Important notice - Henkel

Transcrição

Important notice
THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE NON-US PERSONS OR
ADDRESSEES OUTSIDE OF THE US
IMPORTANT: You must read the following before continuing. The following disclaimer applies to the attached
Prospectus dated 4 November 2005 (the Prospectus) accessed from this page or otherwise received as a result of
such access and you are therefore advised to read this disclaimer page carefully before reading, accessing or
making any other use of the attached Prospectus. In accessing the attached Prospectus, you agree to be bound by
the following terms and conditions, including any modifications to them from time to time, each time you
receive any information from us as a result of such access.
NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR
SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT
BEEN, AND WILL NOT BE, REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED
(THE ‘‘SECURITIES ACT’’), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
OTHER JURISDICTION, AND, SUBJECT TO CERTAIN EXCEPTIONS, THE SECURITIES MAY NOT BE
OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
US PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT).
THE FOLLOWING PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER
PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING,
DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS
UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF
THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS.
Confirmation of your Representation: In order to be eligible to review this Prospectus or make an investment
decision with respect to the securities described herein, investors must not be a US Person (as defined in
Regulation S under the Securities Act). You have been sent the attached Prospectus on the basis that you have
confirmed to BNP Paribas, Deutsche Bank AG London Branch and UBS Limited, being the senders of the
attached, (i) that you and any customers that you represent are not US Persons, (ii) that the electronic mail (or
e-mail) address to which it has been delivered is not located in the United States of America, its territories and
possessions, any State of the United States or the District of Columbia (where ‘‘possessions’’ include Puerto
Rico, the US Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands) and
(iii) that you consent to delivery by electronic transmission.
You are reminded that the Prospectus has been delivered to you on the basis that you are a person into whose
possession the Prospectus may be lawfully delivered in accordance with the laws of jurisdiction in which you are
located and you may not, nor are you authorised to, deliver the Prospectus to any other person.
The materials relating to the offering do not constitute, and may not be used in connection with, an offer or
solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the
offering be made by a licensed broker or dealer and the underwriters or any affiliate of the underwriters is a
licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the underwriters or
such affiliate on behalf of the Issuer in such jurisdiction. The Prospectus may only be communicated to persons
in the United Kingdom in circumstances where section 21(1) of the Financial Services and Markets Act 2000
does not apply.
The Prospectus has been sent to you in an electronic form. You are reminded that documents transmitted via
this medium may be altered or changed during the process of electronic transmission and consequently none of
Banc of America Securities Limited, BNP Paribas, Deutsche Bank AG, London Branch, Dresdner Bank AG
London Branch and UBS Limited or any person who controls any of them or any director, officer, employee or
agent of any of them or affiliate of any such person accepts any liability or responsibility whatsoever in respect
of any difference between the Prospectus distributed to you in electronic format and the hard copy version
available to you on request from Banc of America Securities Limited, BNP Paribas, Deutsche Bank AG, London
Branch, Dresdner Bank AG London Branch and UBS Limited.
PROSPECTUS of 4 November 2005 (as amended pursuant to § 8 German Securities Prospectus Act)
8NOV200512452271
Henkel Kommanditgesellschaft auf Aktien
(Düsseldorf, Federal Republic of Germany)
g 1,300,000,000
Subordinated Fixed to Floating Rate Callable Bonds
due 2104
Issue Price: 99.735%
Henkel Kommanditgesellschaft auf Aktien (the Issuer or Henkel KGaA) will issue A 1,300,000,000 principal
amount of Subordinated Fixed to Floating Rate Callable Bonds (the Bonds) on November 25, 2005 at an issue
price of 99.735% of the principal amount of such Bonds. The Bonds will bear interest from and including
November 25, 2005 to but excluding November 25, 2015 at a rate of 5.375% per annum, payable annually in
arrears on November 25 in each year, commencing November 25, 2006. Thereafter, unless previously
redeemed, the Bonds will bear interest at the Euro-zone inter-bank offered rate for three-month Euro deposits
plus 1.85% plus a step-up of 1.00 percentage points, payable quarterly in arrears on February 25, May 25,
August 25 and November 25 in each year (each a Floating Rate Interest Payment Date).
In the case of a Cash Flow Event (as defined in ‘‘Terms and Conditions of the Bonds’’), the Issuer may defer the
payment of the interest amount in its sole discretion. In the case of a Mandatory Cash Flow Event (as defined in
‘‘Terms and Conditions of the Bonds’’), the Issuer shall defer the interest payment and must then elect not later
than five years after the deferral, either (a) Alternative Coupon Satisfaction Mechanism (ACSM) (as defined in
‘‘Terms and Conditions of the Bonds’’) or (b) Payment in Kind (as defined in ‘‘Terms and Conditions of the
Bonds’’) to satisfy its payment obligation. Such election is to be made in its sole discretion. If the chosen
alternative to satisfy bondholders fails, the relevant payment obligation of the Issuer shall be cancelled.
The Bonds will, unless otherwise redeemed, be redeemed on November 25, 2104.
The Bonds are redeemable in whole but not in part at the option of the Issuer on November 25, 2015 or any
Floating Rate Interest Payment Date thereafter at their principal amount plus any interest accrued until the
redemption date (exclusive) and all outstanding Arrears of Interest (as defined in ‘‘Terms and Conditions of the
Bonds’’) to the redemption date. The Issuer may also redeem the Bonds in whole but not in part at any time
before November 25, 2015 following a Tax Event or a Gross Up Event at their Early Redemption Amount (as
defined in ‘‘Terms and Conditions of the Bonds’’).
The obligations of the Issuer under the Bonds constitute unsecured and subordinated obligations of the Issuer
ranking ahead only of share capital and ranking pari passu among themselves and in the event of the
liquidation, dissolution, insolvency, composition or other proceedings for the avoidance of insolvency of the
Issuer ranking junior to all other present and future obligations of the Issuer, whether otherwise subordinated
(including any agreed subordination within the meaning of Section 39 (2) of the German Insolvency Code) or
unsubordinated, except as otherwise required by mandatory statutory law.
This Prospectus (the Prospectus) has been approved by the Federal Financial Supervisory Authority
(Bundesanstalt für Finanzdienstleistungsaufsicht; the BaFin) in Germany pursuant to § 13 (1) sentence 2 of the
German Securities Prospectus Act (Wertpapierprospektgesetz), which requires the scrutiny of the Prospectus in
relation to its completeness, coherance and comprehensibility. BaFin has provided the competent authorities in
the Grand Duchy of Luxembourg with a certificate of approval attesting that the Prospectus has been drawn up
in accordance with the German Securities Prospectus Act. Application will be made to list the Bonds on the
regulated market of the Luxembourg Stock Exchange.
Lead Managers and Bookrunners
BNP PARIBAS
Deutsche Bank
UBS Investment Bank
(Structuring Advisor)
Co-Managers
Banc of America Securities Limited
Dresdner Kleinwort Wasserstein
Table of Contents
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Summary of the Terms of the Bonds . . . . . . . . . . . . . . . . . .
Summary of the Description of the Issuer . . . . . . . . . . . . . .
Summary of Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . .
Risk Factors in respect of the Issuer . . . . . . . . . . . . . . . .
Risk Factors in respect of the Bonds . . . . . . . . . . . . . . . .
German Translation of the Summary . . . . . . . . . . . . . . . . . . .
Zusammenfassung der Bedingungen der Schuldverschreibungen
Zusammenfassung der Emittentenbeschreibung . . . . . . . . . . .
Zusammenfassung der Risikofaktoren . . . . . . . . . . . . . . . . .
Risikofaktoren bezüglich der Emittentin . . . . . . . . . . . . . .
Risikofaktoren bezüglich der Schuldverschreibungen . . . . . .
French Translation of the Summary . . . . . . . . . . . . . . . . . . . .
Résumé de Conditions générales relatives aux Obligations . . .
Résumé de la description de l’Émetteur . . . . . . . . . . . . . . . .
Résumé des facteurs de risque . . . . . . . . . . . . . . . . . . . . . .
Facteurs de risques relatifs à l’Emetteur . . . . . . . . . . . . . .
Facteurs de risques relatifs aux Obligations . . . . . . . . . . . .
Italian Translation of the Summary . . . . . . . . . . . . . . . . . . . .
Sintesi dei termini e condizioni delle Obbligazioni . . . . . . . . .
Descrizione sintetica dell’Emittente . . . . . . . . . . . . . . . . . . .
Sintesi dei Fattori di Rischio . . . . . . . . . . . . . . . . . . . . . . .
Fattori di rischio relativi all’Emittente . . . . . . . . . . . . . . .
Fattori di rischio relativi al le Obbligazioni . . . . . . . . . . . .
Dutch Translation of the Summary . . . . . . . . . . . . . . . . . . . .
Samenvatting van de Obligatievoorwaarden . . . . . . . . . . . . .
Samenvatting van de beschrijving van de Emittent . . . . . . . . .
Samenvatting van Risicofactoren . . . . . . . . . . . . . . . . . . . .
Risicofactoren met betrekking tot de Emittent . . . . . . . . . .
Risicofactoren met betrekking tot de Obligaties . . . . . . . . .
Spanish Translation of the Summary . . . . . . . . . . . . . . . . . . .
Resumen de las condiciones de los Bonos . . . . . . . . . . . . . .
Resumen de la descripción del Emisor . . . . . . . . . . . . . . . .
Resumen de Factores de Riesgo . . . . . . . . . . . . . . . . . . . . .
Factores de riesgo en relación con el Emisor . . . . . . . . . . .
Factores de riesgo en relación con los Bonos . . . . . . . . . . .
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk Factors in respect of the Issuer . . . . . . . . . . . . . . . . . .
Risk Factors in respect of the Bonds . . . . . . . . . . . . . . . . . .
Notice and General Information . . . . . . . . . . . . . . . . . . . . . .
Terms and Conditions of the Bonds . . . . . . . . . . . . . . . . . . . .
§ 1 Currency, Denomination, Form, Certain Definitions . . . .
§ 2 Subordinated Status . . . . . . . . . . . . . . . . . . . . . . . . .
§ 3 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
§ 4 Redemption and Purchase . . . . . . . . . . . . . . . . . . . . .
§ 5 Paying Agents and Calculation Agent . . . . . . . . . . . . .
§ 6 Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
§ 7 Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
§ 8 Presentation Period . . . . . . . . . . . . . . . . . . . . . . . . .
§ 9 Events of Default . . . . . . . . . . . . . . . . . . . . . . . . . .
§ 10 Substitution . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
§ 11 Further Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . .
§ 12 Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
§ 13 Applicable Law, Place of Jurisdiction and Enforcement .
§ 14 Language . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Description of the Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . .
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Documents Incorporated by Reference . . . . . . . . . . . . . . . . . .
German Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subscription and Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Responsibility Statement . . . . . . . . . . . . . . . . . . . . . . . . . . .
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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4
4
8
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100
101
102
104
107
108
3
Summary
The following constitutes the summary (the Summary) of the essential characteristics of, and risks associated
with, the Issuer and the Bonds. This Summary should be read as an introduction to this Prospectus. It does not
purport to be complete and is taken from, and is qualified in its entirety by, the remainder of this Prospectus,
including the documents incorporated by reference. Any decision by an investor to invest in the Bonds should be
based on consideration of this Prospectus as a whole. Where a claim relating to the information contained in
this Prospectus is brought before a court in a member state of the European Economic Area, the plaintiff
investor may, under the national legislation of such court, have to bear the costs of translating the Prospectus
before the legal proceedings are initiated. No civil liability will attach to the Responsible Person (as defined in
‘‘Responsibility Statement’’ on page 107) in any such member state solely on the basis of this Summary,
including any translation thereof, unless it is misleading, inaccurate or inconsistent when read together with the
other parts of this Prospectus.
Words and expressions defined in ‘‘Terms and Conditions of the Bonds’’ on pages 59 et sequitur shall have the
same meanings in this Summary.
SUMMARY OF THE TERMS OF THE BONDS
Issuer:
Principal Amount:
A 1,300,000,000
Lead Managers:
UBS Limited, London
BNP Paribas
Deutsche Bank AG, London Branch
Principal Paying Agent:
Deutsche Bank Aktiengesellschaft
Issue Price:
99.735%
Denomination:
The Bonds will be issued in a denomination of A 1,000 each.
Form of the Bonds:
The Bonds are in bearer form and will initially be represented by a
Temporary Global Bond without interest coupons which will be deposited
with a common depositary for Clearstream Banking, société anonyme,
Luxembourg, and Euroclear Bank S.A./N.V. as operator of the Euroclear
System. The Temporary Global Bond will be exchangeable for a
Permanent Global Bond without interest coupons not earlier than 40 and
not later than 180 days after the issue of the Temporary Global Bond upon
certification as to non-U.S. beneficial ownership in accordance with the
rules and operating procedures of the Clearing System. Payments on the
Temporary Global Bond will only be made against presentation of such
certifications. No definitive securities or interest coupons will be issued.
Maturity:
November 25, 2104.
Early Redemption:
The Bonds are redeemable in whole but not in part at the option of the
Issuer on November 25, 2015 or any Floating Rate Interest Payment Date
thereafter at their principal amount plus any interest accrued until the
redemption date (exclusive) and all outstanding Arrears of Interest to the
redemption date. The Issuer may also redeem the Bonds in whole but not
in part at any time before November 25, 2015 following a Tax Event or a
Gross Up Event at their Early Redemption Amount.
Fixed to Floating Interest:
The Bonds will bear interest from and including the Issue Date to but
excluding November 25, 2015 at a fixed rate of 5.375% per annum on
their aggregate principal amount, payable annually in arrears on
November 25 of each year, commencing on November 25, 2006.
Thereafter, unless previously redeemed, the Bonds will bear floating
4
Summary
interest at the Euro-zone inter-bank offered rate for three-month Euro
deposits plus 1.85% plus a step-up of 1.00 percentage points, payable
quarterly in arrears on February 25, May 25, August 25 and November 25
in each year.
Optional Interest Deferral:
In the case of a Cash Flow Event, the Issuer may defer the payment of the
interest amount on such Interest Payment Date in its sole discretion. Any
such non paid interest constitutes Arrears of Interest. The Issuer is obliged
to pay the Arrears of Interest (in whole but not in part) which have been
deferred on a particular Optional Interest Payment Date on a later Interest
Payment Date falling no later than the fifth anniversary of that earlier
Optional Interest Payment Date, or, if such events occur before the fifth
anniversary, within 12 months if (i) a dividend, other distribution of any
sort or payment was resolved on in respect of any class of shares of the
Issuer at a General Meeting after that Optional Interest Payment Date;
(ii) a dividend, other distribution of any sort or payment was resolved on,
paid or made in respect of any Junior Security or Parity Security; or (iii) the
Issuer has repurchased or otherwise acquired, or caused another Group
Company to repurchase or otherwise acquire any of the Bonds (in whole or
in part), any Parity Security or any Junior Security for any consideration,
except by conversion into or exchange for ordinary shares and except for a
share buyback pursuant to the stock incentive plan for the management; or
on the due date for redemption of the Bonds.
In the event of the liquidation, dissolution, insolvency, composition or
other proceedings for the avoidance of insolvency of the Issuer before such
fifth anniversary, any bondholder shall have a direct claim against the
Issuer to receive the pro rata Arrears of Interest allocated to it. Such claim
shall constitute an unsecured and subordinated obligation of the Issuer
ranking pari passu with the Bonds.
Mandatory Interest Deferral:
In the case of a Mandatory Cash Flow Event, the Issuer shall defer the
payment of the Deferred Interest Payment on such Interest Payment Date
and must then elect a) within 12 months if (i) a dividend, other distribution
of any sort or payment was resolved on in respect of any class of shares of
the Issuer at a General Meeting after the Interest Payment Date on which a
Mandatory Cash Flow Event exists; (ii) a dividend, other distribution of
any sort or payment was resolved on, paid or made in respect of any Junior
Security or Parity Security; or (iii) the Issuer has repurchased or otherwise
acquired, or caused another Group Company to repurchase or otherwise
acquire any of the Bonds (in whole or in part), any Parity Security or any
Junior Security for any consideration, except by conversion into or
exchange for ordinary shares and except for a share buyback pursuant to
the stock incentive plan for the management; and b) not later than five
years after the Interest Payment Date on which a Mandatory Cash Flow
Event exists, either (a) Alternative Coupon Satisfaction Mechanism
(ACSM) or (b) Payment in Kind to satisfy its Deferred Interest Payment
obligation. Such election is to be made in its sole discretion. If and to the
extent the chosen alternative to satisfy bondholders fails, the relevant
Deferred Interest Payment obligation of the Issuer shall be cancelled.
ACSM means that the Issuer (or an agent on its behalf) sells Preferred
Shares (Vorzugsaktien; non-voting listed shares pursuant to Section 139 of
the German Stock Corporation Act) on a stock exchange chosen by the
Issuer in its sole discretion, subject to conditions as set out in the Terms and
Conditions of the Bonds.
Payment in Kind means that the Issuer, in lieu of a payment in cash (‘‘an
Erfüllungs statt’’, Section 364 (1) German Civil Code) issues Further
Bonds to the bondholders which shall have an aggregate principal amount
5
Summary
or a Market Value (whichever is greater) of at least the relevant Deferred
Interest Payment, subject to conditions as set out in the Terms and
Conditions of the Bonds.
In the event of the liquidation, dissolution, insolvency, composition or
other proceedings for the avoidance of insolvency of the Issuer before the
election of Payment in Kind or ACSM is made, any bondholder shall have
a direct claim against the Issuer to receive the pro rata Deferred Interest
Payment amount allocated to it. Such claim shall constitute an unsecured
and subordinated obligation of the Issuer ranking pari passu with the
Bonds to the extent such claim would otherwise have been satisfied by
ACSM (taking only into account the calculatory Cap as of the date of
initiation of the above proceedings). The remaining amount shall rank
junior to the Bonds and ahead only of share capital.
Taxation:
All payments in respect to the Bonds (if in cash or in kind) will be made free
and clear of, and without deduction or withholding at source for or on
account of any present or future taxes, duties, assessments or
governmental charges of any nature whatsoever imposed, levied, withheld,
assessed or collected by or on behalf of Federal Republic of Germany or by
or on behalf of any political subdivision or authority thereof having power
to tax, unless such deduction or withholding is required by law. In such
event, the Issuer shall pay such additional amounts necessary for the
bondholders to receive net amounts after such deduction or withholding,
which are equal to the amounts which would have been received by them
without such deduction or withholding, subject to customary exceptions
as set out in the Terms and Conditions of the Bonds.
Status of the Bonds:
The obligations of the Issuer under the Bonds constitute unsecured and
subordinated obligations of the Issuer ranking ahead only of share capital
and ranking pari passu among themselves and in the event of the
liquidation, dissolution, insolvency, composition or other proceedings for
the avoidance of insolvency of the Issuer ranking junior to all other present
and future obligations of the Issuer, whether otherwise subordinated
(including any agreed subordination within the meaning of Section 39 (2)
of the German Insolvency Code) or unsubordinated, except as otherwise
required by mandatory statutory law. In the event of the liquidation,
dissolution, insolvency, composition or other proceedings for the
avoidance of insolvency of the Issuer, the obligations of the Issuer under
the Bonds will be subordinated to the claims of all unsubordinated and
subordinated creditors of the Issuer so that in any such event no amounts
shall be payable in respect of the Bonds until the claims of all
unsubordinated and otherwise subordinated creditors of the Issuer shall
have first been satisfied in full.
Replacement Capital:
It is the intention of the Issuer that the Bonds will constitute permanent
funding of the Issuer’s group. Accordingly, the Issuer intends to redeem the
Bonds with proceeds raised through the issuance of common shares and/or
preferred shares by the Issuer or through the issuance of New Securities,
either by the Issuer itself or a Group Company, within a period of 6 months
prior to the redemption date of the Bonds. The New Securities shall (a)
have a maturity of at least 99 years, rank pari passu with the Bonds and
have equal or greater equity credit characteristics; (b) not be redeemable
prior to expiration of five years (if the New Securities do not contain a
step-up) or expiration of ten years of their issue date (if the New Securities
contain a step-up), other than for tax reasons; (c) permit the Issuer in their
terms to defer interest payments in the same or a similar manner as under
the Bonds to achieve the required equity credit; and (d) contain an identical
capital replacement provision (to the extent that the New Securities are
6
Summary
redeemable if the interest rate on the New Securities increases during their
duration).
Negative Pledge:
The Terms and Conditions of the Bonds do not contain a negative pledge
provision.
Cross Default:
The Terms and Conditions of the Bonds do not contain a cross default
clause of the Issuer.
Listing:
Application has been made for listing of the Bonds on the regulated market
of the Luxembourg Stock Exchange.
Governing Law:
The Bonds will be governed by German law.
Selling Restrictions:
There will be specific restrictions on the offer and sale of Bonds and the
distribution of offering materials in the European Economic Area, the
United States of America, the United Kingdom of Great Britain and
Northern Ireland, Luxembourg, France and Japan.
Jurisdiction:
Exclusive place of jurisdiction for any legal proceedings arising under the
Bonds is Düsseldorf, Federal Republic of Germany.
Clearance and Settlement:
The Bonds will be accepted for clearing through Clearstream Banking,
société anonyme, Luxembourg and Euroclear Bank S.A./N.V., as operator
of the Euroclear System
7
SUMMARY OF THE DESCRIPTION OF THE ISSUER
Description
The Issuer is the parent company of the Henkel group (the Henkel Group or Henkel). Its objects are the
manufacture and distribution of chemical products of all kinds, personal care products and cosmetics,
pharmaceutical products, food stuffs, packaging materials, technical equipment and installations, as well as the
acquisition of real estate including land for agricultural and forestry use.
The Issuer is incorporated under German law in the legal form of a partnership limited by shares
(Kommanditgesellschaft auf Aktien). It is registered in the commercial register Düsseldorf under HRB 4724; its
seat is Düsseldorf.
Principal business activities
Henkel’s principal activities comprise the production of home care and personal care products and adhesives,
sealants and surface treatments for consumer and industry customers. Divided by business segments the
product range encompasses: heavy-duty detergents, special detergents and household cleaners; hair cosmetics,
body, skin and oral care products, perfumes and fragrances; home decoration products, adhesives for home,
office and building purposes as well as system solutions in industrial and engineering adhesives, sealants and
surface technologies.
With 34% of total 2004 sales revenues, the Laundry & Home Care business is the most important business
sector in terms of sales revenues followed by Henkel Technologies with 26% of total sales revenues, Cosmetics/
Toiletries with 23% of total sales revenues, Consumer Adhesives with 14% and Corporate (i.e. sales and
services not relating to Henkel’s principal business activities) with 3% of total sales revenues.
In terms of operating profit (EBIT) the Laundry & Home Care business is also the most important business
sector accounting for 33% of 2004 EBIT (excluding Corporate). Henkel Technologies accounts for 26%,
Cosmetics/Toiletries for 25%, while Consumer Adhesives accounts for 16% of 2004 EBIT.
Selected financial information
For the year ended December 31, 2004 Henkel reported total sales of A 10,592 million, an operating profit
(after exceptional items) of A 1,920 million, and net earnings of A 1,736 million. As of December 31, 2004,
Henkel employed 51,200 people worldwide. Henkel’s activities in Europe/Africa/Middle East counted for 67%
of Henkel’s total sales in 2004, North America (United States and Canada) for 19%, Latin America for 4%, the
region Asia-Pacific for 7% and Corporate sales for 3% of the total sales.
