | 1.9 | (10.9 | ) | (67.8 | ) | ||||||||||
| Currency translation adjustments | (2.9 | ) | (1.0 | ) | (0.1 | ) | 1.8 | |||||||||
| Non-cash movements | (2.9 | ) | (1.0 | ) | (0.1 | ) | 1.8 | |||||||||
| Other non-cash transactions * | – | – | 20.5 | 20.5 | ||||||||||||
| Balance at December 31, 2015 | 160.4 | 0.9 | 483.1 | 323.6 | ||||||||||||
* Related to the acquisition of the Nuance Group AG, (USA)