December 31,
2004
December 31,
2003
10,592
800
1,920*
1,736
923
3,224***
13,138
4,604
26
9,436
710
706*
530
520
580****
9,362
3,386
21
September 30,
1-9 / 2005
September 30,
1-9 / 2004
in million g
Total sales . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating profit (EBIT) before exceptional items
Operating profit (EBIT) after exceptional items .
Net earnings . . . . . . . . . . . . . . . . . . . . . . . .
Cash flow from operating activities . . . . . . . . .
Free cash flow . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders’ equity including minority interests .
Contingent liabilities . . . . . . . . . . . . . . . . . . .
*
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8,886
7,871
861
568
607
184
14,127
5,453
*****
719**
543**
705
839
11,695
3,660
*****
Exceptional items in 2003: sale of participation in Wella, ‘‘Extended Restructuring’’ measures.
Exceptional items in 2004: exchange of investment in Clorox, impairment losses on goodwill, ‘‘Advanced Restructuring’’ measures.
In the figures per September 30, 2004 and September 30, 2005, exceptional items are not regarded.
**
For better comparability to the 2005 figures, EBIT/Net earnings figures per September 30, 2004 have been increased by the amount
of B 144 million of goodwill amortization which was originally charged in this period.
***
Excluding the proceeds from the exchange of the investment in Clorox and the repayment of the Cognis loan (‘‘Vendor note’’), the
free cash flow figure would have amounted to B 529 million.
****
Excluding the tax payments in respect of Cognis and the Wella disposal proceeds, the free cash flow figure would have amounted to
B 369 million.
***** Contingent liabilities are not specified in the quarterly reports.
8
SUMMARY OF RISK FACTORS
Risk factors in respect of the Issuer
Cyclicality may reduce the Issuer’s operating margins or cause operating losses
Several of the business sectors or parts thereof in which the Issuer operates are cyclical. Low periods in the
business cycles are characterized by decreasing prices and excess capacity.
Failure to develop new products and production technologies may harm the Issuer’s competitive position
The Issuer’s operating results significantly depend on the development of commercially viable new products and
production technologies. If the Issuer is unsuccessful in developing new products and production processes in
the future, the Issuer’s competitive position and operating results will be harmed.
Regulatory controls and changes in public policy may reduce the profitability of new or current products
The Issuer must comply with a broad range of regulatory controls on the testing, manufacturing and marketing
of many of the Issuer’s products. Stricter regulatory regimes could substantially delay the Issuer’s product
development or restrict the Issuer’s marketing and sales.
The Issuer’s operating margins may decrease if the Issuer is not able to pass increased raw material
prices on to customers or if prices for the Issuer’s products decrease faster than raw material prices
Significant variations in the cost and availability of raw materials (including packaging) may reduce the Issuer’s
operating results. The prices and availability of these raw materials vary with market conditions and may be
highly volatile.
Shortages or disruptions of supplies to customers due to unplanned capacity decreases, shutdowns of
production plants or business interruptions may reduce sales
Production at some of the Issuer’s manufacturing facilities or the supply of raw materials to them could be
adversely affected by technical failures, strikes, natural disasters, regulatory rulings, failure of IT-systems and
other factors. In particular, the Issuer’s Technologies business sector generally faces sophisticated production
processes that are more subject to disruption than is the case with other processes and therefore pose increased
risk of manufacturing problems, unplanned shutdowns and loss of products.
Ineffective patent and/or trademark protection for marketed products may result in loss of sales to
competing products
If a country in which the Issuer sells a substantial volume of an important product were to effectively invalidate
the Issuer’s patent or trademark rights in that product, the Issuer’s revenues could suffer.
Failure to compete successfully or integrate newly acquired businesses may cause a significant decrease
in sales and reduce the Issuer’s operating results
The Issuer operates in highly competitive industries. Actions of the Issuer’s competitors or actions of the
customers (such as pressure on the sales prices, de-listings or other actions) could reduce the Issuer’s
profitability and market share.
Risks from the handling of hazardous materials could negatively impact the Issuer’s operating results
The Issuer’s operations are subject to the operating risks associated with chemical manufacturing, including the
related risks associated with storage and transportation of raw materials, products and wastes. These operating
risks have the potential to cause personal injury, property damage and environmental contamination, and may
result in the shutdown of affected facilities and in business interruption and the imposition of civil or criminal
penalties, and negatively impact the reputation of the Issuer.
Environmental liabilities and compliance costs may have a negative effect on the Issuer’s operating
results
The costs of environmental remediation obligations could reduce the Issuer’s operating results. Furthermore,
the Issuer is or may become involved in claims, lawsuits and administrative proceedings relating to
environmental matters. An adverse outcome in any of these might have a significant negative impact on the
Issuer’s operating results and reputation.
9
Product liability may have a negative impact on the Issuer’s operating results
The Issuer in general is exposed to the risk of product liability. Potential proceedings for claims alleging product
liability may significantly harm the Issuer’s reputation and, therefore, may cause loss of market share and loss of
operating profit.
Existing insurance coverage may turn out to be inadequate
The Issuer seeks to cover foreseeable risks through insurance coverage. Such insurance coverage, however, may
not fully cover the risks to which the Issuer is exposed.
Significant fluctuations in exchange rates affect the Issuer’s financial results
The Issuer conducts a significant portion of its operations outside the Euro zone. Fluctuations in currencies of
countries outside the Euro zone, especially the U.S. Dollar, can materially affect the Issuer’s revenue as well as
the Issuer’s operating results.
Changes in the assumptions underlying the Issuer’s provisions for pension and similar obligations may
cause increased cost for pension payments and cause additional provisions for pension and similar
obligations
The Issuer cannot assure that any future expenses or cash contributions that may become necessary under the
current or future financing of pension obligations will not have a material adverse effect on the Issuer’s financial
condition and results of operations.
Risk Factors in respect of the Bonds
An investment in the Bonds involves certain risks associated with the characteristics of the Bonds which could
lead to substantial losses the bondholders would have to bear in the case of selling their Bonds or with regard to
receiving interest payments.
Long-term securities
The Bonds will be redeemed on November 25, 2104. The Issuer is under no obligation to redeem the Bonds at
any time before this date. The bondholders have no right to call for their redemption.
Deferral of Interest
Bondholders should be aware that the Issuer under certain circumstances is under no obligation to pay interest
on the Bonds.
In the case of a Cash Flow Event (as set out in § 3 (5) of the Terms and Conditions), the Issuer may defer the
payment of the interest amount in its sole discretion. The Issuer has to make up such unpaid interest at the latest
on the fifth anniversary of the relevant Interest Payment Date on which no payment was made due to a Cash
Flow Event.
In the case of a Mandatory Cash Flow Event (as set out in § 3 (5) of the Terms and Conditions), the Issuer shall
defer the interest payment and must then elect not later than five years after the deferral, either (a) Alternative
Coupon Satisfaction Mechanism (ACSM) (as set out in § 3 (6) of the Terms and Conditions) or (b) Payment in
Kind (as set out in § 3 (6) of the Terms and Conditions) to satisfy its payment obligation. Such election is to be
made in its sole discretion. If the chosen alternative to satisfy bondholders fails, the relevant payment obligation
of the Issuer shall be cancelled.
Subordination
The payment obligations of the Issuer under or in connection with the Bonds constitute subordinated
obligations of the Issuer. In any insolvency proceedings of the Issuer, the bondholders may recover
proportionately less than the holders of unsubordinated and other subordinated liabilities of the Issuer.
No Limitation on Issuing Debt
There is no restriction on the amount of debt which the Issuer may issue which ranks senior to the obligations
under or in connection with the Bonds or on the amount of debt which the Issuer may issue which ranks equal to
the obligations under or in connection with the Bonds.
10
No Prior Market for the Bonds/Liquidity Risk
There is currently no secondary market for the Bonds. However, there can be no assurance that a secondary
market for the Bonds will develop or, if it develops, that it will continue. The possibility to sell the Bonds might
additionally be restricted by country specific reasons.
Fixed Rate Bonds/Floating Rate Bonds
Bondholders should be aware that movements of the market interest rate can adversely effect the price of the
Bonds and can lead to losses for the bondholders if they sell Bonds during the period in which the interest rate of
the Bonds is fixed. A holder of a bond with a floating interest rate is exposed to the risk of fluctuating interest
rate levels and uncertain interest income.
11
German Translation of the Summary
Zusammenfassung
Der folgende Abschnitt stellt die Zusammenfassung (die Zusammenfassung) der wesentlichen mit der
Emittentin und den Schuldverschreibungen verbundenen Merkmale und Risiken dar. Diese Zusammenfassung
ist als Einleitung zu diesem Prospekt zu verstehen. Sie erhebt keinen Anspruch auf Vollständigkeit, sondern ist
ein Auszug aus dem Prospekt und ist im Zusammenhang mit diesem zu lesen. Jeder Anlageentscheidung über
eine Investition in die Schuldverschreibungen sollte der Inhalt des gesamten Prospektes zugrunde gelegt werden.
Wenn in Bezug auf die Angaben in diesem Prospekt Klage vor einem Gericht in einem Mitgliedstaat des
Europäischen Wirtschaftsraumes erhoben wird, kann der klagende Anleger aufgrund einzelstaatlicher
Rechtsvorschriften, denen das Gericht unterliegt, die Kosten für eine Übersetzung des Prospekts vor
Prozessbeginn zu tragen haben. Die verantwortliche Person (wie in dem Abschnitt „Verantwortlichkeit’’
(„Responsibility Statement’’) auf Seite 107 definiert) unterliegt in einem solchen Mitgliedstaat keiner
zivilrechtlichen Haftung allein aufgrund dieser Zusammenfassung, einschließlich einer Übersetzung, es sei
denn, die Zusammenfassung ist irreführend, unrichtig oder mit anderen Teilen dieses Prospekts unvereinbar.
Worte und Begriffe, die im Abschnitt Anleihebedingungen der Schuldverschreibungen („Terms and Conditions
of the Bonds’’) auf den Seiten 59 ff. definiert sind, haben in dieser Zusammenfassung dieselbe Bedeutung.
ZUSAMMENFASSUNG DER BEDINGUNGEN DER SCHULDVERSCHREIBUNGEN
Emittentin:
Gesamtbetrag:
A 1.300.000.000
Lead Managers:
UBS Limited, London
BNP Paribas
Hauptzahlstelle:
Ausgabepreis:
99,735%
Stückelung:
Die Schuldverschreibungen haben eine Stückelung von jeweils A 1.000.
Form der
Schuldverschreibungen:
Die Schuldverschreibungen werden als Inhaberpapiere begeben und
werden zunächst in einer Vorläufigen Globalurkunde) ohne Zinsscheine
verbrieft, die bei einer gemeinsamen Verwahrstelle für Clearstream
Banking, société anonyme, Luxembourg, und Euroclear Bank S.A./N.V.,
als Betreiberin des Euroclear Systems, hinterlegt wird. Die Vorläufige
Globalurkunde wird nicht vor Ablauf von 40 und spätestens nach Ablauf
von 180 Tagen nach ihrer Begebung gegen Vorlage einer Bestätigung über
das Nichtbestehen wirtschaftlichen Eigentums im Sinne des US-Rechts
(non-U.S. beneficial ownership) gegen eine Dauer-Globalurkunde ohne
Zinsscheine nach den Regeln und dem Verfahren des Clearing Systems
ausgetauscht. Zahlungen auf die Vorläufige Globalurkunde erfolgen nur
gegen Vorlage einer solchen Bestätigung. Einzelurkunden oder Zinsscheine
werden nicht ausgegeben.
Endfälligkeit:
25. November 2104.
Vorzeitige Rückzahlung:
Die Schuldverschreibungen können am 25. November 2015 oder zu jedem
darauf folgenden Variablen Zinszahlungstag (insgesamt, jedoch nicht
teilweise) zu ihrem Nennbetrag zuzüglich sämtlicher am Rückzahlungstag
(ausschließlich desselben) ausstehender Zinsrückstände zurückgezahlt
werden. Die Emittentin kann die Schuldverschreibungen (insgesamt,
jedoch nicht teilweise) nach einem Steuerereignis oder einem Gross-upEreignis jederzeit vor dem 25. November 2015 zum Vorzeitigen
Rückzahlungsbetrag zurückzahlen.
12
Zusammenfassung
Fester/Variabler Zinssatz:
Fakultativer Aufschub der
Zinszahlungen:
Die Schuldverschreibungen werden ab dem Begebungstag (einschließlich)
bis zum 25. November 2015 (ausschließlich) mit jährlich 5,375% auf
ihren Gesamtnennbetrag fest verzinst. Zinsen sind jährlich nachträglich
am 25. November eines jeden Jahres, erstmals am 25. November 2006
fällig. Danach werden die Schuldverschreibungen, sofern sie nicht vorher
zurückgezahlt wurden, variabel verzinst mit dem Angebotssatz der Banken
im Interbankenmarkt der Euro-Zone für Dreimonats-Einlagen in Euro
zuzüglich 1,85% zuzüglich eines Aufschlags von 1,00 Prozentpunkten,
wobei die Zinsen vierteljährlich nachträglich am 25. Februar, 25. Mai,
25. August und 25. November eines jeden Jahres fällig sind.
Im Falle eines Cash Flow-Ereignisses kann die Emittentin die Zahlung der
an diesem Zinszahlungstag fälligen Zinsen in freiem Ermessen
aufschieben. Auf diese Weise nicht gezahlte Zinsen bilden Zinsrückstände.
Die Emittentin ist verpflichtet, die an einem bestimmten Fakultativen
Zinszahlungstag angefallenen Zinsrückstände (ganz, jedoch nicht
teilweise) an einem späteren Zinszahlungstag zu bezahlen, spätestens
jedoch an dem fünften Jahrestag dieses früheren Fakultativen
Zinszahlungstags oder, sollten diese Ereignisse vor dem fünften Jahrestag
eintreten, innerhalb von 12 Monaten, wenn (i) auf einer Ordentlichen
Hauptversammlung
der
Emittentin
nach
dem
Fakultativen
Zinszahlungstag für irgendeine Aktiengattung der Emittentin eine
Dividende, andere Ausschüttung oder Zahlung beschlossen wurde; (ii) für
Nachrangige Wertpapiere oder für Gleichrangige Wertpapiere eine
Dividende, andere Ausschüttung oder Zahlung beschlossen, gezahlt oder
vorgenommen wurde; oder (iii) die Emittentin selbst, oder auf
Veranlassung
der
Emittentin
eine
Konzerngesellschaft,
die
Schuldverschreibungen (ganz oder teilweise), Gleichrangige Wertpapiere
oder Nachrangige Wertpapiere gegen Gewährung einer Gegenleistung (mit
Ausnahme einer in der Wandlung in oder im Umtausch von Stammaktien
bestehenden Gegenleistung und mit Ausnahme eines Aktienrückkaufs, der
aufgrund des Aktien-Optionsprogramms für die Unternehmensleitung
erfolgt) zurückgekauft oder anderweitig erworben hat oder an dem Tag, an
dem die Schuldverschreibungen zurückgezahlt werden, je nachdem,
welches Ereignis früher eintritt.
Im Falle der Liquidation, der Auflösung oder der Insolvenz der Emittentin
oder eines Vergleichs oder eines anderen, der Abwendung der Insolvenz
der Emittentin dienenden Verfahrens vor diesem fünften Jahrestag wird
jedem Anleihegläubiger ein direkter Anspruch gegen die Emittentin auf
Erhalt der auf ihn entfallenden anteiligen Zinsrückstände eingeräumt.
Dieser Anspruch begründet eine unbesicherte und nachrangige
Verbindlichkeit der Emittentin, die mit den Schuldverschreibungen im
Rang gleich steht.
Zwingender Aufschub der
Zinszahlungen:
Im Falle eines Mandatory Cash Flow-Ereignisses wird die Emittentin die
an diesem Zinszahlungstag fälligen Zinsen aufschieben und ist dann
verpflichtet, a) innerhalb von 12 Monaten wenn (i) auf einer Ordentlichen
Hauptversammlung der Emittentin nach dem Zinszahlungstag, an dem ein
Mandatory Cash Flow Ereignis eintritt, für irgendeine Aktiengattung der
Emittentin eine Dividende, andere Ausschüttung oder Zahlung
beschlossen wurde; (ii) für Nachrangige Wertpapiere oder für
Gleichrangige Wertpapiere eine Dividende, andere Ausschüttung oder
Zahlung beschlossen, gezahlt oder vorgenommen wurde; oder (iii) die
Emittentin selbst, oder auf Veranlassung der Emittentin eine
Konzerngesellschaft, die Schuldverschreibungen (ganz oder teilweise),
Gleichrangige Wertpapiere oder Nachrangige Wertpapiere gegen
Gewährung einer Gegenleistung (mit Ausnahme einer in der Wandlung in
oder im Umtausch von Stammaktien bestehenden Gegenleistung und mit
Ausnahme eines Aktienrückkaufs, der aufgrund des Aktien-
13
Zusammenfassung
Optionsprogramms für die Unternehmensleitung erfolgt) zurückgekauft
oder anderweitig erworben hat; und b) spätestens fünf Jahre nach dem
Zinszahlungstag, an dem ein Mandatory Cash Flow-Ereignis vorlag,
zwischen der Erfüllung ihrer Verpflichtung, eine Aufgeschobene
Zinszahlung durch (a) Alternative Coupon Satisfaction-Mechanismus
(ACSM) oder (b) Sachleistung nachzuholen, zu wählen. Die Wahl steht im
freien Ermessen der Emittentin. Falls und soweit der gewählte Weg zur
ersatzweisen Befriedigung der Anleihegläubiger sich als undurchführbar
erweist, entfällt die entsprechende Verpflichtung der Emittentin zur
Zahlung der betroffenen Aufgeschobenen Zinszahlungen vollständig.
Bei dem Alternative Coupon Satisfaction-Mechanismus (ACSM) verkauft
die Emittentin (oder ein Beauftragter anstelle der Emittentin)
börsennotierte Vorzugsaktien ohne Stimmrecht gemäß § 139 Aktiengesetz
über eine in ihrem freien Ermessen gewählte Börse, vorbehaltlich der in
den Anleihebedingungen dieser Schuldverschreibungen festgelegten
Konditionen.
Bei der Sachleistung begibt die Emittentin an Erfüllungs statt (§ 364 (1)
Bürgerliches Gesetzbuch) Weitere Schuldverschreibungen an die
Anleihegläubiger mit einem Gesamtnennbetrag oder einem Marktwert
(wobei der höhere Wert ausschlaggebend ist), der mindestens der
Aufgeschobenen Zinszahlung entspricht, vorbehaltlich der in den
Anleihebedingungen
dieser
Schuldverschreibungen
festgelegten
Konditionen.
Im Fall der Liquidation, der Auflösung oder der Insolvenz der Emittentin
der Emittentin dienenden Verfahrens bevor die Wahl von Sachleistung
oder ACSM erfolgt, wird jedem Anleihegläubiger ein direkter Anspruch
gegen die Emittentin auf Erhalt der auf ihn entfallenden anteiligen
Aufgeschobenen Zinszahlung eingeräumt. Dieser Anspruch begründet
eine unbesicherte und nachrangige Verbindlichkeit der Emittentin, die mit
den Schuldverschreibungen im Rang gleich steht, soweit der Anspruch
sonst durch ACSM befriedigt worden wäre (wobei nur der rechnerische
Cap am Tag der Einleitung eines der obigen Verfahren zu berücksichtigen
ist). Der Restbetrag ist im Verhältnis zu den Schuldverschreibungen
nachrangig und nur gegenüber Aktienkapital vorrangig.
Steuern:
Rang der
Schuldverschreibungen:
14
Sämtliche Zahlungen in Bezug auf die Schuldverschreibungen (ob als
Geldleistung oder als Sachleistung) sind ohne Einbehalt oder Abzug
(einschließlich im Hinblick auf Quellensteuer) von oder aufgrund von
gegenwärtig oder zukünftig bestehenden Steuern, Abgaben, Festsetzungen
oder behördlichen Gebühren gleich welcher Art zu leisten, die von oder im
Auftrag der Bundesrepublik Deutschland oder von oder im Auftrag einer
ihrer
mit
dem
Recht
zur
Steuererhebung
versehenen
Gebietskörperschaften oder Behörden auferlegt, erhoben, eingezogen,
einbehalten oder festgesetzt werden, es sei denn, dieser Einbehalt oder
Abzug ist gesetzlich vorgeschrieben. In diesem Fall wird die Emittentin
diejenigen zusätzlichen Beträge bezahlen, die erforderlich sind, damit die
den Anleihegläubigern zufließenden Nettobeträge nach einem solchen
Einbehalt oder Abzug jeweils den Beträgen an Kapital und Zinsen
entsprechen, die ohne einen solchen Abzug oder Einbehalt von den
Anleihegläubigern empfangen worden wären, vorbehaltlich üblicher
Ausnahmen, die in den Anleihebedingungen dieser Schuldverschreibungen
beschrieben sind.
Die Schuldverschreibungen begründen unbesicherte und nachrangige
Verbindlichkeiten der Emittentin, die nur gegenüber Aktienkapital
vorrangig sind, untereinander im Rang gleich stehen und im Falle der
Liquidation, der Auflösung oder der Insolvenz der Emittentin oder eines
Vergleichs oder eines anderen, der Abwendung der Insolvenz der
Zusammenfassung
Emittentin dienenden Verfahrens gegenüber allen anderen bestehenden
und zukünftigen sonst nachrangigen (einschließlich auf Vereinbarung
beruhender Nachrangigkeit im Sinne von § 39 (2) Insolvenzordnung) und
nicht nachrangigen Verbindlichkeiten der Emittentin nachrangig sind,
soweit zwingende gesetzliche Bestimmungen nichts anderes vorschreiben.
Im Fall der Liquidation, der Auflösung oder der Insolvenz der Emittentin
der Emittentin dienenden Verfahrens gehen die Verbindlichkeiten der
Emittentin aus den Schuldverschreibungen im Rang den Ansprüchen aller
nicht nachrangigen und sonst nachrangigen Gläubiger nach, so dass
Zahlungen auf die Schuldverschreibungen erst dann erfolgen, wenn die
Ansprüche aller nicht nachrangigen und nachrangigen Gläubiger der
Emittentin vollständig befriedigt sind.
Ersatzkapital:
Nach Absicht der Emittentin sollen die Schuldverschreibungen dauerhafter
Bestandteil der Konzernfinanzierung der Emittentin sein. Die Emittentin
beabsichtigt
daher,
die
Schuldverschreibungen
aus
Erlösen
zurückzuzahlen, die aus der Begebung von Stammaktien und/oder
Vorzugsaktien durch die Emittentin oder aus der Begebung Neuer
Wertpapiere, entweder durch die Emittentin selbst oder durch eine
Konzerngesellschaft, innerhalb von 6 Monaten vor dem Rückzahlungstag
der Schuldverschreibungen stammen. Die Neuen Wertpapiere sollen
(a) eine Laufzeit von mindestens 99 Jahren haben, im gleichen Rang wie
die Schuldverschreibungen stehen und eine gleiche oder größere
Eigenkapitalcharakteristik aufweisen; (b) nicht vor Ablauf von fünf Jahren
(wenn sie keinen Aufschlag enthalten) oder nicht vor Ablauf von zehn
Jahren (wenn sie einen Aufschlag enthalten) nach Begebung kündbar sein,
es sei denn, die Kündigung erfolgt aus steuerlichen Gründen; (c) der
Emittentin in den Bedingungen ermöglichen, Zinszahlungen in der
gleichen oder einer ähnlichen Weise wie unter den Schuldverschreibungen
aufzuschieben, um die erforderliche Eigenkapitalbehandlung zu erreichen,
und (d) eine identische Kapitalersatzregelung enthalten (soweit die Neuen
Wertpapiere kündbar sind, wenn der Zinssatz während ihrer Laufzeit
steigt).
Negativerklärung:
Die Anleihebedingungen enthalten keine Negativerklärung.
Cross Default:
Die Anleihebedingungen enthalten keine Cross Default-Bestimmungen.
Börsenzulassung:
Die Zulassung der Schuldverschreibungen zum Handel im regulierten
Markt der Luxemburger Wertpapierbörse wurde beantragt.
Anwendbares Recht:
Die Schuldverschreibungen unterliegen deutschem Recht.
Verkaufsbeschränkungen:
Es wird Beschränkungen für das Angebot und den Verkauf der
Schuldverschreibungen und die Verteilung der Angebotsunterlagen im
Europäischen Wirtschaftsraum, in den Vereinigten Staaten von Amerika
und im Vereinigten Königreich, Luxemburg, Frankreich und Japan geben.
Gerichtsstand:
Ausschließlicher Gerichtsstand für sämtliche im Zusammenhang mit den
Schuldverschreibungen erwachsenden Klagen ist Düsseldorf, Deutschland.
Clearing und Abwicklung:
Die Schuldverschreibungen sind zum Clearing durch Clearstream Banking,
société anonyme, Luxembourg und Euroclear Bank S.A./N.V., als
Betreiberin des Euroclear Systems, zugelassen.
15
ZUSAMMENFASSUNG DER EMITTENTENBESCHREIBUNG
Beschreibung
Die Emittentin ist die Muttergesellschaft des Henkel-Konzerns (der Henkel-Konzern oder Henkel). Ihre Ziele
sind die Herstellung und der Vertrieb von chemischen Produkten aller Art, Körperpflegeprodukten und
Kosmetika, pharmazeutischen Produkten, Nahrungsmitteln, Verpackungsmaterialien, technischen Anlagen
und Installationen sowie der Erwerb von Immobilien einschließlich Boden für die land- und forstwirtschaftliche
Nutzung.
Die Emittentin ist nach deutschem Recht in der Rechtsform einer Kommanditgesellschaft auf Aktien gegründet.
Sie ist im Handelsregister Düsseldorf unter HRB 4724 eingetragen; ihr Sitz ist Düsseldorf.
Hauptgeschäftstätigkeiten
Die Hauptgeschäftsbereiche von Henkel umfassen die Herstellung von Haushaltspflege- und
Körperpflegeprodukten sowie von Klebstoffen, Dichtungsmitteln und Oberflächenbehandlungen für
Konsumenten und industrielle Kunden. Unterteilt nach Geschäftssegmenten umfasst die Produktpalette:
Vollwaschmittel, Spezialwaschmittel und Haushaltsreiniger; Haarpflegeprodukte, Körper-, Haut- und
Mundpflegeprodukte, Parfüme und Duftstoffe; Heimwerkerprodukte, Klebstoffe für Heim, Büro und Bau
sowie Systemlösungen im Bereich industrieller und technischer Klebstoffe, Dichtungsmittel und
Oberflächentechniken.
Mit 34% des Gesamtumsatzerlöses 2004 ist der Geschäftsbereich Wasch- und Reinigungsmittel hinsichtlich der
Umsatzerlöse das wichtigste Geschäftssegment, gefolgt von Henkel Technologies mit 26% der
Gesamtumsatzerlöse, Kosmetik/Körperpflege mit 23% der Gesamtumsatzerlöse, Klebstoffen für
Endverbraucher mit 14% und Corporate (d. h. Verkauf und Services, die sich nicht auf die
Hauptgeschäftsbereiche von Henkel beziehen) mit 3% der Gesamtumsatzerlöse.
Hinsichtlich des Betriebsergebnisses (EBIT) ist das Segment Wasch- und Reinigungsmittel mit 33% des EBIT
2004 (ohne Corporate) ebenfalls der wichtigste Geschäftsbereich. Auf Henkel Technologies entfallen 26%, auf
Kosmetik/Körperpflege 25%, während auf Klebstoffe für Endverbraucher 16% des EBIT 2004 entfallen.
Ausgewählte Finanzinformationen
Für das am 31. Dezember 2004 abgelaufene Geschäftsjahr wies Henkel einen Gesamtumsatz von A10.592
Millionen, ein betriebliches Ergebnis (EBIT) nach Sondereinflüssen von A1.920 Millionen und ein
Jahresüberschuß von A1.736 Millionen aus. Am 31. Dezember 2004 beschäftigte Henkel weltweit 51.200
Mitarbeiter. Auf die Tätigkeiten von Henkel in Europa/Afrika/Nahost entfielen 67% des Gesamtumsatzes von
Henkel in 2004, auf Nordamerika (Vereinigte Staaten und Kanada) entfielen 19%, auf Lateinamerika 4%, auf
die Region Asien-Pazifik 7% und auf Corporate 3% des Gesamtumsatzes.
31. Dezember
2004
31. Dezember
2003
10.592
800
1.920*
1.736
923
3.224***
13.138
4.604
26
9.436
710
706*
530
520
580****
9.362
3.386
21
30. September
1-9 / 2005
30. September
1-9 / 2004
in Millionen g
Umsatzerlöse . . . . . . . . . . . . . . . . . . . . . . . . . .
Betriebliches Ergebnis (EBIT) vor Sondereinflüssen .
Betriebliches Ergebnis (EBIT) nach Sondereinflüssen
Jahresüberschuss/Dreivierteljahresüberschuss . . . . .
Cashflow aus laufender Geschäftstätigkeit . . . . . . .
Free Cashflow . . . . . . . . . . . . . . . . . . . . . . . . .
Aktiva insgesamt . . . . . . . . . . . . . . . . . . . . . . .
Eigenkapital mit Fremdanteilen . . . . . . . . . . . . . .
Eventualverbindlichkeiten aus Haftungsverhältnissen
*
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
8.886
7.871
861
568
607
184
14.127
5.453
*****
719**
543**
705
839
11.695
3.660
*****
Sondereinflüsse 2003: Verkauf der Beteiligung an Wella, Restrukturierungsmaßnahmen ‘‘Extended Restructuring’’.
Sondereinflüsse 2004: Tausch der Beteiligung an
Restrukturierungsmaßnahmen ‘‘Advanced Restructuring’’.
Clorox,
außerplanmäßige
Geschäftswertabschreibungen,
In den Zahlen 30. September 2004 und 30. September 2005 sind keine Sondereinflüsse berücksichtigt.
**
Die Zahlen zum betrieblichen Ergebnis (EBIT) und zum Jahresüberschuss zum 30. September 2004 enthalten einen Zuschlag von
B 144 Mio. Geschäftswertabschreibung, um bessere Vergleichbarkeit zu erzielen.
***
Bereinigt um den Erlös aus dem Tausch der Beteiligung an Clorox und die Rückzahlung des Cognis-Darlehens (‘‘Vendor Note’’)
hätte der Free Cashflow B 529 Mio. betragen.
****
Bereinigt um die Steuerzahlungen Cognis und den Wella-Erlös hätte der Free Cashflow B 369 Mio. betragen.
***** Eventualverbindlichkeiten aus Haftungsverhältnissen sind in den Quartalsberichten nicht enthalten.
16
ZUSAMMENFASSUNG DER RISIKOFAKTOREN
Risikofaktoren bezüglich der Emittentin
Konjunkturschwankungen können zu einer Verringerung der Gewinnspannen der Emittentin oder zu
Betriebsverlusten führen
Mehrere Geschäftsbereiche bzw. Teilgeschäftsbereiche, in denen die Emittentin tätig ist, unterliegen
konjunkturellen Schwankungen. In Phasen des Konjunkturabschwungs sind Preissenkungen und die
Entstehung von Überkapazitäten zu erwarten.
Das Versäumnis, neue Produkte und Produktionstechnologien zu entwickeln, kann die
Wettbewerbsposition der Emittentin schwächen
Das Betriebergebnis der Emittentin hängt wesentlich von der Entwicklung kommerziell erfolgreicher neuer
Produkte und Produktionstechnologien ab. Ist die Emittentin zukünftig in der Entwicklung neuer Produkte und
Produktionstechnologien nicht erfolgreich, so führt dies zu einer Schwächung ihrer Wettbewerbsposition und
wirkt sich nachteilig auf das Betriebsergebnis aus.
Aufsichtsrechtliche Vorgaben sowie Änderungen des ordre public können zu einer Verringerung der
Ertragskraft neuer oder bestehender Produkte führen
Die Emittentin muss bei der Prüfung, Herstellung und Vermarktung vieler ihrer Produkte zahlreiche
aufsichtsrechtliche Vorgaben einhalten. Strengere aufsichtsrechtliche Bestimmungen könnten die
Produktentwicklung der Emittentin wesentlich verzögern oder die Vermarktung und den Vertrieb von
Produkten der Emittentin einschränken.
Die Gewinnspannen der Emittentin können sich verringern, wenn die Emittentin nicht in der Lage ist,
gestiegene Rohstoffpreise an die Kunden weiterzugeben oder wenn die Preise für die Produkte der
Emittentin schneller sinken als die Rohstoffpreise
Beträchtliche Schwankungen der Kosten für Rohstoffe (einschließlich Verpackungsmaterialien) sowie in deren
Verfügbarkeit können das Betriebsergebnis der Emittentin schmälern. Die Preise sowie die Verfügbarkeit dieser
Rohstoffe schwanken je nach Marktlage, wobei diese Schwankungen unter Umständen sehr stark sein können.
Ausfälle oder Unterbrechungen in der Belieferung der Kunden aufgrund von unplanmäßigen
Kapazitätsverringerungen, Schließungen von Produktionsstätten oder Betriebsunterbrechungen können zu
rückläufigen Umsätzen führen
An einigen Produktionsstätten der Emittentin kann die Produktion oder die Belieferung mit Rohstoffen durch
technisches Versagen, Streiks, Naturkatastrophen, aufsichtsrechtliche Anordnungen, den Ausfall von
Computersystemen und andere Faktoren beeinträchtigt werden. Besonders im Technologie-Geschäftsbereich
der Emittentin sind die Produktionsprozesse in der Regel äußerst komplex und damit störungsanfälliger als
andere Prozesse, so dass hier in erhöhtem Maße mit Produktionsproblemen, unplanmäßigen
Anlagenschließungen und dem Verlust von Produkten gerechnet werden muss.
Unwirksamer Patent- bzw. Markenschutz für die vermarkteten Produkte kann dazu führen, dass die
Emittentin Umsätze an Wettbewerber verliert
Sollte in einem Land, in dem die Emittentin erhebliche Umsätze mit einem wichtigen Produkt erzielt, der Patentoder Markenschutz für dieses Produkt faktisch aufgehoben werden, könnte dies die Erträge der Emittentin
schmälern.
Ist die Emittentin nicht in der Lage, sich erfolgreich im Wettbewerb zu behaupten oder neu erworbene
Unternehmen zu integrieren, so kann dies zu erheblichen Umsatzeinbußen führen und das
Betriebsergebnis der Emittentin schmälern
Die Emittentin ist in sehr wettbewerbsintensiven Branchen tätig. Maßnahmen der Wettbewerber oder Kunden
der Emittentin (wie beispielsweise Preisdruck bei den Vertriebspreisen, die Streichung von Produkten aus dem
Produktangebot oder sonstige Maßnahmen) könnten die Ertragskraft der Emittentin und ihren Marktanteil
schmälern.
Mit der Verarbeitung von Gefahrstoffen verbundene Risiken können sich nachteilig auf das
Betriebsergebnis der Emittentin auswirken
Die Emittentin ist in ihrer Geschäftstätigkeit den mit der Produktion von Chemikalien verbundenen
Betriebsrisiken einschließlich der damit einhergehenden Risiken bei der Lagerung und dem Transport von
Rohstoffen, Produkten und Abfallstoffen ausgesetzt. Im Rahmen dieser Betriebsrisiken sind Personen- und
17
Sachschäden sowie Umweltverschmutzungen möglich, und es muss mit der Möglichkeit von Schließungen der
betroffenen Anlagen, Betriebsunterbrechungen oder der Verhängung von Buß- oder Strafgeldern sowie mit
nachteiligen Auswirkungen auf den Ruf der Emittentin gerechnet werden.
Die Haftung für Umweltschäden und die Kosten für die Einhaltung umweltrechtlicher Vorschriften
können sich nachteilig auf das Betriebsergebnis der Emittentin auswirken
Die Kosten im Zusammenhang mit der Verpflichtung zur Sanierung von Umweltschäden können sich nachteilig
auf das Betriebsergebnis der Emittentin auswirken. Darüber hinaus werden gegen die Emittentin in Bezug auf
Umweltangelegenheiten Ansprüche geltend gemacht sowie Gerichts- und Verwaltungsverfahren betrieben bzw.
können solche Ansprüche geltend gemacht oder Gerichts- oder Verwaltungsverfahren betrieben werden. Ein
negativer Ausgang dieser Verfahren könnte erhebliche nachteilige Auswirkungen auf das Betriebsergebnis und
den Ruf der Emittentin zur Folge haben.
Fälle von Produkthaftung können sich nachteilig auf das Betriebsergebnis der Emittentin auswirken
Die Emittentin ist generell dem mit der Produkthaftung verbundenen Risiko ausgesetzt. Mögliche Verfahren
wegen geltend gemachten Ansprüchen aus Produkthaftung können sich wesentlich nachteilig auf den Ruf der
Emittentin auswirken und damit zum Verlust von Marktanteilen sowie zu einem Rückgang des Betriebsgewinns
führen.
Der bestehende Versicherungsschutz kann sich als unzureichend erweisen
Die Emittentin ist bestrebt, sich durch Versicherungen gegen vorhersehbare Risiken abzusichern. Dieser
Versicherungsschutz deckt unter Umständen jedoch nicht alle Risiken vollständig ab, denen die Emittentin
ausgesetzt ist.
Erhebliche Wechselkursschwankungen können sich nachteilig auf das finanzielle Ergebnis der Emittentin
auswirken
Die Emittentin betreibt einen wesentlichen Teil ihrer Geschäftstätigkeit außerhalb der Eurozone.
Kursschwankungen in den Währungen von Ländern außerhalb der Eurozone, insbesondere dem US-Dollar,
können sich wesentlich nachteilig auf die Einnahmen der Emittentin sowie auf ihr Betriebsergebnis auswirken.
Änderungen der den Rückstellungen der Emittentin für Pensionen und vergleichbare Verpflichtungen
zugrunde liegenden Annahmen können zu erhöhten Kosten für Pensionszahlungen führen und weitere
Rückstellungen für Pensionen und vergleichbare Verpflichtungen erforderlich machen
Die Emittentin kann nicht garantieren, dass zukünftige Aufwendungen oder Bareinlagen, die im Rahmen der
derzeitigen oder zukünftigen Finanzierung von Pensionsverpflichtungen unter Umständen erforderlich werden,
sich nicht wesentlich nachteilig auf die Vermögens- und Ertragslage der Emittentin auswirken werden.
Risikofaktoren bezüglich der Schuldverschreibungen
Eine Anlage in die Schuldverschreibungen ist aufgrund der Merkmale der Schuldverschreibungen mit
bestimmten Risiken verbunden, die zu erheblichen Verlusten führen könnten, die von den Anleihegläubigern bei
Verkauf ihrer Schuldverschreibungen oder bei Erhalt von Zinszahlungen zu tragen wären.
Langfristige Wertpapiere
Die Schuldverschreibungen werden am 25. November 2104 zurückgezahlt. Die Emittentin ist nicht verpflichtet,
die Schuldverschreibungen zu einem früheren Zeitpunkt zurückzuzahlen. Die Anleihegläubiger sind nicht
berechtigt, die Schuldverschreibungen zu kündigen.
Aufgeschobene Zinszahlung
Die Anleihegläubiger sollten sich bewusst sein, dass die Emittentin unter bestimmten Umständen nicht
verpflichtet ist, Zinsen auf die Schuldverschreibungen zu zahlen.
Im Fall eines Cash Flow-Ereignisses (wie in § 3 (5) der Anleihebedingungen beschrieben) kann die Emittentin
die Zahlung des Zinsbetrags in ihrem freien Ermessen aufschieben. Die Emittentin hat auf diese Weise nicht
gezahlte Zinsen spätestens am fünften Jahrestag des betreffenden Zinszahlungstags, an dem aufgrund eines
Cash Flow-Ereignisses keine Zahlung erfolgte, nachzuholen.
Im Falle eines Mandatory Cash Flow-Ereignisses (wie in § 3 (5) der Anleihebedingungen beschrieben) wird die
Emittentin die Zinszahlung aufschieben und ist dann verpflichtet, spätestens fünf Jahre nach dem Tag, an dem
18
die Zinszahlung aufgeschoben wurde, zwischen der Erfüllung ihrer Zahlungsverpflichtung durch (a) den
Alternative Coupon Satisfaction-Mechanismus (ACSM) (wie in § 3 (6) der Anleihebedingungen beschrieben)
oder (b) Sachleistung zu wählen. Diese Wahl steht im freien Ermessen der Emittentin. Falls der gewählte Weg zur
ersatzweisen Befriedigung der Anleihegläubiger sich als undurchführbar erweist, entfällt die entsprechende
Zahlungsverpflichtung der Emittentin.
Nachrangigkeit
Die Zahlungsverpflichtungen der Emittentin aus oder im Zusammenhang mit den Schuldverschreibungen
begründen nachrangige Verpflichtungen der Emittentin. Im Falle eines Insolvenzverfahrens betreffend die
Emittentin erhalten die Anleihegläubiger unter Umständen im Vergleich zu den Gläubigern nicht nachrangiger
oder anderer nachrangiger Verbindlichkeiten der Emittentin einen geringeren Anteil des angelegten Kapitals
zurück.
Keine Beschränkung hinsichtlich der Begebung weiterer Schuldtitel
Die Emittentin unterliegt keinerlei Beschränkungen im Hinblick auf die Höhe etwaiger von ihr neu zu
begebender Schuldtitel, die ihren Verpflichtungen aus oder im Zusammenhang mit den Schuldverschreibungen
im Rang vorgehen, oder im Hinblick auf die Höhe etwaiger von ihr neu zu begebender Schuldtitel, die mit ihren
Verpflichtungen aus oder im Zusammenhang mit den Schuldverschreibungen gleichrangig sind.
Kein bestehender Markt für die Schuldverschreibungen/Liquiditätsrisiko
Es besteht zur Zeit kein Sekundärmarkt für die Schuldverschreibungen. Es kann jedoch keine Garantie dafür
gegeben werden, dass sich ein Sekundärmarkt für die Schuldverschreibungen entwickeln wird bzw. dass ein
solcher Markt, sollte er sich entwickeln, bestehen bleiben wird. Die Möglichkeit, die Schuldverschreibungen zu
verkaufen, kann darüber hinaus auch länderspezifisch beschränkt sein.
Festverzinsliche Schuldverschreibungen/Variabel verzinsliche Schuldverschreibungen
Die Anleihegläubiger sollten sich bewusst sein, dass Schwankungen des Marktzinssatzes sich nachteilig auf die
Entwicklung des Preises der Schuldverschreibungen auswirken und für die Anleihegläubiger zu Verlusten führen
können, wenn diese die Schuldverschreibungen während der Festzinsperiode verkaufen. Der Gläubiger einer
variabel verzinslichen Schuldverschreibung ist dem Risiko schwankender Zinsniveaus und unsicherer
Zinserträge ausgesetzt.
19
Résumé
Ce texte (ci-après le Résumé) résume les principales caractéristiques de l’Émetteur et des Obligations, ainsi que
des risques qui leur sont associés. Ce Résumé doit être lu comme une introduction au présent Prospectus. Il n’a
pas la prétention d’être complet, et est extrait, et dépend entièrement, du reste du présent Prospectus, y compris
les documents incorporés par référence. Tout investisseur désireux d’investir dans les Obligations doit baser sa
décision sur l’étude du présent Prospectus dans son ensemble. Lorsqu’une action fondée sur les informations
contenues dans le présent Prospectus est intentée devant un tribunal d’un État membre de l’Espace Économique
Européen, il est possible que la législation nationale du tribunal concerné oblige le demandeur à assumer les
frais de traduction du Prospectus avant le début de la procédure judiciaire. La responsabilité civile de la
personne responsable (définie comme telle dans la section «Déclaration de Responsabilité» à la page 107) dans
l’État membre concerné ne sera en aucun cas engagée sur la base de ce seul Résumé, y compris toute traduction
de celui-ci, sauf s’il s’avère trompeur, inexact ou contradictoire par rapport aux autres parties du présent
Prospectus.
Les mots et expressions définis dans les «Modalités des Obligations» (Terms and Conditions of the Bonds) aux
pages 59 et suivantes auront la même signification dans le présent Résumé.
RÉSUMÉ DES CONDITIONS GÉNÉRALES RELATIVES AUX OBLIGATIONS
Émetteur:
Montant en principal:
1 300 000 000 d’euros
Chefs de File:
UBS Limited, Londres
BNP Paribas
Agent Financier:
Prix d’Emission:
99,735%
Valeur Nominale:
Les Obligations seront émises pour une valeur nominale de 1 000 A
chacune.
Forme des Obligations:
Les Obligations sont au porteur et seront initialement représentées par une
Obligation Globale Temporaire sans coupons d’intérêt, qui sera déposée
auprès d’un dépositaire commun pour Clearstream Banking, société
anonyme, Luxembourg, et Euroclear Bank S.A./N.V, en tant qu’opérateurs
du Système Euroclear. L’Obligation Globale Temporaire pourra être
échangée contre une Obligation Globale Permanente sans coupons
d’intérêt, au plus tôt 40 jours et au plus tard 180 jours suivant l’émission
de l’Obligation Globale Temporaire, après certification que le propriétaire
effectif n’est pas un ressortissant des Etats-Unis d’Amérique,
conformément aux règles et procédure d’exploitation du Système de
Compensation. Les paiements relatifs à l’Obligation Globale Provisoire ne
seront effectués que sur présentation de telles certifications. Il ne sera pas
émis des titres ou de coupons d’intérêts définitifs.
Échéance:
25 novembre 2104.
Remboursement Anticipé:
Les Obligations seront remboursables intégralement, mais non
partiellement, le 25 novembre 2015 ou à toute Date de Paiement d’Intérêt
Variable après cette date, au choix de l’Émetteur, à leur valeur nominale,
majorée des intérêts courus jusqu’à la date de remboursement (exclue) et
de tous les arriérés d’intérêts en souffrance jusqu’à la date de
remboursement. L’Émetteur est également autorisé à rembourser les
Obligations entièrement, mais non partiellement, à tout moment avant le
20
Résumé
25 novembre 2015 suite à un Evènement de Fiscalité (Tax Event) ou
Evènement de Majoration (Gross-Up Event).
Intérêt fixe à variable:
Report Optionnel de Paiement
d’Intérêt:
Les Obligations porteront intérêt à compter de la Date d’Emission (incluse)
jusqu’au 25 novembre 2015 (exclu) à un taux annuel fixe de 5,375% de
leur valeur nominale totale, payable annuellement à terme échu le
25 novembre de chaque année, à compter du 25 novembre 2006. Après
cette date, sauf remboursement antérieur, les Obligations porteront intérêt
variable au taux interbancaire proposé dans la zone Euro pour les dépôts
de trois mois en euros, majorés de 1,85% et d’un coupon progressif
multiple de 1%, payable trimestriellement à terme échu les 25 février,
25 mai, 25 août et 25 novembre de chaque année.
En cas d’Evènement de Flux de Trésorerie (Cash-Flow Event), l’Emetteur
est autorisé, à une Date de Paiement d’Intérêts, à reporter le paiement des
intérêts, à sa seule discrétion. Ces intérêts non payés constituent des
Arriérés d’Intérêts. L’Émetteur est tenu de payer (intégralement, mais non
partiellement) les Arriérés d’Intérêts qui ont été reportés lors d’une Date de
Paiement d’Intérêts Optionnel donnée à une Date de Paiement d’Intérêts
ultérieure située dans un délai maximal de cinq ans suivant cette première
Date de Paiement d’Intérêts Optionnel, ou, si de tels événements
surviennent avant le cinquième anniversaire, dans les 12 mois, si (i) un
dividende, tout autre type de distribution ou paiement a été décidé
concernant toute catégorie d’actions de l’Émetteur lors d’une Assemblée
Générale tenue après ladite Date de Paiement d’Intérêts Optionnel; (ii) un
dividende, tout autre type de distribution ou paiement a été décidé, payé ou
effectué concernant tout Titre de Second Rang (Junior Security) ou tout
Titre de Rang Paritaire (Parity Security); ou (iii) l’Émetteur a racheté ou
acquis de toute autre manière ou a fait racheter ou acquérir de toute autre
manière par une Société du Groupe tout ou partie des Obligations, tout
autre Titre de Rang Paritaire ou tout Titre de Second Rang, pour quelque
raison que ce soit, sauf conversion en, ou échange contre, des actions
ordinaires et sauf rachat d’actions suite à un plan d’intéressement (Stock
Incentive Plan) visant les dirigeants (management); ou à la date prévue de
remboursement des Obligations.
En cas de liquidation, dissolution, insolvabilité, concordat ou autre
procédure visant à éviter l’insolvabilité de l’Émetteur avant cette échéance
de cinq ans, tout titulaire d’Obligations aura une créance directe contre
l’Émetteur l’autorisant à recevoir le prorata des Arriérés d’Intérêts y
afférents. Une telle créance constituera un engagement non assorti de
sûreté et subordonné de l’Émetteur, venant au même rang que les
Obligations.
Report Obligatoire de Paiement
d’Intérêts:
En cas d’Evènement Impératif de Flux de Trèsorerie (Mandatory Cash
Flow Event), l’Émetteur devra, à la Date de Paiement d’Intérêts, reporter le
Paiement des Intérêts Reportés et devra alors choisir d’effectuer le
Paiement des Intérêts Reportés a) dans les 12 mois si (i) un dividende, tout
autre type de distribution ou paiement a été décidé concernant toute
catégorie d’actions de l’Émetteur lors d’une Assemblée Générale suivant
ladite Date de Paiement d’Intérêt à laquelle un Evènement Impératif de
Flux de Trésorerie est constaté; (ii) un dividende, tout autre type de
distribution ou paiement a été décidé, payé ou effectué concernant tout
Titre de Second Rang (Junior Security) ou tout Titre de Rang Paritaire
(Parity Security); ou (iii) l’Émetteur a racheté ou acquis de toute autre
manière ou a fait racheter ou acquérir de toute autre manière par une
Société du Groupe tout ou partie des Obligations, tout Titre de Rang
Paritaire ou tout Titre de Second Rang, pour quelque raison que ce soit,
21
Résumé
sauf conversion en, ou échange, contre des actions ordinaires et sauf rachat
d’actions suite à un plan d’intéressement (Stock Incentive Plan) visant les
dirigeants; et b) pas plus tard que cinq ans après la Date de Paiement
d’Intérêt à laquelle un Evènement Impératif de Flux de Trésorerie est
constaté, soit (a) par un Mécanisme Alternatif de Paiement de Coupon
(Alternative Coupon Satisfaction Mechanism) (ACSM) soit (b) par un
Paiement en Nature. Ce choix est laissé à son entière discrétion. Si et dans
la mesure où l’alternative choisie pour payer les titulaires d’Obligations
échoue, le Paiement des Intérêts Reportés concernés devra être annulé.
ACSM signifie que l’Émetteur (ou un agent en son nom) vend des Actions
Prioritaires (Vorzugsaktien; des actions cotées sans droit de vote, en vertu
de l’article 139 de la Loi Allemande relative aux Sociétés de Capitaux
(German Stock Corporation Act)) sur une bourse choisie par l’Émetteur, à
sa seule discrétion, sous réserve des modalités prévues dans les Modalités
des Obligations.
Paiement en Nature signifie qu’au lieu d’un paiement en numéraire («an
Erfüllungs statt», article 364 (1) du Code civil allemand) l’Émetteur émet
des Obligations Supplémentaires au bénéfice des titulaires des Obligations,
dont la valeur nominale totale ou la valeur de marché (la plus importante
des deux) équivaudra au moins au Paiement des Intérêts Reportés
concernés, sous réserve des modalités prévues dans les Modalités des
Obligations.
procédure visant à éviter l’insolvabilité de l’Émetteur avant le choix entre
le ACSM et le Paiement en Nature, tout titulaire d’Obligations aura une
créance directe contre l’Émetteur l’autorisant à recevoir au prorata le
montant du Paiement des Intérêts Reportés y afférents. Une telle créance
constituera un engagement non assorti de sûreté et subordonné de
l’Émetteur, venant au même rang que les Obligations dans la mesure où
ladite créance aurait été autrement acquittée par ACSM (en tenant compte
du Taux Plafond calculatoire à la date de début des procédures ci-dessus).
Le montant restant viendra à un rang inférieur aux Obligations et à un
rang supérieur uniquement aux actions.
Fiscalité:
Tout paiement relatif aux Obligations (en numéraire ou en nature) sera
effectué sans déduction ou retenue à la source pour ou au titre de tout
impôt, droit, taxe ou charge des pouvoirs publics, présent ou futur, de
toute nature, imposé, levé, retenu ou collecté par ou au nom de la
République Fédérale d’Allemagne, ou par ou au nom de toute subdivision
politique ou autorité de ce pays autorisée à prélever des impôts, à moins
qu’une telle déduction ou retenue ne soit légalement obligatoire. Dans cette
éventualité, l’Émetteur paiera ces montants supplémentaires nécessaires
pour permettre aux titulaires des Obligations de recevoir des montants
nets après ladite déduction ou retenue, qui seront égaux aux montants
qu’ils auraient reçu sans ladite déduction ou retenue, sous réserve des
exceptions courantes prévues aux Modalités des Obligations.
Statut des Obligations:
Les engagements de l’Émetteur au titre des Obligations constituent des
engagements non assortis de sûreté et subordonnés de l’Émetteur ayant un
rang supérieur uniquement aux actions, et venant au même rang sans
préférence entre eux et en cas de liquidation, dissolution, insolvabilité,
concordat ou autre procédure visant à éviter l’insolvabilité de l’Émetteur,
auront un rang inférieur à tous les autres engagements présents et futurs de
l’Émetteur, subordonnés (y compris toute subordination convenue au sens
de l’article 39 (2) du Code Allemand relatif à l’Insolvabilité (German
Insolvency Code) ou non, sauf dispositions légales impératives contraires.
22
Résumé
procédure visant à éviter l’insolvabilité de l’Émetteur, les engagements de
l’Émetteur relatifs aux Obligations seront subordonnés aux créances de
tous les créanciers non subordonnés et subordonnés de l’Émetteur de sorte
que, dans une telle éventualité, aucun montant ne sera payable au titre des
Obligations tant que les créances de tous les créanciers non subordonnés
ou subordonnés de l’Émetteur n’aient été d’abord entièrement
désintéressés.
Capital de Substitution:
L’intention de l’Émetteur est que les Obligations constitueront un
financement permanent de son groupe. En conséquence, l’Émetteur a
l’intention de rembourser les Obligations avec les produits de l’émission
par lui-même d’actions ordinaires et/ou privilégiées et/ou par l’émission de
Nouveaux Titres, soit par l’Émetteur lui-même soit par une Société du
Groupe, dans une période de six mois précédant la date de remboursement
des Obligations. Les Nouveaux Titres (a) auront une échéance d’au moins
99 ans, viendront au même rang que les Obligations et auront des
caractéristiques de valeur de capital égales ou supérieures; (b) ne pourront
être remboursés avant l’expiration d’une période de cinq ans (s’ils ne
comportent pas de coupons progressifs multiples) ou avant l’expiration
d’une période de dix ans à compter de leur date d’émission (s’ils
comportent des coupons progressifs multiples), autrement que pour des
motifs fiscaux; (c) autoriseront l’Émetteur selon leurs modalités à reporter
le paiement des intérêts de la même manière que les Obligations afin
d’obtenir la valeur de capital requise; et (d) comporteront une disposition
identique de substitution du capital (dans la mesure où ils sont
remboursables si le taux d’intérêt sur les Nouveaux Titres augmente
pendant leur durée).
Clause de sûreté Négative:
Les Modalités des Obligations ne prévoient pas de clause de sûreté
négative.
Clause de Défaut Croisé:
Les Modalités des Obligations ne prévoient pas de clause de défaut croisée
de l’Emetteur
Admission à la Négociation:
Une demande d’admission des Obligations à la négociation sur le marché
réglementé de la Bourse du Luxembourg a été déposée.
Droit Applicable:
Les Obligations seront régies par le droit allemand.
Restrictions de Vente:
L’offre et la vente d’Obligations ainsi que la distribution des documents
relatifs à l’offre seront soumises à des restrictions spécifiques dans l’Espace
Économique Européen, aux États-Unis d’Amérique, au Royaume-Uni, en
Irlande du Nord, au Luxembourg, en France et au Japon.
Juridiction:
Toute procédure judiciaire engagée au titre des Obligations sera soumise à
la juridiction exclusive du tribunal de Düsseldorf, en République Fédérale
d’Allemagne.
Règlement et Compensation:
Les Obligations pourront être compensées via Clearstream Banking,
société anonyme, Luxembourg et Euroclear Bank S.A./N.V, en tant
qu’opérateurs du système Euroclear.
23
RÉSUMÉ DE LA DESCRIPTION DE L’ÉMETTEUR
Description
L’Émetteur est la société-mère du groupe Henkel (le Groupe Henkel ou Henkel). Il a pour objet la fabrication et
la distribution de produits chimiques de toutes sortes, de produits de toilette et de cosmétiques, de produits
pharmaceutiques, d’aliments, de matériaux d’emballage, d’équipements et d’installations techniques ainsi que
l’acquisition d’immeubles, y compris des terrains destinés à un usage agricole et forestier.
L’Émetteur est une société en commandite par actions de droit allemand (Kommanditgesellschaft auf Aktien). Il
est immatriculé au registre du commerce de Düsseldorf sous le numéro HRB 4724; son siège social est à
Düsseldorf.
Principales activités commerciales
Les principales activités commerciales de Henkel recouvrent la production de produits d’entretien et de toilette,
de produits adhésifs, de mastics et de traitements de surfaces destinés aux consommateurs particuliers et
industriels. Répartie par branche d’activité, la gamme de produits recouvre: les détergents à capacité renforcée,
les détergents spécifiques et les produits d’entretien ménagers; les cosmétiques de soins du cheveu, les produits
de toilette corporelle, dermatologique et orale, ainsi que les parfums et fragrances; les produits de décoration
pour la maison, les produits adhésifs à usage des particuliers et du bâtiment (bureaux et immeubles), ainsi que
les solutions de système pour produits adhésifs industriels et d’ingénierie, technologies de surface et mastics.
Avec une part de 34% du produit total des ventes pour 2004, l’activité Lessives & Produits d’entretien est la plus
importante en terme de produit des ventes, suivie par Henkel Technologies qui représente 26% du produit total
des ventes, des Cosmétiques/Produits de toilette qui en représentent 23%, des Produits Adhésifs destinés aux
particuliers qui en représentent 14% et du Corporate (autrement dit les ventes et les services non directement
liés aux principales activités commerciales de Henkel) qui en représente 3%.
En terme de résultat d’exploitation (EBIT), l’activité Lessives & Produits d’entretien est la plus importante,
représentant 33% de l’EBIT pour 2004 (à l’exclusion du Corporate). Henkel Technologies représente 26%, les
Cosmétiques/Produits de toilette 25% et les produits adhésifs destinés aux particuliers représentent 16% de
l’EBIT pour 2004.
Sélection d’informations financières
Le 31 décembre 2004, Henkel a déclaré un total des ventes de 10 592 millions A, un résultat d’exploitation
(après résultat exceptionnel) de 1920 millions A et un bénéfice net de 1 736 millions A. Au 31 décembre 2004,
Henkel employait 51 200 personnes à travers le monde. Les activités de Henkel en Europe/en Afrique/et au
Moyen-Orient représentaient 67% du total des ventes de Henkel pour 2004, celles d’Amérique du Nord
(États-Unis et Canada) 19%, celles d’Amérique latine 4%, celles de la région de l’Asie Pacifique 7% et celles de
Corporate 3% du total des ventes.
31 décembre
2004
31 décembre
2003
10 592
800
1 920*
1,736
923
3 224***
13 138
4 604
26
9 436
710
706*
530
520
580****
9 362
3 386
21
30 septembre
1-9 / 2005
30 septembre
1-9 / 2004
en millions g
Total ventes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Résultat d’exploitation (EBIT) avant éléments exceptionnels
Résultat d’exploitation (EBIT) après éléments exceptionnels
Bénéfice net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Flux de trésorerie provenant des activités d’exploitation . . .
Flux de trésorerie disponible . . . . . . . . . . . . . . . . . . . . .
Total des actifs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capitaux propres, y compris les intérêts minoritaires . . . . .
Passifs éventuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*
8 886
7 871
861
568
607
184
14 127
5 453
*****
719**
543**
705
839
11 695
3 660
*****
Eléments exceptionnels en 2003: Vente de la participation dans Wella, mesures de restructuration «Extended Restructuring».
Eléments exceptionnels en 2004: Échange d’investissement dans Clorox, moins-value sur actifs incorporels, mesures de «Advanced
Restructuring».
Les éléments exceptionnels n’ont pas été pris en compte dans les chiffres du 30 septembre 2004 et du 30 septembre 2005.
**
24
Pour une meilleure comparabilité aux chiffres 2005, les chiffres EBIT/Bénéfice net du 30 septembre 2004 ont été majorés d’un
montant de 144 millions B d’amortissement des actifs incorporels qui était à l’origine en charges dans cette période.
***
Sans les produits de l’échange d’investissement dans Clorox et le remboursement de l’emprunt Cognis («Vendor note»), le flux de
trésorerie disponible aurait été de 529 millions B.
****
Sans le paiement des impôts relatifs à Cognis et les produits de la cession de Wella, le flux de trésorerie disponible aurait été de 369 millions B.
***** Le passif éventuel n’est pas indiqué dans le rapport trimestriel.
RÉSUMÉ DES FACTEURS DE RISQUE
Facteurs de risques relatifs à l’Emetteur
Le caractère cyclique de l’activité peut réduire les marges opérationnelles de l’Emetteur et entraı̂ner des
pertes opérationnelles
Plusieurs secteurs ou parties de l’activité de l’émetteur sont cycliques. Les périodes du cycle à faible activité sont
caractérisées par des baisses de prix et des capacités excédentaires.
L’incapacité à développer de nouveaux produits et des technologies de production pourrait affaiblir la
compétitivité de l’Emetteur
Les résultats opérationnels de l’Emetteur dépendent significativement du développement de nouveaux produits
viables commercialement et de technologies de production. Si l’Emetteur ne parvenait pas à développer de tels
produits ou processus dans le futur, la compétitivité de l’Emetteur et ses résultats opérationnels seraient affectés.
Les contrôles réglementaires et les changements dans les politiques publiques pourraient réduire la
profitabilité des produits actuels ou nouveaux
L’Emetteur est tenu de se soumettre à un nombre élevé de contrôles réglementaires sur les tests, la fabrication et
la commercialisation de plusieurs de ses produits. Un régime réglementaire encore plus strict pourrait retarder
substantiellement le développement des produits ou restreindre la commercialisation et la vente des produits de
l’Emetteur.
Les marges opérationnelles de l’Emetteur pourraient baisser si l’Emetteur n’était pas en mesure de faire
supporter par ses clients l’augmentation du prix des matières premières ou si le prix des produits de
l’Emetteur baissait plus rapidement que ceux des matières premières
Des variations significatives des coûts et disponibilités des matières premières (y compris l’emballage)
pourraient réduire les résultats opérationnels de l’Emetteur. Les prix et disponibilités des matières premières
varient en fonction des conditions de marché et peuvent être fortement volatiles.
Des ruptures ou perturbations d’approvisionnement des clients en raison de baisses imprévues des
capacités de production ou de perturbation de l’activité pourraient réduire les ventes
La production par certaines unités de production de l’Emetteur ou l’approvisionnement en matières premières
pourraient être affectés par des défaillances techniques, des grèves, des désastres naturels, des nouvelles
contraintes réglementaires, des défaillances des systèmes informatiques et autres facteurs. Notamment, les
secteurs d’activités technologiques de l’Emetteur exigent en général des processus de productions qui sont
davantage sujet à perturbation que certains autres processus, ce qui entraı̂ne des risques plus élevés de
défaillance dans la production, des coupures imprévisibles et des pertes de produits.
Des brevets et/ou des marques de fabrique inefficaces pourraient entraı̂ner des baisses de vente de
produits soumis à compétition
Si un pays dans lequel l’Emetteur vend un volume important d’un produit majeur remettait en cause la validité
d’un brevet ou d’une marque de fabrique concernant un produit donné, les revenus de l’Emetteur pourraient en
pâtir.
L’incapacité à faire face à la concurrence ou à intégrer des activités nouvellement acquises pourrait
entraı̂ner une baisse significative des ventes et résultats opérationnels de l’Emetteur
L’Emetteur opère dans des secteurs fortement compétitifs. Des actions des concurrents ou des clients (telles que
des pressions sur les prix de vente, des dé-référencements ou autres actions) pourraient réduire la profitabilité de
l’Emetteur et ses parts de marché.
Les risques liés à la manipulation de substances dangereuses pourraient affecter les résultats
opérationnels de l’Emetteur
Les opérations de l’Emetteur intègrent des risques liés à la manipulation de produits chimiques, y compris les
risques liés au stockage et au transport de matières premières, aux produits et aux déchets. Ces risques
25
opérationnels peuvent entraı̂ner des blessures, des dégâts matériels et des pollutions environnementales, et
entraı̂ner la fermeture d’unités, des interruptions d’activité, des sanctions civiles ou pénales et affecter la
réputation de l’Emetteur.
Les obligations en matière environnementales et les coûts induits par le respect de ces obligations
pourraient affecter les résultats opérationnels de l’Emetteur
Les coûts entraı̂nés par le respect des obligations en matière environnementale pourraient affecter les résultats
opérationnels de l’Emetteur. En outre, l’Emetteur est ou pourrait faire l’objet de réclamations, procès ou
procédures administratives en matière environnementale. Un jugement défavorable pourrait affecter
significativement les résultats opérationnels et la réputation de l’Emetteur.
La responsabilité liée aux produits pourrait affecter les résultats opérationels de l’Emetteur
L’Emetteur est d’une manière générale exposé au risque lié à la responsabilité des produits. Les poursuites
potentielles pour des réclamations liées à la responsabilité des produits pourraient affecter significativement la
réputation de l’Emetteur et, en conséquence entraı̂ner des pertes de parts de marché et du profit opérationnel.
L’assurance contractée par l’Emetteur pourrait se révéler inadéquate
L’Emetteur cherche à se prémunir contre les risques prévisibles en souscrivant des polices d’assurance. Ces
assurances pourraient toutefois ne pas couvrir entièrement le risque auquel l’Emetteur pourrait se trouver
exposé.
Des fluctuations significatives dans les taux de change pourraient affecter les résultats financiers de
l’Emetteur
L’Emetteur réalise une part importante de son activité en dehors de la zone euro. Des fluctuations des devises de
pays en dehors de la zone euro, en particulier du dollar américain (USD), pourraient affecter substantiellement
les revenus de l’Emetteur et ses résultats opérationnels.
Des changements dans les suppositions à partir desquelles l’Emetteur a provisionné les pensions et
obligations similaires pourraient entraı̂ner des coûts supplémentaires pour le versement des pensions et
exiger des provisions supplémentaires
L’Emetteur ne peut donner l’assurance que toutes les dépenses futures et contributions en espèces qui pourraient
devenir nécessaires dans le cadre du régime actuel ou futur de financement de pensions n’impacteront pas
significativement la situation financière et les résultats opérationnels de l’Emetteur.
Facteurs de risques relatifs aux Obligations
Un investissement dans les Obligations comporte certains risques associés aux caractéristiques des Obligations,
susceptibles de causer des pertes graves que les titulaires d’Obligations doivent assumer en cas de vente de leurs
Obligations ou au regard de la perception de paiements d’intérêts.
Titres à long terme
Les Obligations seront remboursées le 25 novembre 2104. L’Emetteur n’a pas d’obligation de remboursement
avant cette date. Les titulaires d’Obligations n’ont pas le droit de demander le remboursement des Obligations
qu’ils détiennent.
Report des intérêts
Les titulaires d’Obligations sont avertis que dans certaines circonstances, l’Emetteur n’est pas tenu de payer
d’intérêts sur les Obligations.
En cas de survenance d’un Evènement de Flux de Trésorerie (Cash-Flow Event) (tel que décrit au paragraphe
3(5) des Modalités des Obligations (Terms and Conditions)), l’Emetteur peut reporter le paiement des intérêts à
son entière discrétion. L’Emetteur est tenu de payer les arriérés d’intérêts reportés au plus tard à la date du
cinquième anniversaire de la Date de Paiement des Intérêts (Interest Payment Date) concernée à laquelle le
paiement n’a pas été effectué en raison d’un Evènement de Flux de Trésorerie.
En cas de survenance d’un Evènement de Flux de Trésorerie Impératif (Mandatory Cash Flow Event) (tel que
décrit au paragraphe 3(5) des Modalités des Obligations), l’Emetteur devra reporter le paiement des intérêts et
devra ensuite choisir, au plus tard cinq ans après un tel report, entre (a) un Mécanisme Alternatif de Paiement de
Coupon (Alternative Coupon Satisfaction Mechanism) (ACSM) (tel que décrit au paragraphe 3(6) des
26
Modalités des Obligations), et (b) un Paiement en Nature (Payment in Kind) (tel que décrit au paragraphe 3(6)
des Modalités des Obligations), pour remplir son obligation de paiement. Ce choix est laissé à son entière
discrétion. Si l’alternative choisie pour payer les titulaires d’Obligations échoue, l’obligation de paiement de
l’Emetteur concernée sera annulée.
Subordination
Les obligations de paiement de l’Emetteur en vertu des obligations ou y afférentes constituent des engagements
subordonnés de l’Emetteur. Dans le cadre d’une procédure de faillite relative à l’Emetteur, les titulaires des
Obligations pourraient récupérer une somme proportionnellement moindre que celle récupérée par les titulaires
de créances non subordonnées ou d’autres créances subordonnées de l’Emetteur.
Pas de limite à l’émission de dette
Il n’existe pas de restrictions au montant des dettes que peut émettre l’Emetteur avec un rang supérieur (senior)
au rang de ses engagements au titre des Obligations ou y afférents ou au montant des dettes que l’Emetteur peut
émettre ayant le même rang que ses engagements au titre des Obligations ou y afférents.
Pas de marché préalable pour les Obligations/Risque de liquidité
Il n’existe à l’heure actuelle aucun marché secondaire pour les Obligations. Cependant, il n’y a aucune certitude
qu’un marché secondaire pour les Obligations se développera ou, qu’un éventuel marché secondaire se
maintiendra. Les possibilités de vente des Obligations pourraient encore davantage être restreintes pour des
raisons spécifiques dans un pays particulier.
Obligations à taux fixe/Obligations à taux variable
Les titulaires d’Obligations sont avertis que les fluctuations du marché des taux d’intérêt peuvent avoir un
impact négatif sur le prix des Obligations et peuvent entraı̂ner des pertes pour les titulaires d’Obligations s’ils
vendent leurs Obligations pendant la période où le taux d’intérêt est fixe. Le titulaire d’une Obligation portant
intérêt à taux variable est susceptible de subir des risques de fluctuations des niveaux de taux d’intérêt et
d’incertitude quant aux revenus d’intérêts.
27
Nota di Sintesi
Il documento che segue è una sintesi (la Nota di Sintesi) delle caratteristiche essenziali e dei rischi associati
all’Emittente ed alle Obbligazioni. Questa Nota di Sintesi si dovrebbe leggere come introduzione a questo
Prospetto. Non pretende di essere completa ed è estratta e definita nell’insieme dalla rimanente parte del
presente Prospetto, ivi compresi i documenti incorporati per riferimento. Qualsiasi decisione da parte di un
investitore di investire nelle Obbligazioni si dovrebbe basare sull’esame di questo Prospetto nella sua interessa.
Ove una pretesa relativa alle informazioni contenute nel presente Prospetto è portata dinnanzi ad un tribunale
in uno stato membro dell’Area Economica Europea, l’attore investitore potrà, in base alla legislazione nazionale
di tale tribunale, dover sostenere i costi della traduzione del Prospetto prima che sia iniziato il procedimento
giudiziario. Il Soggetto responsabile (come definito nella ‘‘Dichiarazione di responsabilità’’ a pagina 107) non
sarà passibile di responsabilità civile in un tale stato membro esclusivamente sulla base della presente Nota di
Sintesi, ivi compresa l’eventuale traduzione della stessa, a meno che la stessa non sia ingannevole, inesatta o
incongruente con le altre parti di questo Prospetto.
Le parole e le espressioni definite nei ‘‘Termini e Condizioni delle Obbligazioni’’ (Terms and Conditions of the
Bonds) a pagina 59 e seguenti avranno lo stesso significato di cui alla presente Nota di Sintesi.
SINTESI DEI TERMINI E CONDIZIONI DELLE OBBLIGAZIONI
Emittente:
Importo in linea di capitale:
A 1.300.000.000
Lead Managers:
UBS Limited, London
BNP Paribas
Prezzo d’emissione:
99,735
Taglio:
Le Obbligazioni saranno emesse nel taglio di A 1.000 ognuna.
Forma delle Obbligazioni:
Le Obbligazioni sono nella forma al portatore e saranno inizialmente
rappresentate da una Obbligazione Globale Temporanea senza cedole di
interessi che sarà depositata presso un depositario comune per Clearstream
Banking, société anonyme, Luxembourg, ed Euroclear Bank S.A./N.V.
quale operatore dell’Euroclear System. L’Obbligazione Globale
Temporanea senza cedole di interessi sarà scambiabile con una
Obbligazione Globale Permanente senza cedole di interessi non prima di
40 giorni e non oltre 180 giorni dall’emissione dell’Obbligazione Globale
Temporanea dietro certificazione dell’assenza di beneficiari degli Stati
Uniti in conformità con le norme e procedure operative del Clearing
System (Sistema di Compensazione). I pagamenti relativi all’Obbligazione
Globale Temporanea saranno effettuati solo dietro presentazione di tali
certificazioni. Non saranno emessi titoli definitivi o cedole di interessi.
Scadenza:
25 novembre 2104.
Rimborso anticipato:
Le Obbligazioni sono rimborsabili in tutto, ma non in parte, a scelta
dell’Emittente il 25 novembre 2015 o dopo tale data a qualsiasi Data di
Pagamento degli Interessi a Tasso Variabile nell’importo in linea di capitale
più eventuali interessi maturati fino alla data di rimborso (esclusa) e tutti
gli Arretrati di Interessi insoluti alla data di rimborso. L’Emittente potrà
anche rimborsare le Obbligazioni in tutto, ma non in parte, in qualsiasi
momento prima del 25 novembre 2015 a seguito del verificarsi di un
Evento Fiscale o Evento di Gross Up al loro Importo di Rimborso
Anticipato.
28
Nota di Sintesi
Interesse da fisso a variabile:
Posticipazione Opzionale degli
Interessi:
Le Obbligazioni saranno fruttifere di interessi a decorrere dalla Data di
Emissione compresa fino alla data del 25 novembre 2015 (esclusa) al tasso
annuo del 5,375% sull’importo di capitale, pagabile annualmente
posticipatamente il 25 novembre di ogni anno, a decorrere dal
25 novembre 2006. Successivamente, a meno che non siano state
rimborsate precedentemente, le Obbligazioni saranno fruttifere di interessi
al tasso variabile pari al tasso interbancario d’offerta vigente nella zona
dell’euro per depositi in euro a tre mesi più 1,85% più un (step-up)
aumento di 1,00 punti percentuali, pagabili trimestralmente
posticipatamente il 25 febbraio, 25 maggio, 25 agosto e 25 novembre ogni
anno.
Nel caso di un Evento di Flusso di Cassa, l’Emittente potrà differire il
pagamento dell’importo degli Interessi alla Data di Pagamento degli
Interessi a sua esclusiva discrezione. Tali interessi non pagati costituiscono
Arretrati di Interessi. L’Emittente è tenuto a pagare gli Arretrati degli
Interessi (in tutto ma non in parte) che sono stati differiti a una Data
Opzionale di Pagamento degli Interessi particolare a un Data di
Pagamento degli Interessi successiva che cada non oltre il quinto
anniversario della data anteriore tra la Data Opzionale di Pagamento degli
Interessi, o, se tali eventi avvengono prima del quinto anniversario, entro
12 mesi se (i) è stato deliberato un dividendo, altra distribuzione di
qualsiasi sorta o pagamento in relazione a qualsiasi classe di azioni
dell’Emittente ad una Assemblea Generale dopo tale Data Opzionale di
Pagamento degli Interessi; (ii) è stato deliberato, pagato o fatto un
dividendo, altra distribuzione di qualsiasi genere o pagamento in relazione
a qualsiasi Junior Security o Parity Security; o (iii) l’Emittente ha
riacquistato o altrimenti acquisito, o abbia fatto riacquistare o altrimenti
acquisire da qualsiasi Società del Gruppo qualsiasi delle Obbligazioni (in
tutto o in parte), qualsiasi Parity Security o qualsiasi Junior Security per
qualsiasi corrispettivo, salvo che per la conversione in o lo scambio con
azioni ordinarie e salvo che per uno share buyback in base ad uno stock
incentive plan per la gestione; o alla data di scadenza per il rimborso delle
Obbligazioni.
In caso di liquidazione, scioglimento, insolvenza, composizione o altro
procedimento per evitare il fallimento dell’Emittente prima di tale quinto
anniversario, qualsiasi obbligazionista avrà una pretesa diretta nei
confronti dell’Emittente di ricevere in misura proporzionale gli Arretrati
degli Interessi a lui destinati. Tale pretesa costituirà una obbligazione non
garantita e subordinata dell’Emittente classificata pari passu con le
Obbligazioni.
Posticipazione Obbligatoria
degli Interessi:
Nel caso di un Evento Obbligatorio di Flusso di Cassa, l’Emittente
posticiperà il versamento del Pagamento degli Interessi Differiti a tale Data
di Pagamento degli Interessi e dovrà poi scegliere a) entro 12 mesi se (i) è
stato deliberato un dividendo, altra distribuzione di qualsiasi sorta o
pagamento in relazione a qualsiasi classe di azioni dell’Emittente ad una
Assemblea Generale dopo tale Data Opzionale di Pagamento degli
Interessi; (ii) è stato deliberato, pagato o fatto un dividendo, altra
distribuzione di qualsiasi genere o pagamento in relazione a qualsiasi
Junior Security o Parity Security; o (iii) l’Emittente ha riacquistato o
altrimenti acquisito, o abbia fatto riacquistare o altrimenti acquisire da
qualsiasi Società del Gruppo qualsiasi delle Obbligazioni (in tutto o in
parte), qualsiasi Parity Security o qualsiasi Junior Security per qualsiasi
corrispettivo, salvo che per la conversione in o lo scambio con azioni
ordinarie e salvo che per uno share buyback in base ad uno stock incentive
plan per la gestione; e b) non oltre il quinto anniversario della Data di
29
Nota di Sintesi
Pagamento degli Interessi in cui esiste un Evento di Flusso di cassa
Obbligatorio, o (a) il Meccanismo Alternativo di Soddisfazione degli
Interessi (ACSM) o (b) il Pagamento in Natura per soddisfare il proprio
obbligo di Pagamento degli Interessi Differiti. Tale scelta deve essere fatta a
sua assoluta discrezione. Se e nella misura in cui fallisce l’alternativa
prescelta per soddisfare gli obbligazionisti, il relativo obbligo
dell’Emittente di Pagamento degli Interessi Differiti sarà annullato.
ACSM significa che l’Emittente (ovvero un agente per suo conto) vende
Azioni Privilegiate (Vorzugsaktien; azioni senza diritto di voto quotate in
base alla Sezione 139 della Legge Tedesca sulle Azioni Societarie) in una
borsa valori scelta dall’Emittente a sua assoluta discrezione ferme restando
le condizioni indicate nei Termini e Condizioni delle Obbligazioni.
Pagamento in Natura significa che L’Emittente, invece del pagamento in
contanti (‘‘an Erfüllungs statt’’, Sezione 364 (1) del codice civile tedesco)
emette Obbligazioni Addizionali agli obbligazionisti che avranno un
importo totale in linea di capitale ovvero un valore di mercato (quale dei
due sia maggiore) almeno pari al relativo Pagamento Degli Interessi
Differiti, ferme restando le condizioni indicate nei Termini e nelle
Condizioni delle Obbligazioni.
Nel caso di liquidazione, scioglimento, insolvenza, composizione o altro
procedimento per evitare il fallimento dell’Emittente prima che sia fatta la
scelta del Pagamento in Natura o ACSM, qualsiasi obbligazionista avrà un
credito diretto nei confronti dell’Emittente di ricevere l’importo
proporzionale di Pagamento degli Interessi Differiti a lui destinato. Tale
credito costituirà una obbligazione non garantita e subordinata
dell’Emittente classificata pari passu con le Obbligazioni nella misura in
cui tale pretesa sarebbe stata altrimenti soddisfatta con ACSM (prendendo
in considerazione il Cap calcolatore alla data di inizio del suddetto
procedimento). L’importo rimanente sarà classificato junior rispetto alle
Obbligazioni e prioritariamente soltanto rispetto al capitale sociale.
Imposte e Tasse:
Tutti i pagamenti relativi alle Obbligazioni (se in contanti o in natura)
saranno effettuati liberi ed esenti, senza deduzione o ritenuta alla fonte per
o in acconto di imposte, tasse, accertamenti o oneri governativi presenti o
futuri di qualunque natura imposti, applicati, ritenuti, accertati o incassati
da o per conto della Germania ovvero da o per conto di qualsiasi
suddivisione politica o autorità della stessa che abbia il potere di
imposizione fiscale, a meno che tale deduzione o ritenuta sia richiesta per
legge. In tale caso, l’Emittente pagherà gli importi addizionali che sono
necessari per gli obbligazionisti per ricevere le somme nette dopo tale
deduzione o ritenuta, che siano pari agli importi che sarebbero stati
ricevuti da loro senza tale deduzione o ritenuta, ferme restando le eccezioni
abituali stabilite dai Termini e dalle Condizioni delle Obbligazioni.
Stato delle Obbligazioni:
Gli obblighi dell’Emittente in base alle Obbligazioni costituiscono obblighi
non garantiti e subordinati dell’Emittente classificati solo prioritariamente
al capitale sociale e classificati pari passu tra loro e nel caso di liquidazione,
scioglimento, insolvenza, composizione o altro procedimento per evitare il
fallimento dell’Emittente, classificati junior rispetto a tutti gli obblighi
presenti o futuri dell’Emittente, sia se altrimenti subordinati (ivi compresa
qualsiasi subordinazione concordata secondo il significato della Sezione
39(2) del Codice Tedesco sull’Insolvenza) o insubordinati, salvo quanto
altrimenti richiesto da legge scritta inderogabile. Nel caso di liquidazione,
scioglimento, insolvenza, composizione o altro procedimento per evitare
l’Insolvenza dell’Emittente, gli obblighi dell’Emittente in base alle
Obbligazioni saranno subordinati alle pretese di tutti i creditori non
subordinati e subordinati dell’Emittente cosı̀ che in un tale caso nessun
30
Nota di Sintesi
importo sarà pagabile in relazione alle Obbligazioni fino a che tutti i crediti
di tutti i creditori non subordinati e altrimenti subordinati dell’Emittente
non siano prima stati pienamente soddisfatti.
Capitale Sostitutivo:
E’ intenzione dell’Emittente che le Obbligazioni costituiranno il
finanziamento permanente del gruppo dell’Emittente. Di conseguenza,
l’Emittente intende rimborsare le Obbligazioni con i ricavi ottenuti tramite
l’emissione di azioni ordinarie e/o azioni privilegiate da parte
dell’Emittente o attraverso l’Emissione di Nuovi Titoli, sia da parte
dell’Emittente stesso o di una Società del Gruppo, entro un periodo di 6
mesi prima della data del rimborso delle Obbligazioni. Le Nuove
Obbligazioni (a) avranno una scadenza di almeno 99 anni, si
classificheranno alla pari con le Obbligazioni e avranno uguali
caratteristiche di equity credit (credito azionario) o maggiori; (b) non
saranno rimborsabili prima della scadenza di cinque anni (se i Nuovi Titoli
contengono uno step-up) o della scadenza di dieci anni (se i Nuovi Titoli
non contengono uno step-up), se non per motivi diversi da quelli fiscali;
(c) permetteranno all’Emittente nei loro termini di differire i pagamenti
degli interessi nello stesso modo o in modo simile a quello in base alle
Obbligazioni per raggiungere l’equity credit richiesto, e (d) conterranno
una identica disposizione di capitale sostitutivo (nella misura in cui i Nuovi
Titoli sono rimborsabili se il tasso di interesse dei Nuovi Titoli aumenta nel
corso della loro durata).
Negative Pledge:
I Termini e le Condizioni delle Obbligazioni non contengono divieto di
costituzione di garanzie (negative pledge).
Cross Default:
I Termini e le Condizioni delle Obbligazioni non contengono una clausola
di inadempimento incrociato (cross-default) dell’Emittente.
Quotazione:
E’ stata fatta domanda per la quotazione delle Obbligazioni sul mercato
regolamentato della Borsa Valori di Lussemburgo.
Legge Regolatrice:
Le Obbligazioni saranno regolate dal diritto tedesco.
Limitazioni della vendita
(Selling restrictions):
Vi saranno limitazioni specifiche all’offerta e alla vendita di Obbligazioni e
alla distribuzione dei materiali d’offerta nell’Area Economica Europea,
negli Stati Uniti d’America, nel Regno Unito di Gran Bretagna e Irlanda del
Nord, Lussemburgo, Francia, e Giappone.
Foro Competente:
Foro competente esclusivo per eventuali azioni legali derivanti dalle
Obbligazioni è il Foro di Düsseldorf, Repubblica Federale di Germania.
Compensazione e Regolamento:
Le Obbligazioni saranno accettate per la compensazione attraverso
Clearstream Banking, société anonyme, Luxembourg ed Euroclear Bank
S.A./N.V., quale operatore dell’Euroclear System.
31
DESCRIZIONE SINTETICA DELL’EMITTENTE
Descrizione
L’emittente è la controllante del Gruppo Henkel (il Gruppo Henkel o Henkel). Il suo oggetto è la produzione e
distribuzione di prodotti chimici di tutti i generi, prodotti per la cura della persona e cosmetici, prodotti
farmaceutici, prodotti alimentari, materiale da imballaggio, attrezzatura tecnica ed impianti, come anche
l’acquisizione di immobili inclusi terreni per la coltivazione e forestizzazione.
L’Emittente è costituita in base alla legge tedesca nella forma legale di società in accomandita per azioni
(Kommanditgesellschaft auf Aktien). E’ iscritta nel registro commerciale di Düsseldorf al numero HRB 4724; la
sua sede è a Düsseldorf.
Principali attività
Le principali attività della Henkel comprendono la produzione di prodotti per la casa e per la cura personale e
adesivi, sigillanti e trattamenti della superficie per consumatori e clienti industriali. Divisi per rami d’azienda la
varietà di prodotti comprende detersivi industriali, detersivi speciali e prodotti per la pulizia della casa; prodotti
per la cura e la bellezza dei capelli, prodotti per la cura del corpo, della pelle e la cura dell’igiene orale, profumi e
fragranze; prodotti per l’arredamento della casa, adesivi per la casa, l’ufficio e a scopo di costruzione come
anche soluzioni di sistemi in adesivi industriali e nell’ingegneria, sigillanti e tecnologie per le superfici.
Con il 34% dei proventi delle vendite per il 2004, il ramo d’azienda Laundry & Home Care è il settore
imprenditoriale più importante in termini di introiti delle vendite seguito da Henkel Technologies con il 26%
degli introiti totali delle vendite, Cosmetics/Toiletries con il 23% degli introiti totali delle vendite, Consumer
Adhesives con il 14% e Corporate (cioè vendite e servizi non riguardanti le principali attività imprenditoriali
della Henkel) con il 3% degli introiti totali delle vendite.
In termini di utile di gestione (EBIT) il ramo Laundry & Home Care è anche il settore aziendale più importante
costituendo il 33% del 2004 EBIT (escluso il Corporate). Henkel Technologies rappresenta il 26%, Cosmetics/
Toiletries il 25%, mentre Consumer Adhesives rappresenta il 16% del 2004 EBIT.
Informazioni finanziarie selezionate
Per l’anno chiuso il 31 dicembre 2004, la Henkel ha riportato un ammontare totale di vendite pari a A 10.592
milioni, un utile di gestione (dopo partite eccezionali) di A 1.920 milioni, e guadagni netti di A 1.736 milioni. Al
31 dicembre 2004 la Henkel aveva 51.200 dipendenti in tutto il mondo. Le attività della Henkel in Europa/
Africa/Medio Oriente rappresentavano il 67% delle vendite totali della Henkel nel 2004, l’America del Nord
(Stati Uniti e Canada) il 19%, l’America Latina il 4%, la zona dell’Asia-Pacifico il 7% e le vendite Corporate il
3% delle vendite totali.
31 dicembre
2004
31 dicembre
2003
30 settembre
1-9 / 2005
30 settembre
1-9 / 2004
.
.
.
.
.
.
.
10.592
800
1.920*
1.736
923
3.224***
13.138
9.436
710
706*
530
520
580****
9.362
8.886
7.871
861
568
607
184
14.127
719**
543**
705
839
11.695
.
.
4.604
26
3.386
21
5.453
*****
3.660
*****
in milioni di g
Vendite totali . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Utile di gestione (EBIT) prima delle partite straordinarie .
Utile di gestione (EBIT) dopo le partite straordinarie . . .
Utile netto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Flusso di cassa da attività operative . . . . . . . . . . . . . .
Flusso di cassa libero (‘‘Free cash flow’’) . . . . . . . . . . .
Totale attività . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders’ equity ivi comprese partecipazioni di
minoranza . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Passività potenziali . . . . . . . . . . . . . . . . . . . . . . . . .
*
Partite straordinarie nel 2003: vendita della partecipazione in Wella, misure di ‘‘Extended Restructuring’’.
Partite straordinarie nel 2004: scambio di investimento in Clorox, svalutazione di avviamenti, misure di ‘‘Advanced
Restructuring’’.
Al 30 settembre 2004 e 30 settembre 2005, non sono state considerate partite straordinarie.
**
Per una migliore paragonabilità con i numeri del 2005, I’EBIT/guadagni netti al 30 settembre 2004 sono incrementati di un
importo pari a B 144 milioni di ammortamento dell’avviamento che di solito veniva addebitato in questo periodo.
***
Escludendo i ricavi dallo scambio dell’investimento in Clorox ed il rimborso del finanziamento Cognis (‘‘Vendor Note’’), il flusso di
cassa libero sarebbe stato B 529 milioni.
32
****
Escludendo le imposte pagate in relazione a Cognis e la plusvalenza della vendita della partcipazione in Wella, il flusso di cassa
libero sarebbe stato di ammontato a B 369 milioni.
***** Le passività potenziali non sono specificate nei rapporti trimestrali.
SINTESI DEI FATTORI DI RISCHIO
Fattori di rischio relativi all’Emittente
La fluttuazione potrebbe ridurre i margini operativi dell’Emittente o determinare perdite di gestione
Molti dei settori imprenditoriali, o parte di essi, in cui opera l’Emittente sono soggetti a fluttuazioni di mercato.
Periodi di rallentamento nei cicli imprenditoriali sono caratterizzati dal ribasso dei prezzi ed eccesso di capacità.
L’incapacità di sviluppare nuovi prodotti e tecnologie produttive potrebbe compromettere la
competitività dell’Emittente
I risultati operativi dell’Emittente dipendono in misura significativa dallo sviluppo di nuovi prodotti e
tecnologie produttive commerciabili. Nel caso in cui l’Emittente non sia in grado in futuro di sviluppare nuovi
prodotti e processi produttivi, la competitività dell’Emittente ed i relativi risultati operativi ne sarebbero
compromessi.
Controlli regolamentari e cambiamenti negli indirizzi politici potrebbero ridurre la proficuità di prodotti
nuovi od esistenti
L’Emittente deve rispettare una vasta gamma di requisiti regolamentari relativi alla verifica, produzione e
commercializzazione di moltissimi dei prodotti dell’Emittente. Regimi regolamentari più stringenti potrebbero
sostanzialmente far rallentare lo sviluppo produttivo dell’Emittente o ridurre le vendite e la capacità di vendita
dell’Emittente.
I margini operativi dell’Emittente potrebbero ridursi nel caso in cui l’Emittente non sia in grado di
trasferire sui consumatori l’aumento dei prezzi delle materie prime o nel caso in cui i prezzi al consumo
diminuiscano più velocemente dei prezzi delle materie prime
Variazioni significative nel costo e nella disponibilità delle materie prime (inclusi gli imballi) potrebbero ridurre
i risultati operativi dell’Emittente. I prezzi e la disponibilità di dette materie prime varia a seconda delle
condizioni di mercato e può essere altamente volatile.
Le carenze o interruzioni di forniture ai clienti dovute ad inattesa riduzione della capacità produttiva,
chiusura di impianti produttivi o interruzioni nelle attività imprenditoriali potrebbero ridurre le vendite
La produzione in alcuni degli impianti produttivi dell’Emittente o l’approvvigionamento di materie prime
potrebbero essere pregiudicati da inconvenienti tecnici, scioperi, catastrofi naturali, provvedimenti
regolamentari, falle sei sistemi informatici ed altri fattori. In particolare, il settore Tecnologie dell’Emittente è
generalmente caratterizzato da processi produttivi complessi che sono maggiormente soggetti ad inconvenienti
rispetto ad altri processi produttivi e, per questa ragione, pone un rischio maggiore in relazione a problemi
produttivi, chiusure non previste e perdite di prodotti.
Una tutela non efficace di brevetti e marchi dei prodotti commercializzati potrebbe generate perdire nelle
vendite di prodotti competitivi
Nel caso in cui una giurisdizione in cui l’Emittente vende un volume sostanziale di un prodotto importante
dovesse rendere invalidi o inefficaci i brevetti o marchi di quel prodotto, le entrate dell’Emittente potrebbero
risentirne.
Incapacità di rimanere concorrenziali o di integrare settori di nuova acquisizione potrebbe determinare
una diminuzione delle vendite e ridurre i risultati operativi dell’Emittente
L’Emittente opera in settori industriali altamente concorrenziali. Azioni intraprese dai concorrenti o dai
consumatori (quali la pressione sui prezzi di vendita, de-listing o altre azioni) potrebbero ridurre i profitti e le
quote di mercato dell’Emittente.
Rischi nel trattamento di materiali pericolosi potrebbero condizionare negativamente i risultati operativi
dell’Emittente
Le attività dell’Emittente sono soggette a rischi operativi legati alla produzione chimica, inclusi i rischi relativi al
deposito e trasporto di materie prime, prodotti e rifiuti. Tali rischi operativi possono causare danneggiamenti
alle persone e alle cose e contaminazioni ambientali e potrebbero comportare la chiusura degli impianti
33
interessati interruzioni delle attività e assoggettamento a sanzioni civili o penali nonché intaccare negativamente
la reputazione dell’Emittente.
Responsabilità da danno ambientale costi di ottemperanza potrebbero avere un effetto negativo sui
risultati operativi dell’Emittente
I costi relativi ad obblighi di ripristino ambientale potrebbero ridurre i risultati operativi dell’Emittente. Inoltre,
l’Emittente è o potrebbe essere coinvolto in pretese, procedimenti giudiziari e amministrativi relativi a questioni
ambientali. L’esito negativo per l’Emittente di tali vicende potrebbe avere un significativo impatto negativo sui
risultati operativi e sulla reputazione dell’Emittente.
La responsabilità da prodotto potrebbe avere un impatto negativi sui risultati operativi dell’Emittente
L’Emittente è in generale esposto al rischio di responsabilità da prodotto. Procedimenti potenziali relativi a
pretese fondate sulla responsabilità del produttore potrebbero danneggiare significativamente la reputazione
dell’Emittente e, in tal modo, determinare perdite di quote di mercato e dei profitti gestionali.
L’attuale copertura assicurativa potrebbe rivelarsi inadeguata
L’Emittente intende assicurare i rischi prevedibili attraverso polizze assicurative. Tali coperture assicurative,
comunque, potrebbero non coprire integralmente i rischi ai quali l’Emittente è esposto.
Significative fluttuazioni nei tassi di cambio condizionano i risultati finanziari dell’Emittente
L’Emittente svolge una parte considerevole delle proprie attività al di fuori della zona Euro. Le fluttuazioni di
valute di giurisdizioni non appartenenti alla zona Euro, in particolare dei dollari statunitensi, possono
significativamente condizionare le entrate dell’Emittente cosı̀ come i risultati operativi.
Cambiamenti negli assunti alla base delle provviste dell’Emittente per le pensioni ed obblighi similari
potrebbero determinare costi aggiuntivi per i pagamenti delle pensioni ed aumento delle provviste per le
pensioni ed obblighi similari
L’Emittente non può assicurare che spese future o contributi in denaro che dovessero divenire necessari in base
alle attuali o future provviste finanziarie per gli obblighi pensionistici in capo all’Emittente non avranno un
impatto negativo sulla situazione finanziaria dell’Emittente ed i suoi risultati operativi.
Fattori di rischio relativi al le Obbligazioni
L’investimento nelle Obbligazioni comporta alcuni rischi associati alle caratteristiche delle Obbligazioni, che
potrebbero portare a perdite sostanziali che gli obbligazionisti dovrebbero sostenere nel caso in cui vendessero
le loro Obbligazioni o in relazione al ricevimento dei pagamenti di interessi.
Titoli a lungo termine
Le Obbligazioni saranno rimborsate in data 25 novembre 2104. L’Emittente non ha alcun obbligo di
rimborsare le Obbligazioni prima di tale data. Gli obbligazionisti non avranno alcun diritto di chiedere il
rimborso delle Obbligazioni.
Posticipazione degli Interessi
Gli obbligazionisti devono essere consapevoli del fatto che l’Emittente, in talune circostanze, potrebbe non
avere l’obbligo di pagare gli interessi maturati sulle Obbligazioni.
Nel caso di Evento di Flusso di Cassa (come esposto al paragrafo 3 (5) dei Termini e Condizioni), l’Emittente
potrà differire il pagamento dell’importo degli interessi a propria discrezione. L’Emittente è tenuto a pagare tali
interessi non pagati non oltre il quinto anniversario della relativa Data di Pagamento degli Interessi alla quale gli
interessi non sono stati pagati a causa del verificarsi di un Evento di Flusso di Cassa.
Nel caso di un Evento Obbligatorio di Flusso di Cassa (come esposto al paragrafo 3 (5) dei Termini e
Condizioni), l’Emittente posticiperà il versamento del pagamento e dovrà poi scegliere, entro cinque anni dal
differimento, tra (a) Meccanismo Alternativo di Soddisfazione degli Interessi (ACSM) (come esposto al
paragrafo 3(6) dei Termini e Condizioni) o (b) il Pagamento in Natura (come esposto al paragrafo 3(6) dei
Termini e Condizioni) per adempiere al proprio obbligo di pagamento. Tale scelta viene fatta a sua assoluta
discrezione. Se e nella misura in cui fallisce l’alternativa prescelta per soddisfare gli obbligazionisti, il relativo
obbligo di pagamento dell’Emittente sarà annullato.
34
Subordinazione
Gli obblighi di pagamento dell’Emittente in relazione alle Obbligazioni costituiscono obblighi subordinati
dell’Emittente. In caso di assoggettamento dell’Emittente a procedimenti di insolvenza, gli obbligazionisti
potranno ottenere somme in proporzione inferiori rispetto a quelle ottenute dai creditori dell’Emittente non
subordinati o diversamente subordinati.
Assenza di limiti all’emissione di debito
Non sussistono limiti sull’ammontare di debito che l’Emittente può emettere e che si qualifichi come privilegiato
rispetto alle obbligazioni dell’Emittente nascenti dalle Obbligazioni o sull’ammontare di debito che l’Emittente
può emettere e che si qualifichi come debito di pari grado rispetto alle obbligazioni dell’Emittente nascenti dalle
Obbligazioni.
Assenza d Mercato Precedente per le Obbligazioni / Rischio di Liquidità
Non c’è attualmente un mercato secondario per le Obbligazioni. In ogni caso, non si può avere certezza che si
sviluppi un mercato secondario per le Obbligazioni e che, nel caso in cui si sviluppi, continui nel tempo. La
possibilità di vendere le Obbligazioni potrebbe essere inoltre limitata per limitazioni previste nelle singole
giurisdizioni.
Obbligazioni a Tasso Fisso / Obbligazioni a Tasso Variabile
Gli obbligazionisti devono essere consapevoli del fatto che le fluttazioni dei tassi di interesse di mercato possono
condizionare negativamente il prezzo delle Obbligazioni e possono determinare perdite per gli obbligazionisti
nel caso in cui questi vendano le Obbligazioni nel periodo in cui il tasso di interesse è fisso. Il detentore di un
titolo obbligazionario a tasso variabile è esposto al rischio di fluttuazione dei tassi di interessi e all’incertezza dei
proventi da interessi.
35
Samenvatting
Hieronder volgt een samenvatting (hierna: de Samenvatting) van de essentiële kenmerken van de Emittent, de
Obligaties en de daaraan verbonden risico’s. Deze Samenvatting dient gelezen te worden als inleiding op dit
Prospectus. De Samenvatting beoogt niet volledig te zijn en is overgenomen uit, en wordt in zijn geheel beperkt
door, het overige gedeelte van dit Prospectus met inbegrip van de documenten waarnaar hierin verwezen wordt.
Elk besluit om in de Obligaties te beleggen dient gebaseerd te zijn op een overweging van het Prospectus in zijn
geheel. Indien bij een rechtbank in een Lidstaat van de Europese Economische Ruimte een vordering wordt
ingesteld met betrekking tot informatie die vervat is in dit Prospectus, is het mogelijk dat de eiser/belegger
ingevolge de nationale wetgeving van die rechtbank de kosten dient te dragen van de vertaling van het
Prospectus alvorens de juridische procedure wordt geopend. De Verantwoordelijke (zoals gedefinieerd in de
‘‘Verantwoordelijkheidsverklaring’’ (Responsibility Statement) op pagina 107) in een dergelijke Lidstaat zal op
grond van deze Samenvatting, waaronder de vertaling daarvan, uitsluitend naar civiel recht aansprakelijk
kunnen worden gesteld indien de Samenvatting, gelezen in samenhang met de overige onderdelen van dit
Prospectus, misleidend, onjuist of inconsistent is.
Woorden en uitdrukkingen als gedefinieerd in de ‘‘Obligatievoorwaarden’’ (Terms and Conditions of the
Bonds) op pagina 59 e.v. hebben in deze Samenvatting dezelfde betekenis.
Samenvatting van de Obligatievoorwaarden
Emittent:
Hoofdsom:
A 1.300.000.000
Lead Manager:
UBS Limited, Londen
BNP Paribas
Hoofdbetaalkantoor:
Uitgifteprijs:
99,735%
Coupure:
De Obligaties worden uitgegeven in coupures van EUR 1.000 elk.
Vorm:
De Obligaties zijn aan toonder en zullen aanvankelijk vertegenwoordigd
worden door een Tijdelijke Verzamelobligatie (Temporary Global Bond)
zonder rentecoupons die gedeponeerd zal worden bij een regulier
administratiekantoor voor Clearstream Banking, société anonyme,
Luxemburg, en Euroclear Bank S.A./N.V. als beheerder van het Euroclear
Systeem. De Tijdelijke Verzamelobligatie kan niet eerder dan 40 dagen en
niet later dan 180 dagen na uitgifte van de Tijdelijke Verzamelobligatie
ingewisseld worden voor een Permanente Verzamelobligatie (Permanent
Global Bond) zonder rentecoupons na certificering als zijnde nietAmerikaans economisch eigendom overeenkomstig de regels en
procedures van het Clearingsysteem. Op de Tijdelijke Verzamelobligatie
zal uitsluitend worden uitbetaald op vertoon van dergelijke certificeringen.
Er worden geen definitieve effecten of rentecoupons uitgegeven.
Vervaldag:
25 november, 2104.
Vervroegde aflossing:
Naar keuze van de Emittent zijn de Obligaties geheel, maar niet
gedeeltelijk, aflosbaar op 25 november 2015 of op een eventuele daarna
vallende Betaaldatum met Variabele Rente (Floating Rate Interest
Payment Date) tegen de hoofdsom van die Obligaties plus eventuele rente
die opgebouwd is tot de aflossingsdatum (exclusief) en alle uitstaande
Achterstallige Rente (Arrears of Interest) tot de aflossingsdatum. De
Emittent is tevens gerechtigd de Obligaties geheel, maar niet gedeeltelijk, af
te lossen op enig moment voor 25 november 2015 na een Fiscale
36
Samenvatting
Gebeurtenis (Tax Event) of een Bruteringsgeval (Gross up Event) tegen
hun Vervroegde Aflossingsbedrag (Early Redemption Amount).
Vaste naar Variabele rente:
Optioneel Uitstel van
Rentebetaling (Optional Interest
Deferral):
De Obligaties zijn rentedragend met ingang van de Uitgiftedatum tot
25 november 2015 tegen vaste 5,375% per jaar op hun gezamenlijke
hoofdsom, jaarlijks achteraf betaalbaar op 25 november van ieder jaar,
met ingang van 25 november 2006. Vervolgens, tenzij zij reeds zijn
afgelost, zijn de Obligaties rentedragend tegen het variable interbancaire
rentetarief in de eurozone voor driemaands eurodeposito’s plus 1,85%
plus een opslag van 1,00 procentpunten, per kwartaal achteraf betaalbaar
op 25 februari, 25 mei, 25 augustus en 25 november van ieder jaar.
Indien zich een Cashflow-geval (Cash Flow Event) voordoet, is de Emittent
naar eigen beoordeling gerechtigd de betaling van het rentebedrag op de
betreffende Rentebetalingsdatum (Interest Payment Date) uit te stellen.
Dergelijke onbetaalde rente vormt Achterstallige Rente. De Achterstallige
Rente die op een Optionele Rentebetaaldatum (Optional Interest Payment
Date) is uitgesteld, dient (geheel, niet gedeeltelijk) door de Emittent
betaald te worden op een latere Rentebetaaldatum uiterlijk vijf jaar na die
Optionele Rentebetaaldatum, of indien een van de volgende gevallen zich
eerder voordoet binnen 12 maanden indien (i) een besluit is genomen over
een dividend, andere soort uitkering of betaling met betrekking tot een
bepaalde soort aandelen van de Emittent op een Algemene Vergadering na
die Optionele Rentebetaaldatum; (ii) een besluit is genomen over een
dividend, andere soort uitkering of betaling, of een dividend is uitgekeerd
of andere soort uitkering of betaling is gedaan met betrekking tot eventuele
Junior-effecten (Junior Security)of Pariteitseffecten (Parity Security); of
(iii) de Emittent een van de Obligaties (geheel of gedeeltelijk), eventuele
Pariteitseffecten of Junior-effecten tegen betaling heeft ingekocht of
anderszins verkregen, of een andere Groepsmaatschappij deze heeft doen
inkopen of anderszins verkrijgen, anders dan door middel van conversie in
of inwisseling voor gewone aandelen en met uitzondering van inkoop van
eigen aandelen ingevolge een aandelenregeling voor het management; of
op de vervaldag voor de aflossing van de Obligaties.
Ingeval van liquidatie, ontbinding, faillissement, akkoord of andere
procedures ter voorkoming van het faillissement van de Emittent vóór die
grens van vijf jaar, heeft iedere obligatiehouder een directe vordering op de
Emittent voor de pro rata aan hem toegekende Achterstallige Rente. Deze
vorderingen vormen een ongedekte en achtergestelde verplichting van de
Emittent en zijn gelijk in rang met de Obligaties.
Verplicht Uitstel van Rente:
Indien zich een Verplicht Cashflow-geval (Mandatory Cash Flow Event)
voordoet, zal de Emittent de betaling van de Uitgestelde Rentebetaling
(Deferred Interest Payment Date)op die Rentebetaaldatum uitstellen en
vervolgens dienen te kiezen a) binnen 12 maanden indien (i) een besluit is
genomen over een dividend, ander soort uitkering of betaling met
betrekking tot een bepaalde soort aandelen van de Emittent op een
Algemene Vergadering na de Rentebetaaldatum waarop zich een Verplicht
Cashflow-geval voordoet; (ii) een besluit is genomen over een dividend,
andere soort uitkering of betaling, of een dividend is uitgekeerd of andere
soort uitkering of betaling is gedaan met betrekking tot eventuele Junioreffecten of Pariteitseffecten; of (iii) de Emittent de Obligaties (geheel of
gedeeltelijk), eventuele Pariteitseffecten of Junior-effecten tegen betaling
heeft ingekocht of anderszins heeft verkregen, of een andere
Groepsmaatschappij deze heeft doen inkopen of anderszins verkrijgen,
anders dan door middel van conversie in of inwisseling voor gewone
aandelen en met uitzondering van inkoop van eigen aandelen ingevolge een
37
Samenvatting
aandelenregeling voor het management; en b)] uiterlijk vijf jaar na de
Rentebetalingsdatum waarop zich een Verplicht Cashflow-geval voordoet
voor ofwel (a) ACSM [alternatief couponvoldoeningsmechanisme] ofwel
(b) Betaling in Natura (Payment in Kind) ter voldoening aan de
verplichting tot Betaling van de Uitgestelde Rente. Deze keuze zal geheel
ter eigen beoordeling geschieden. Indien en voorzover het gekozen
alternatief om de obligatiehouders tevreden te stellen niet slaagt, wordt de
betreffende verplichting van de Emittent tot Betaling van Uitgestelde Rente
opgeheven.
ACSM houdt in dat de Emittent (of een agent die namens hem optreedt)
Preferente Aandelen (Vorzugsaktien; beursgenoteerde aandelen zonder
stemrecht ingevolge artikel 139 van de Duitse Aktiengesetz) verkoopt op
een beurs die door de Emittent ter eigen beoordeling gekozen is, zulks
onder de in de Obligatievoorwaarden vermelde voorwaarden.
Betaling in Natura houdt in dat de Emittent in plaats van contante betaling
(‘‘an Erfüllungs statt’’, artikel 364 (1) Duits Burgerlijk Wetboek) kiest voor
uitgifte van Additionele Obligaties aan de obligatiehouders, met (de
grootste van) ofwel een gezamenlijke hoofdsom of ofwel een gezamenlijke
marktwaarde van tenminste de betreffende Uitgestelde Rentebetaling,
zulks onder de in de Obligatievoorwaarden (Terms and Conditions of the
Bonds) uiteengezette voorwaarden.
Ingeval van liquidatie, ontbinding, faillissement, schikking of andere
procedures ter voorkoming van het faillissement van de Emittent voordat
de keuze tussen Betaling in Natura of ACSM wordt gemaakt, heeft iedere
obligatiehouder een directe vordering op de Emittent voor het pro rata aan
hem toegekende Uitgestelde Rentebetalingsbedrag. Deze vordering vormt
een ongedekte en achtergestelde verplichting van de Emittent en is van
gelijke rang met de Obligaties voorzover die vordering anders door ACSM
zou zijn voldaan (waarbij slechts rekening wordt gehouden met het
calculatorische maximum vanaf de begindatum van bovengenoemde
procedure). Het resterende bedrag is van ondergeschikte rang aan de
Obligaties en staat in rang uitsluitend boven het aandelenkapitaal.
Belastingen:
Alle betalingen met betrekking tot de Obligaties (hetzij contant, hetzij in
natura) geschieden geheel vrij, zonder aftrek of inhouding aan de bron
voor of wegens eventuele huidige of toekomstige belastingen, rechten,
aanslagen of overheidsheffingen van welke aard dan ook die opgelegd,
geheven, ingehouden, aangeslagen of geı̈nd worden door of namens de
Bondsrepubliek Duitsland of door of namens een politieke afdeling of
overheidslichaam bevoegd tot het heffen van belastingen, tenzij deze aftrek
of inhouding rechtens vereist is, in welk geval de Emittent de extra
bedragen zal afdragen die nodig zijn om ervoor te zorgen dat de
obligatiehouders netto bedragen ontvangen na die aftrek of inhouding, die
gelijk zijn aan de bedragen die zij ontvangen zouden hebben zonder die
aftrek of inhouding, onder toepassing van de gebruikelijke uitzonderingen
als vermeld in de Obligatievoorwaarden.
Status van de Obligaties:
De verplichtingen van de Emittent ingevolge de Obligaties zijn ongedekte
en achtergestelde verplichtingen van de Emittent en staan in rang
uitsluitend boven het aandelenkapitaal en zijn onderling van gelijke rang,
en ingeval van liquidatie, ontbinding, faillissement, schikking of andere
procedures ter voorkoming van het faillissement van de Emittent, zijn zij
lager in rang dan alle overige huidige en toekomstige verplichtingen van de
Emittent, hetzij anderszins achtergesteld (met inbegrip van eventuele
overeengekomen achterstelling in de zin van artikel 39 (2) van de Duitse
Faillissementswet) hetzij niet achtergesteld, tenzij het dwingend recht
anders vereist. Ingeval van liquidatie, ontbinding, faillissement, akkoord
of andere procedures ter voorkoming van het faillissement van de Emittent
38
Samenvatting
zijn de verplichtingen van de Emittent ingevolge de Obligaties
achtergesteld ten opzichte van de vorderingen van alle niet-achtergestelde
en achtergestelde schuldeisers van de Emittent, zodat in dat geval bedragen
pas betaalbaar zijn met betrekking tot de Obligaties wanneer de
vorderingen van alle niet-achtergestelde en overigens achtergestelde
schuldeisers van de Emittent volledig voldaan zijn.
Vervangingskapitaal
(Replacement Capital):
Negatief pandrecht (Negative
pledge):
Verzuimbepaling (Cross
Default):
Het is de bedoeling van de Emittent dat de Obligaties de permanente
financiering vormen van de groep van de Emittent. Dienovereenkomstig is
de Emittent van plan om de Obligaties af te lossen met gelden die zijn
opgehaald door uitgifte van gewone aandelen en/of preferente aandelen
door de Emittent of door uitgifte van Nieuwe Effecten, hetzij door de
Emittent zelf hetzij door een Groepsmaatschappij, zulks binnen zes
maanden vóór de aflossingsdatum van de Obligaties. De Nieuwe Effecten
(New Securities) (a) hebben een looptijd van minimaal 99 jaar, zijn van
gelijke rangorde met de Obligaties en hebben dezelfde of grotere
aandelenkredietkenmerken (equity credit characteristics); (b) zijn pas
aflosbaar na verloop van vijf jaar (indien de Nieuwe Effecten geen opslag
hebben) of na verloop van tien jaar na de datum van uitgifte (indien de
Nieuwe Effecten wel een opslag hebben), tenzij dit geschiedt wegens
belastingdoeleinden; (c) staan de Emittent in hun voorwaarden toe om
rentebetalingen uit te stellen op dezelfde of een soortgelijke manier als
ingevolge de Obligaties teneinde het vereiste aandelenkrediet te behalen; en
(d) bevatten een identieke bepaling met betrekking tot vervangingskapitaal
(voorzover de Nieuwe Effecten aflosbaar zijn indien de rente op de Nieuwe
Effecten stijgt gedurende hun looptijd).
De Obligatievoorwaarden bevatten geen bepaling aangaande een negatief
pandrecht.
De Obligatievoorwaarden bevatten geen bepaling die de Emittent in
verzuim stelt ingeval van verzuim onder andere voorwaarden.
Notering:
Er is een aanvraag ingediend voor notering van de Obligaties aan de
gereglementeerde markt van de Beurs van Luxemburg.
Toepasselijk recht:
De Obligaties worden beheerst door Duits recht.
Verkoopbeperkingen:
Er gelden specifieke beperkingen voor het aanbieden en verkopen van
Obligaties en de distributie van aanbiedingsmaterialen in de Europese
Economische Ruimte, de Verenigde Staten van Amerika, het Verenigd
Koninkrijk van Groot-Brittannië en Noord-Ierland, Luxemburg, Frankrijk
en Japan.
Rechtsbevoegdheid:
De exclusieve plaats van rechtsbevoegdheid voor eventuele juridische
procedures die voortvloeien uit de Obligaties is Düsseldorf,
Bondsrepubliek Duitsland.
Clearing en Vereffening:
De Obligaties worden voor clearing aanvaard via Clearstream Banking,
société anonyme, Luxemburg, en Euroclear Bank S.A./N.V., als beheerder
van het Euroclear Systeem
39
SAMENVATTING VAN DE BESCHRIJVING VAN DE EMITTENT
Beschrijving
De Emittent is de moedermaatschappij van de Henkel groep (de Henkel Groep of Henkel). Het doel van de
Emittent is het produceren en distribueren van allerlei soorten chemische producten, persoonlijke
verzorgingsproducten en cosmetica, farmaceutische producten, levensmiddelen, verpakkingsmaterialen,
technische apparatuur en installaties, alsmede het verkrijgen van onroerend goed, met inbegrip van land voor
landbouwkundig en bosbouwkundig gebruik.
De Emittent is opgericht naar Duits recht in de juridische vorm van een commanditaire vennootschap op
aandelen (Kommanditgesellschaft auf Aktien). Hij staat ingeschreven in het handelsregister van Düsseldorf
onder HRB 4724 en is statutair gevestigd te Düsseldorf.
Belangrijkste bedrijfsactiviteiten
De belangrijkste bedrijfsactiviteiten van Henkel omvatten de productie van reinigings- en
verzorgingsproducten, kleef- en dichtstoffen, en oppervlaktebehandelingen voor particuliere consumenten en
industriële afnemers. Het assortiment aan producten is onderverdeeld in activiteitensectoren en omvat:
reinigingsmiddelen voor zwaar gebruik, speciale reinigingsmiddelen en huishoudelijke schoonmaakmiddelen;
haarverzorgingsproducten, lichaams-, huid- en mondverzorgingsproducten, parfums en geuren;
decoratieproducten, kleefstoffen voor thuis, op kantoor en in de bouw, evenals systeemoplossingen voor
industriële en technische kleefstoffen, dichtingstoffen en technologieën voor oppervlaktebehandeling.
Met 34% van de totale verkoopomzet van 2004 is de sector Was- & Reinigingsproducten de grootste
activiteitensector in termen van omzet, gevolgd door Henkel Technologies met 26% van de totale omzet,
Cosmetica/Verzorgingsproducten met 23% van de totale omzet, Kleefstoffen voor de particuliere consument
met 14% en Corporate (dwz verkopen en diensten die geen verband houden met de belangrijkste
bedrijfsactiviteiten) met 3% van de totale omzet.
In termen van bedrijfsresultaat (EBIT) is de sector Was- & Reinigingsproducten tevens de belangrijkste
activiteitensector, die 33% van het EBIT 2004 (zonder Corporate) voor zijn rekening neemt. Henkel
Technologies vertegenwoordigt 26%, Cosmetica/Verzorgingsproducten 25%, en Kleefstoffen voor de
particuliere consument 16% van het EBIT voor 2004.
Financiële kerngegevens
Voor het jaar eindigend op 31 december 2004 rapporteerde Henkel een totale omzet van EUR 10.592 miljoen,
met een bedrijfswinst (na buitengewone posten) van EUR 1.920 miljoen en netto winst van EUR 1.736 miljoen.
Op 31 december 2004 had Henkel wereldwijd 51.200 medewerkers in dienst. De activiteiten van Henkel in
Europa/Afrika/het Midden Oosten vertegenwoordigden 67% van de totale omzet van Henkel in 2004, NoordAmerika (Verenigde Staten en Canada) 19%, Zuid-Amerika 4%, de regio Azië/Pacific 7% en Corporate sales
3% van de totale omzet.
31 december
2004
31 december
2003
30 september
1-9 / 2005
30 september
1-9 / 2004
in miljoenen EUR
Totale omzet . . . . . . . . . . . . . . . . . . . . . . .
Bedrijfswinst (EBIT) voor buitengewone posten
Bedrijfswinst (EBIT) na buitengewone posten . .
Netto winst . . . . . . . . . . . . . . . . . . . . . . . .
Cashflow uit bedrijfsactiviteiten . . . . . . . . . . .
Vrije cashflow . . . . . . . . . . . . . . . . . . . . . .
Totale activa . . . . . . . . . . . . . . . . . . . . . . .
Eigen vermogen inclusief minderheidsbelangen .
Voorwaardelijke verplichtingen . . . . . . . . . . .
*
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
10.592
800
1.920*
1.736
923
3.224***
13.138
4.604
26
9.436
710
706*
530
520
580****
9.362
3.386
21
8.886
7.871
861
568
607
184
14.127
5.453
*****
719**
543**
705
839
11.695
3.660
*****
Buitengewone posten in 2003: verkoop van belang in Wella, ‘‘Extended Restructuring’’, reorganisatie maatregelen.
Buitengewone posten in 2004: uitwisseling van belegging in Clorox, impairment-verliezen op goodwill, ‘‘Advanced Restructuring’’,
reorganisatie maatregelen.
In de cijfers per 30 september 2004 en 30 september 2005 zijn de buitengewone posten niet opgenomen.
[**
40
Voor betere vergelijkbaarheid met de cijfers van 2005, zijn de EBIT/Netto-winstcijfers per 30 september 2004 verhoogd met het
bedrag van EUR 144 miljoen voor afschrijving van goodwill welke oorspronkelijk voor deze periode was berekend.
***
Zonder de opbrengsten uit de wisseling van de belegging in Clorox en de aflossing van de Cognis lening (‘‘Vendor note’’) zou de vrije
cashflow EUR 529 miljoen hebben bedragen.
****
Zonder de betaling van belastingen met betrekking tot de opbrengsten bij vervreemding van Cognis en Wella zou de vrije cashflow
EUR 369 miljoen hebben bedragen.
***** Voorwaardelijke verplichtingen worden niet gespecificeerd in de kwartaalverslagen.
SAMENVATTING VAN RISICOFACTOREN
Risicofactoren met betrekking tot de Emittent
Cyclische factoren kunnen de bedrijfsmarges van de Emittent aantasten of tot bedrijfsverliezen leiden
Een aantal bedrijfssectoren of delen daarvan waarin de Emittent actief is, is cyclisch van aard. De onderkant van
de bedrijfscyclus wordt gekenmerkt door lagere prijzen en overcapaciteit.
Indien geen nieuwe producten en productietechnieken worden ontwikkeld, kan de concurrentiepositie van
de Emittent daaronder lijden
Het bedrijfsresultaat van de Emittent hangt in sterke mate af van de ontwikkeling van commercieel
levensvatbare nieuwe producten en productietechnieken. Als de Emittent er in de toekomst niet in zou slagen
nieuwe producten en productieprocessen te ontwikkelen, zal dit de concurrentiepositie en bedrijfsresultaten van
de Emittent aantasten.
Regulering en wijzigingen in overheidsbeleid kunnen leiden tot verminderde winstgevendheid van nieuwe
en huidige producten
De Emittent moet voldoen aan allerlei regulatoire vereisten ten aanzien van het testen, produceren en op de
markt brengen van een groot aantal producten van de Emittent. Indien dergelijke regelgeving verder zou
worden aangescherpt zou dit de productontwikkeling van de Emittent aanzienlijk vertragen en de marketing en
verkoop beperken.
De bedrijfsmarges van de Emittent kunnen verminderen wanneer de Emittent niet in staat is de
prijsverhogingen voor grondstoffen door te berekenen aan zijn klanten, of wanneer de prijzen voor
producten van de Emittent sneller dalen dan die voor grondstoffen
Significante schommelingen in de kosten en verkrijgbaarheid van grondstoffen (waaronder
verpakkingsmateriaal) kunnen de bedrijfsmarges van de Emittent onder druk zetten. De prijzen en
verkrijgbaarheid van dergelijke grondstoffen veranderen al naar gelang de marktomstandigheden en kunnen
zeer volatiel zijn.
Voorraadtekorten of onderbreking in de bevoorrading van afnemers wegens onvoorziene
capaciteitsafname, stillegging van productiefaciliteiten of werkonderbrekingen kunnen lagere verkopen tot
gevolg hebben
De productie bij sommige productiefaciliteiten van de Emittent, of de bevoorrading met grondstoffen daarvan,
kunnen negatief worden beı̈nvloed door technische storingen, stakingen, natuurrampen, overheidsbesluiten,
storingen in IT-systemen en andere factoren. Met name heeft de Technologiesector van de Emittent in het
algemeen te maken met geavanceerde productieprocessen die meer blootstaan aan storingsrisico’s dan andere
processen en derhalve een verhoogd risico lopen op productieproblemen, onvoorziene stillegging en
productverlies.
Ontoereikende octrooi- en/of merkenbescherming kan leiden tot lagere verkopen
Indien in een land waarin de Emittent een aanzienlijke hoeveelheid van een belangrijk product verkoopt het
octrooi of de merkrechten met betrekking tot dat product ongeldig zou worden verklaard, zou dit de
omzetcijfers van de Emittent aantasten.
Wanneer de Emittent er niet in zou slagen succesvol te concurreren of nieuw overgenomen activiteiten te
integreren, kan dit de verkopen aanzienlijk doen afnemen en resulteren in een lager bedrijfsresultaat
De Emittent is actief in uiterst concurrerende sectoren. Handelingen van de concurrenten van de Emittent, of
van zijn klanten (zoals druk op de verkoopprijzen, wegvallen van een beursnotering en andere handelingen)
kunnen de winstgevendheid en het marktaandeel van de Emittent doen verminderen.
41
Risico’s verbonden aan het omgaan met gevaarlijke stoffen kunnen de bedrijfswinst van de Emittent
negatief beı̈nvloeden
De bedrijfsactiviteiten van de Emittent zijn onderworpen aan de bedrijfsrisico’s die gepaard gaan met chemische
productie, waaronder de gerelateerde risico’s van opslag en transport van grondstoffen, producten en
afvalstoffen. Aan deze bedrijfsrisico’s zijn inherent verbonden de risico’s van letselschade, zaakschade en
milieuverontreiniging, en kunnen sluiting van de betrokken faciliteit tot gevolg hebben, alsmede
bedrijfsonderbreking en veroordeling tot civielrechtelijke of strafrechtelijke boetes, en kunnen de reputatie van
de Emittent aantasten.
Milieuaansprakelijkheid en kosten van naleving kunnen het bedrijfsresultaat van de Emittent negatief
beı̈nvloeden
Kosten van verplichte sanering kunnen leiden tot een lager bedrijfsresultaat van de Emittent. Ook is de Emittent
momenteel, en mogelijk in de toekomst, betrokken bij claims, gerechtelijke procedures en administratieve
procedures terzake van milieukwesties. Een negatieve uitkomst daarvan kan het bedrijfsresultaat en de reputatie
van de Emittent aanzienlijk aantasten.
Productaansprakelijkheid kan het bedrijfsresultaat van de Emittent negatief beı̈nvloeden
De Emittent staat in het algemeen bloot aan de risico’s van productaansprakelijkheid. Mogelijke procedures
waarin schadevergoeding wordt gevorderd op grond van beweerdelijke productaansprakelijkheid kunnen de
reputatie van de Emittent aanzienlijk aantasten en indirect leiden tot verlies van marktaandeel en winstverlies.
Bestaande verzekeringsdekking kan ontoereikend blijken te zijn
De Emittent tracht voorzienbare risico’s af te dekken met verzekeringen. Mogelijk dekken dergelijke
verzekeringen echter niet volledig de door de Emittent gelopen risico’s.
Significante schommelingen in wisselkoersen zijn van invloed op de financiële resultaten van de Emittent
De Emittent voert een aanzienlijk deel van zijn bedrijf uit buiten de Eurozone. Schommelingen in de
wisselkoersen van valuta’s buiten de Eurozone, met name de Amerikaanse dollar, kunnen de omzet en het
bedrijfsresultaat van de Emittent sterk beı̈nvloeden.
Veranderingen in de aannames die ten grondslag liggen aan de voorzieningen die de Emittent genomen
heeft voor pensioen- en soortgelijke verplichtingen kunnen leiden tot hogere pensioenkosten en hogere
voorzieningen voor pensioen- en soortgelijke verplichtingen
De Emittent kan niet garanderen dat toekomstige uitgaven of geldstortingen die nodig mochten worden wegens
de huidige of toekomstige financiering van pensioenverplichtingen geen belangrijke negatieve invloed kunnen
uitoefenen op de financiële positie en het bedrijfsresultaat van de Emittent.
Risicofactoren met betrekking tot de Obligaties
Aan een belegging in de Obligaties zijn bepaalde risico’s verbonden met betrekking tot de kenmerken van de
Obligaties, die kunnen leiden tot aanzienlijke verliezen die de obligatiehouders zouden moeten dragen wanneer
zij de Obligaties verkopen of met betrekking tot de ontvangst van rente betalingen
Effecten met lange looptijd
De Obligaties worden 25 november 2104 afgelost. De Emittent is niet verplicht de Obligaties eerder af te lossen.
De obligatiehouders zijn niet gerechtigd eerdere aflossing te verlangen.
Uitstel van rentebetaling
Obligatiehouders dienen er zich bewust van te zijn dat de Emittent onder bepaalde omstandigheden niet
verplicht is rente te betalen op de Obligaties.
In geval zich een Cashflow Geval voordoet (zoals uiteengezet in § 3 (5) van de Obligatievoorwaarden) kan de
Emittent ter eigen beoordeling betaling van de rente uitstellen. De Emittent zal dergelijke niet-uitgekeerde rente
uiterlijk vijf jaar na de Rentebetaaldatum waarop wegens een Cashflow Geval niet tot betaling werd
overgegaan, alsnog dienen uit te keren.
In geval van een Verplichte Cashflow Geval (zoals uiteengezet in § 3 (5) van de Obligatievoorwaarden) zal de
Emittent de rentebetaling uitstellen en dient hij vervolgens binnen vijf jaar na dat uitstel een keuze te maken
voor ofwel (a) ACSM [alternatief couponvoldoeningsmechanisme] (zoals uiteengezet in § 3 (6) van de
42
Obligatievoorwaarden) of (b) Betaling in Natura (zoals uiteengezet in § 3 (6) van de Obligatievoorwaarden) ter
voldoening aan zijn betalingsverplichting. Deze keuze maakt de Emittent geheel ter eigen beoordeling. Indien
het gekozen alternatief ter voldoening van de betalingsverplichting aan de obligatiehouders faalt, vervalt de
betrokken betalingsverplichting van de Emittent.
Achterstelling
De betalingsverplichtingen van de Emittent ingevolge of in verband met de Obligaties vormen achtergestelde
verplichtingen van de Emittent. Bij een faillissementsprocedure met betrekking tot de Emittent kunnen de
obligatiehouders proportioneel minder terugontvangen dan de houders van niet-achtergestelde en andere
achtergestelde schulden van de Emittent.
Geen beperking op de uitgifte van schuldpapier
Er is geen beperking op de hoeveelheid schuldpapier die de Emittent kan uitgeven welke in rang hoger staat dan
de verplichtingen ingevolge of in verband met de Obligaties, noch op het bedrag aan schuldpapier dat de
Emittent kan uitgeven welke in rang gelijk staat met die van de verplichtingen ingevolge of in verband met de
Obligaties.
Geen Eerdere Markt voor de Obligaties/Liquiditeitsrisico
Er is momenteel geen secundaire markt voor de Obligaties. Het kan echter niet worden gegarandeerd dat er een
secundaire markt voor de Obligaties zal ontstaan of dat deze, wanneer hij wel ontstaat, zal voortbestaan. De
mogelijkheid tot verkoop van de Obligaties kan tevens per land onderhevig zijn aan bijkomende, nationale
beperkingen.
Vastrentende Obligaties/Obligaties met variabele rente
Obligatiehouders dienen er rekening mee te houden dat schommelingen van de marktrentetarieven de waarde
van de Obligaties negatief kunnen beı̈nvloeden en kunnen leiden tot verliezen bij de obligatiehouders wanneer
zij de Obligaties verkopen gedurende de periode waarin het rentetarief van de Obligaties vaststaat. Houders van
obligaties met een variabele rente zijn blootgesteld aan het risico van schommelende renteniveaus en onzekere
renteinkomsten.
43
Resumen
El siguiente documento constituye el resumen (el Resumen) de las principales caracterı́sticas y riesgos inherentes
al Emisor y a los Bonos. Este Resumen debe leerse a modo de introducción al presente Folleto. No pretende
tener carácter exhaustivo, y ha sido extraı́do y está condicionado en su totalidad por el resto del presente
Folleto, incluyendo los documentos incorporados por referencia. Cualquier decisión de los inversores de
invertir en los Bonos debe basarse en el análisis del presente Folleto en su conjunto. Si se presentara alguna
reclamación en relación con la información recogida en el presente Folleto ante algún tribunal en un Estado
miembro del Espacio Económico Europeo, el inversor reclamante podrı́a tener que soportar, a tenor de la
legislación nacional de dicho tribunal, el coste de la traducción del Folleto antes de que se inicien los
procedimientos legales. La Persona Responsable (según se define en la ‘‘Declaración de Responsabilidad’’ en la
página 107) carecerá de responsabilidad civil alguna en cualquiera de dichos Estados miembros exclusivamente
sobre la base del presente Resumen, incluyendo cualquier traducción del mismo, a menos que sea engañosa,
imprecisa o incoherente al ser leı́da junto con el resto del presente Folleto.
Las palabras y expresiones definidas en los ‘‘Términos y Condiciones de los Bonos’’ (Terms and Conditions of
the Bonds) recogidos en las páginas 59 y siguientes tendrán el mismo significado en el presente Resumen.
Resumen de las condiciones de los Bonos
Emisor (Issuer):
Importe Principal (Principal
Amount):
1.300.000.000 A
Entidades Directoras (Lead
Managers):
UBS Limited, Londres
BNP Paribas
Agente de Pagos Principal
(Principal Paying Agent):
Deutsche Bank AG
Precio de Emisión (Issue Price):
99,735%
Nominal (Denomination):
El nominal de cada uno de los Bonos será de 1.000 A.
Representación de los Bonos
(Form of the Bonds):
Vencimiento (Maturity):
Rescate Anticipado (Early
Redemption):
44
Los Bonos revestirán la forma de tı́tulos al portador y estarán
representados inicialmente por un Bono Global Temporal (Temporary
Global Bond) sin cupones que será depositado en un depositario común
para Clearstream Banking, société anonyme, Luxembourg, y Euroclear
Bank S.A./N.V. en calidad de operador del Sistema Euroclear. El Bono
Global Temporal será canjeable por un Bono Global Permanente
(Permanent Global Bond) sin cupones no antes de 40 y no más tarde de
180 dı́as después de la emisión del Bono Global Temporal mediante
certificación de titularidad efectiva no estadounidense de conformidad con
las normas y procedimientos de funcionamiento del Sistema de
Compensación (Clearing System). Los pagos del Bono Global Temporal
sólo se realizan contra la presentación de dichas certificaciones. No se
emitirán tı́tulos o cupones definitivos.
25 de noviembre de 2104
Los Bonos serán rescatables total pero no parcialmente, a opción del
Emisor el 25 de noviembre de 2015 o en cualquier Fecha de Pago de
Intereses a Tipo Variable (Floating Rate Interest Payment Date) posterior
por su importe principal más cualesquiera intereses devengados hasta la
fecha de rescate (excluida) y todos los Intereses Atrasados (Arrears of
Interest) pendientes de pago en la fecha de rescate. El Emisor también
Resumen
podrá rescatar los Bonos, total pero no parcialmente, en cualquier
momento antes del 25 de noviembre de 2015 a raı́z de un Hecho Imponible
(Tax Event) o un Hecho de Elevación al Íntegro (Gross Up Event) por su
Importe de Rescate Anticipado (Early Redemption Amount).
Interès fijo-variable (Fixed to
Floating Interest):
Diferimiento Opcional de
Intereses (Optional Interest
Deferral):
Los Bonos devengarán intereses desde la Fecha de Emisión (Issue Date),
inclusive, hasta el 25 de noviembre de 2015, exclusive, a razón de un tipo
fijo del 5.375% anual por su importe principal agregado, que serán
pagaderos por años vencidos el 25 de noviembre de cada año a partir del
25 de noviembre de 2006. A partir de dicha fecha, a menos que hayan sido
previamente rescatadas, los Bonos devengarán intereses al tipo variable
interbancario ofrecido para los depósitos en euros a tres meses en la zona
euro más un 1,85% más un incremento de 1,00 punto porcentual, que
serán pagaderos por trimestres vencidos el 25 de febrero, el 25 de mayo, el
25 de agosto y el 25 de noviembre de cada año.
En caso de darse un Hecho de Flujo de Caja (Cash Flow Event), el Emisor
podrı́a diferir el pago de los intereses en dicha Fecha de Pago de Intereses a
su absoluta discreción. Cualquier impago de intereses en este sentido da
lugar a Intereses Atrasados. El Emisor está obligado al pago de los
Intereses Atrasados (total, pero no parcialmente) que hayan sido diferidos
en una Fecha de Pago de Intereses Opcional (Optional Interest Payment
Date) concreta en una Fecha de Pago de Intereses (Interest Payment Date)
posterior y que no puede ser posterior al quinto aniversario de esa Fecha de
Pago de Intereses Opcional anterior, o, si dichas circunstancias se
produjeran antes del quinto aniversario, en el plazo de 12 meses si (i) un
dividendo, otra distribución de cualquier tipo o pago fuera acordado con
respecto a cualquier clase de acciones del Emisor en una Junta General con
posterioridad a dicha Fecha de Pago de Intereses Opcional; (ii) un
dividendo, otra distribución de cualquier tipo o pago fuera acordado,
pagado o efectuado con respecto a cualquier Valor Subordinado (Junior
Security) o cualquier Valor de Paridad (Partiy Security); o (iii) el Emisor ha
recomprado o de otro modo adquirido, o hecho que otra Sociedad del
Grupo recompre o de otro modo adquiera cualquiera de los Bonos (total o
parcialmente), cualquier Valor de Paridad o cualquier Valor Subordinado a
cambio de cualquier contraprestación, salvo por canje o conversión en
acciones ordinarias y salvo por una readquisición de acciones de
conformidad con el plan de incentivos en acciones para directivos; o en la
fecha que debidamente corresponda a efectos del rescate de los Bonos.
En caso de liquidación, disolución, procedimiento concursal o de otro tipo
encaminado a evitar la insolvencia del Emisor antes de dicho quinto
aniversario, cualquier obligacionista tendrá derecho a reclamar
directamente al Emisor el cobro de la parte proporcional de Intereses
Atrasados que corresponda a sus Bonos. Dicho derecho de cobro
constituirá una obligación no garantizada y subordinada del Emisor con
igual rango que los Bonos.
Diferimiento Obligatorio de
Intereses (Mandatory Interest
Deferral):
En caso de darse un Hecho de Flujo de Caja Obligatorio (Mandatory Cash
Flow Event), el Emisor diferirá el Pago de los Intereses Diferidos en dicha
Fecha de Pago de Intereses y deberá elegir a) en el plazo de 12 meses si
(i) un dividendo, otra distribución de cualquier tipo o pago fuera acordado
con respecto a cualquier clase de acciones del Emisor en una Junta General
posteriormente a la Fecha de Pago de Intereses en la que se produzca un
Hecho de Flujo de Caja Obligatorio; (ii) un dividendo, otra distribución de
45
Resumen
cualquier tipo o pago fuera acordado, pagado o efectuado con respecto a
cualquier Valor Subordinado o cualquier Valor de Paridad; o (iii) el Emisor
ha recomprado o de otro modo adquirido, o hecho que otra Sociedad del
Grupo recompre o de otro modo adquiera cualquiera de los Bonos (total o
parcialmente), cualquier Valor de Paridad o cualquier Valor Subordinado a
cambio de cualquier contraprestación, salvo por canje o conversión en
acciones ordinarias y salvo por una readquisición de acciones de
conformidad con el plan de incentivos en acciones para directivos; y b) no
más tarde de cinco años desde la Fecha de Pago de Intereses en la que se
produzca un Hecho de Flujo de Caja Obligatorio, ya sea (a) un Mecanismo
Alternativo de Pago de Cupón (ACSM) (Alternative Coupon Satisfaction
Mechanism)o (b) un Pago en Especie (Payment in Kind) para satisfacer su
obligación de Pago de Intereses Diferidos. Dicha elección se realizará a su
absoluta discreción. Si la alternativa elegida para satisfacer a los bonistas
fracasa y sólo en tal medida, la obligación de Pago de Intereses Diferidos
del Emisor quedará cancelada.
ACSM significa que el Emisor (o un representante en su nombre) vende
Acciones Preferentes (Vorzugsaktien; acciones cotizadas sin derecho de
voto de conformidad con el Artı́culo 139 de la Ley de Sociedades
Anónimas alemana) en un mercado de valores elegido por éste a su
absoluta discreción, con sujeción a las condiciones establecidas en los
Términos y Condiciones de los Bonos.
Pago en Especie significa que el Emisor, en lugar de pagar en efectivo (‘‘an
Erfüllungs statt’’, Artı́culo 364 (1) del Código Civil alemán) emite Bonos
Adicionales para los bonistas que tendrán un importe principal agregado o
un valor de mercado (el que sea mayor) equivalente al menos al Pago de
Intereses Diferidos correspondiente, con sujeción a las condiciones
establecidas en los T érminos y Condiciones de los Bonos.
En caso de liquidación, disolución, insolvencia, procedimiento concursal o
de otro tipo encaminado a evitar la insolvencia del Emisor antes de que se
realice la elección entre el Pago en Especie o ACSM, cualquier
obligacionista tendrá derecho a reclamar directamente al Emisor el cobro
del importe proporcional del Pago de Intereses Diferidos que le
corresponda. Dicha reclamación constituirá una obligación no
garantizada y subordinada del Emisor de igual rango en el orden de
prelación de créditos que los Bonos en la medida en que dicha reclamación
hubiera sido satisfecha de otro modo mediante ACSM (sólo teniendo en
cuenta el Tope de cálculo a la fecha de inicio de los procedimientos citados
anteriormente). El importe restante estará subordinado a los Bonos, siendo
sólo superior en rango al capital social.
Tributación (Taxation):
Estatus de los Bonos (Status of
the Bonds):
46
Todos los pagos en relación con los Bonos (dinerarios o en especie) se
realizarán libres y sin deducciones o retenciones en origen en concepto o a
cuenta de cualquier tipo de impuestos, tasas, gravámenes o cargas
oficiales, presentes o futuros, cualquiera que sea la naturaleza por la que se
impongan, recauden, retengan, exijan o cobren por o en nombre de
Alemania o por o en nombre de cualquier subdivisión o autoridad polı́tica
de la misma con facultad impositiva, a menos que dicha deducción o
retención venga exigida por ley. En tal caso, el Emisor deberá pagar las
cantidades adicionales que sean necesarias para que los bonistas, una vez
practicada dicha deducción o retención, reciban las cantidades netas que
hubieran recibido de no haberse practicado dicha deducción o retención,
con sujeción a las excepciones recogidas en los Términos y Condiciones de
los Bonos.
Las obligaciones del Emisor en virtud de los Bonos constituyen
obligaciones no garantizadas y subordinadas del Emisor con preferencia
Resumen
sólo ante el capital social y con igualdad de rango entre ellas y, en caso de
liquidación, disolución, insolvencia, procedimiento concursal o de otro
tipo encaminado a evitar la insolvencia del Emisor, subordinadas a todas
las demás obligaciones presentes y futuras del Emisor, tanto si son
subordinadas (incluida cualquier subordinación convenida en el sentido
del Artı́culo 39 (2) del Código de Insolvencia alemán) o no subordinada,
salvo que las normas imperativas aplicables requieran lo contrario. En
caso de liquidación, disolución, insolvencia, procedimiento concursal o de
otro tipo encaminado a evitar la insolvencia del Emisor, las obligaciones
del Emisor en virtud de los Bonos estarán subordinadas a todos los
acreedores subordinados y no subordinados del Emisor de forma que, en
cualquier caso, ningún importe resulte pagadero en relación con los Bonos
hasta que todos los acreedores subordinados o no subordinados del
Emisor hayan sido previamente satisfechos en su totalidad.
Capital de Sustitución
(Replacement Capital):
Prenda Negativa (Negative
Pledge):
Incumplimiento Cruzado (Cross
Default):
Admisión a Cotización (Listing):
Legislación Aplicable
(Governing Law):
Restricciones de Venta (elling
Restrictions):
Jurisdicción (Jurisdiction):
Compensación y Liquidación
(Clearence and Settlement):
Es intención del Emisor que los Bonos formen parte de la financiación
permanente del grupo del Emisor. Por consiguiente, el Emisor tiene
intención de rescatar los Bonos con el producto de la emisión de acciones
ordinarias y/o preferentes del Emisor o a través de la emisión de Nuevos
Tı́tulos, ya sea por parte del propio Emisor o de una Sociedad del Grupo,
en los 6 meses anteriores a la fecha de rescate de los Bonos. Los Nuevos
Tı́tulos (a) tendrán un vencimiento al menos a 99 años, tendrán el mismo
rango que los Bonos y tendrán las mismas o mejores caracterı́sticas que el
capital; (b) no serán rescatables antes de que transcurran cinco años (si los
Nuevos Tı́tulos no contienen un incremento o step-up) o de que
transcurran diez años desde su fecha de emisión (si los Nuevos Tı́tulos
contienen un incremento o step-up), salvo por motivos fiscales;
(c) permitirán al Emisor en sus propios términos y condiciones diferir el
pago de intereses del mismo modo o de modo similar a como se pueden
diferir de acuerdo con las condiciones de los Bonos para lograr la
asimilación a capital requerida; y (d) contendrán una estipulación de
sustitución de capital idéntica (en la medida en que los Nuevos Tı́tulos sean
rescatables si el tipo de interés aplicable a los Nuevos Tı́tulos aumenta
durante su vigencia).
Los Términos y Condiciones de los Bonos no incluyen una cláusula de
prohibición de pignorar (negative pledge).
Los Términos y Condiciones de los Bonos no incluyen una cláusula de
incumplimiento cruzado (cross default) del Emisor.
Se ha solicitado la admisión a cotización de los Bonos en el mercado
regulado de la Bosla de Valores de Luxemburgo.
Los Bonos se regirán por la legislación alemana.
La oferta y venta de los Bonos, ası́ como la distribución de materiales de la
oferta, estarán sujetas a restricciones especı́ficas en el Espacio Económico
Europeo, Estados Unidos, Reino Unido de Gran Bretaña e Irlanda del
Norte, Luxemburgo, Francia y Japón.
La única jurisdicción para cualquier procedimiento legal derivado de los
Bonos será Dusseldorf (República Federal de Alemania).
Los Bonos serán aceptados a efectos de compensación a través de
Clearstream Banking, société anonyme, Luxembourg y Euroclear Bank
S.A./N.V., en calidad de operador del Sistema Euroclear.
47
RESUMEN DE LA DESCRIPCIÓN DEL EMISOR
Descripción
El Emisor es la sociedad dominante del Grupo Henkel (el Grupo Henkel o Henkel). Su objeto social es la
fabricación y distribución de productos quı́micos de toda ı́ndole, productos de cuidado personal y cosméticos,
productos farmacéuticos, productos alimentarios, materiales de envasado, instalaciones y equipos técnicos, ası́
como la adquisición de inmuebles, incluidos terrenos para uso agrı́cola y forestal.
El Emisor es una sociedad constituida a tenor de la legislación alemana que reviste la forma legal de sociedad de
responsabilidad limitada (Kommanditgesellschaft auf Aktien). Está inscrita en el Registro Mercantil de
Dusseldorf con el número HRB 4724 y tiene su domicilio social en Dusseldorf.
Principales actividades de negocio
Las principales actividades de Henkel incluyen la producción de productos de cuidado del hogar y cuidado
personal y adhesivos, selladores y tratamiento de superficies para clientes particulares e industriales. Dividida
por segmentos de negocio, la gama de productos abarca: detergentes potentes, detergentes especiales y
limpiadores de hogar; cosmética del cabello, productos de cuidado corporal, oral y de la piel, perfumes y
fragancias; productos de decoración del hogar, adhesivos para uso doméstico, oficinas y para la construcción ası́
como soluciones de sistema para adhesivos industriales y de ingenierı́a, selladores y tecnologı́as de superficie.
Con el 34% del total de la facturación de 2004, la lı́nea de negocio Detergentes y Cuidado del Hogar es la más
importante en términos de facturación seguida por Henkel Technologies con un 26% del total de la facturación,
Cosmética y Cuidado Corporal con un 23% del total de la facturación, Adhesivos de Consumo con un 14% y
Servicios Corporativos (es decir, ventas y servicios no relacionados con las principales actividades de negocio de
Henkel) con un 3% del total de la facturación.
En términos de beneficio de explotación (EBIT), la lı́nea de negocio de Detergentes y Cuidado del Hogar
también es la más importante, representando un 33% del EBIT de 2004 (sin incluir Servicios Corporativos).
Henkel Technologies representa el 26%; Cosméticos y Cuidado Corporal, el 25%; y Adhesivos de Consumo, el
16% del EBIT de 2004.
Información financiera más destacada
En el ejercicio terminado el 31 de diciembre de 2004 Henkel reportó una facturación total de 10.592 millones
de euros, un beneficio de explotación (después de partidas extraordinarias) de 1.920 millones de euros, y un
beneficio neto de 1.736 millones de euros. Al 31 de diciembre de 2004, Henkel tenı́a 51.200 empleados en todo
el mundo. Las actividades de Henkel en Europa/África/Oriente Medio representaron un 67% del total de ventas
de Henkel en 2004; en Norteamérica (Estados Unidos y Canadá) representaron un 19%; en Latinoamérica, un
4%; en Asia-Pacı́fico, un 7% y Servicios Corporativos representó un 3% del total de ventas.
31 de diciembre
de 2004
31 de diciembre
de 2003
30 de septiembre
de 1-9 / 2005
30 de septiembre
de 1-9 / 2004
en millones de g
Total de ventas . . . . . . . . . . . . . . . . . .
Beneficio de explotación (EBIT) antes de
partidas extraordinarias . . . . . . . . . .
Beneficio de explotación (EBIT) después
de partidas extraordinarias . . . . . . . .
Beneficio neto . . . . . . . . . . . . . . . . . .
Flujos de caja procedentes de actividades
de explotación . . . . . . . . . . . . . . . .
Flujos de caja libres . . . . . . . . . . . . . .
Total activo . . . . . . . . . . . . . . . . . . . .
Fondos propios (incluidos accionistas
minoritarios) . . . . . . . . . . . . . . . . .
Pasivo contingente . . . . . . . . . . . . . . .
*
10.592
9.436
8.886
7.871
800
710
1.920*
1.736
706*
530
861
568
719**
543**
923
3.224***
13.138
520
580****
9.362
607
184
14.127
705
839
11.695
4.604
26
3.386
21
5.453
*****
3.660
*****
Partidas extraordinarias de 2003: venta de la participación en Wella, medidas de Reestructuración Ampliada (‘‘Extended
Restructuring’’).
Partidas extraordinarias de 2004: canje de la inversión en Clorox, pérdidas por deterioro del fondo de comercio, medidas de
Reestructuración Anticipada (‘‘Advanced Restructuring’’).
48
En los resultados al 30 de septiembre de 2004 y 30 de septiembre de 2005, las partidas extraordinarias no han sido tenidas en
cuenta.
**
Para facilitar la comparación con los resultados de 2005, las cifras de EBIT/beneficio neto al 30 de septiembre de 2004 han sido
incrementadas en 144 millones de euros de amortización del fondo de comercio que fueron originalmente cargados en este perı́odo.
***
Sin incluir los importes obtenidos con el canje de la inversión en Clorox y la amortización del préstamo Cognis (‘‘Bono Vendedor’’),
la cifra de flujos de caja libres hubiera ascendido a 529 millones de euros.
****
Sin incluir los pagos fiscales relacionados con los importes provenientes de la enajenación de Cognis y Wella, la cifra de flujos de
caja libres hubiera ascendido a 369 millones de euros.
***** El pasivo contingente no está especificado en los informes trimestriales.
RESUMEN DE FACTORES DE RIESGO
Factores de riesgo en relación con el Emisor
El factor cı́clico puede reducir los márgenes de explotación del Emisor o causar perdidas de explotación.
Diversos sectores de negocio o partes de los mismos en los cuales opera el Emisor tienen carácter cı́clico. Los
periodos bajos de estos ciclos se caracterizan por un descenso en los precios y un exceso en la capacidad
productiva.
La falta de desarrollo de nuevos productos y tecnologı́as dc procducción puede perjudicar la
competitividad del Emisor
El resultado de explotación del Emisor depende de una forma significativa del desarrollo de nuevos productos y
tecnologı́as de producción viables comercialmente. Si el Emisor no tiene éxito en el desarrollo de nuevos
productos y procesos de producción en un futuro, su competitividad y su resultado de explotación se verán
perjudicados.
El control administrativo y los cambios en la regulación administrativa pueden hacer que se vea
reducida la rentabilidad tanto de los productos actuales como de los nuevos productos
El Emisor debe cumplir con una amplı́a gama de controles administrativos en relación con los procedimientos
de prueba, fabricación y comercialización de muchos de sus productos. Regı́menes administrativos estrictos en
este sentido pueden retrasar sustancialmente el desarrollo de productos por parte del Emisor o restringir las
ventas y comercialización de sus productos.
Los márgenes de explotación pueden reducirse en caso de que el Emisor no sea capaz de repercutir el
aumento en los precios de las materias primas a los clientes o en caso de que los precios de los productos
del Emisor disminuyan más rápidamente que los de las correspondientes materias primas
Variaciones significativas en el coste y la disponibilidad de materias primas (incluidos los embalajes) pueden
reducir el resultado de explotación del Emisor. Los precios y la disponibilidad de estas materias primas varı́an en
función de las condiciones del mercado y pueden ser altamente volátiles.
La escasez o interrupción en el abastecimiento a los clientes debidos a un descenso imprevisto en la
capacidad de producción, al cierre de plantas de producción o a interrupciones en el negocio pueden
reducir el nivel de ventas
La producción de alguna de las instalaciones de fabricación del Emisor o el abastecimiento de materias primas a
las mismas puede verse afectado negativamente por fallos técnicos, huelgas, desastres naturales, inspecciones
administrativas, fallos en los sistemas informáticos y otros factores. En particular, el negocio del sector
tecnológico del Emisor implica generalmente procesos de producción sofisticados que son más susceptibles de
sufrir trastornos que otros procesos y por lo tanto plantean un incremento en el riesgo de problemas en la
fabricación, de cierres imprevistos y de perdida de productos.
Una protección inefectiva de las patentes y/o marcas de los productos comercializados puede producir un
descenso en las ventas frente a los productos de la competencia
En el caso de que un pais en el cual el Emisor vende un volumen sustancial de un producto importante invalidara
de forma efectiva los derechos del Emisor sobre la patente o la marca de ese producto, los ingresos del Emisor
podrı́an verse afectados.
49
La falta de competitividad o la falta de integración de negocios de nueva adquisición pueden provocar
una disminución significativa en las ventas y disminuir consecuentemente el resultado de explotación del
Emisor
El Emisor opera en sectores industriales muy competitivos. Tanto las acciones de sus competidores como las de
los propios clientes (por ejemplo, presión sobre los precios de venta, descatalogación u otras acciones) pueden
reducir los beneficios del Emisor ası́ como su cuota de mercado.
El resultado de explotación del Emisor puede verse negativamente afectado por los riesgos derivados del
manejo de materiales peligrosos
La actividad del Emisor esta sujeta a riesgos de explotación asociados con la fabricación de productos quı́micos,
incluyendo los riesgos relacionados con el almacenamiento y transporte de materias primas, productos y
desechos. Estos riesgos de explotación pueden causar daños personales, daños materiales y contaminación
medioambiental, pueden dar lugar al cierre de las plantas de producción afectadas, a la interrupción del negocio
y a la imposición de multas o sanciones civiles o penales, y ası́ mismo pueden afectar de forma negativa la
reputación del Emisor.
El resultado de explotación del Emisor puede verse negativamente afectado por la responsabilidad
medioambiental y los costes de cumplimiento derivados de la misma
El resultado de explotación del Emisor puede verse reducido por los costes derivados del cumplimiento de
obligaciones medioambientales. Ası́ mismo, el Emisor esta o puede verse incurso en reclamaciones, pleitos y
procedimientos administrativos en materis medioambiental. Un resultado adverso en cualquiera de éstos puede
tener un significativo impacto negativo tanto en la reputación del Emisor como en su resultado de explotación.
El resultado de explotación del Emisor puede verse negativamente afectado por la responsabilidad
derivada del producto
El Emisor está expuesto con carácter general al riesgo de responsabilidad derivada del producto. La
interposición de cualquier reclamación que alegue responsabilidad derivada del productos puede tener un
impacto negativo en la reputación del Emisor y, por ende, provocar una perdida en su cuota de mercado y una
disminución en sus beneficios de explotación.
La cobertura de los seguros contratados en la actualidad puede devenir inadecuada
El Emisor pretende cubrir los riesgos previsibles a través de la contratación de seguros. No obstante lo anterior,
la cobertura de estos seguros puede no cubrir en su totalidad el riesgo al que el Emisor este expuesto.
El resultado financieros del Emisor puede verse afectado por fluctuaciones significativas en los tipos de
cambio
El Emisor desarrolla gran parte de su actividad fuera de la zona Euro (Euro Zone). La fluctuación en los tipos de
divisas fuera de la Zona Euro, y particularmente del dólar americano (U.S. Dollar), pueden afectar de forma
material a los ingresos del Emisor ası́ como a su resultado de explotación.
Cualquier cambio en las asunciones que subyacen a las provisiones por pensiones u otras obligaciones
del Emisor puede suponer mayores costes en el pago de pensiones y la necesidad de dotar provisiones
adicionales para el pago de pensiones y obligaciones similares
El Emisor no puede asegurar que cualquier gasto futuro o contribución en efectivo que pueda ser necesaria bajo
las obligaciones, presentes o futuras, de financiación de compromisos por pensiones, no tenga en un futuro un
efecto adverso en las condiciones financieras del Emisor y su resultado de explotación.
Factores de riesgo en relación con los Bonos
La inversión en los Bonos (the Bonds) conlleva ciertos riesgos derivados de las caracterı́sticas de los mismos que
pueden conducir a pérdidas sustanciales que los bonistas tendrán que soportar en caso de venta de los mismos o
al recibir el pago de los intereses.
Valores a largo plazo (Long-term Securities).
Los Bonos serán amortizables el 25 de Noviembre de 2104. El Emisor no tiene obligación de amortizar los
Bonos en cualquier momento anterior a dicha fecha. Los bonistas no tienen ningún derecho a solicitar su
rescate.
50
Diferimiento de intereses (Deferral of Interest).
Los bonistas deberán tener en cuenta que el Emisor en determinadas circunstancias no se encuentra obligado al
pago de los intereses que devenguen los Bonos.
En el caso de darse un Hecho de Flujo de Caja (Cash Flow Event) (tal y como establece la cláusula 3 (5) de los
Términos y Condiciones (Terms and Conditions), el Emisor podrı́a diferir el pago de los intereses a su absoluta
discreción. El Emisor deberá abonar los intereses impagados no más tarde del quinto aniversario de la Fecha del
Pago del Interés principal, en la cual no se llevo a cabo el pago debido a la concurrencia del mencionado Hecho
de Flujo de Caja (Cash Flow Event).
En el caso de darse un Hecho de Flujo de Caja Obligatorio (Mandatory Cash Flow Event) (tal y como se
establece en la cláusula 3 (5) de los Términos y Condiciones), el Emisor podrá diferir el pago de los intereses y
deberá optar, no más tarde de cinco años desde dicho diferimeinto, por (a) el Mecanismo Alternativo de Pago de
Cupón (Alternative Coupon Satisfaction Mechanism) (tal y como se establece en la cláusula 3 (6) de los
Términos y Condiciones) o (b) Pago en Especie (Payment in Kind) (tal y como se establece en la cláusula 3 (6) de
los Términos y Condiciones) a fin de satisfacer su obligación de pago. Dicha elección se realizará a su absoluta
discreción. Si la alternativa elegida para satisfacer a los bonistas fracasa, la obligación de Pago de Intereses
Diferidos del Emisor quedará cancelada.
Subordinación (Subordination).
Las obligaciones de pago del Emisor en virtud de o en relación con los Bonos constituyen obligaciones
subordinadas del Emisor. En cualquier procedimiento de insolvencia del Emisor, los bonistas podrán recuperar
proporcionalmente una menor cuantı́a que los bonistas no subordinados o de otras obligaciones subordinadas
del Emisor.
No limitación de la Deuda Emitida (Issuing Debt).
No hay restricción sobre la cantidad de deuda que el Emisor puede emitir, cuyo rango sea superior a las
obligaciones en virtud de o en relación con los Bonos, ni sobre la cantidad deuda que el Emisor puede emitir, con
rango equivalente a las obligaciones en virtud de o en relación con los Bonos.
No hay orecedente de un mercado para los Bonos/Riesgo de Liquidez (Liquidity Risk).
Actualmente no existe un mercado secundario para Bonos. No obstante, no hay certeza de que se generé un
mercado secundario para Bonos, o, si se genera, de que éste continúe. La posibilidad de vender los Bonos podrı́a
estar restringida con carácter adicional por razones propias de cada paı́s.
Bonos de Tipo Fijo (Fixed Rate Bonds)/ Bonos de Tipo Variable (Floating Rate Bonds).
Los bonistas deben tener en cuenta que las variaciones del tipo de interés del mercado pueden afectar de manera
adversa al precio de los Bonos y pueden producir pérdidas para los bonistas, si estos venden los Bonos durante el
periodo en el que el interés de los Bonos es fijo. El titular de un Bono con interés variable está expuesto al riesgo
de fluctuación de los niveles del tipo de interés y a la imposibilidad de determinar los ingresos por el cobro de
intereses.
51
Risk Factors
The following is a description of risk factors which are material in respect of the Bonds and the financial
situation of the Issuer and the Henkel Group taken as a whole and which may affect the Issuer’s ability to fulfil
its obligations under the Bonds which prospective investors should consider before deciding to purchase the
Bonds. In the future, further risks for the business of the Issuer may arise which are currently unknown to the
Issuer. The sequence in which the following risk factors are listed is not an indication of their likelihood to occur
or of the extent of their commercial consequences. Prospective investors should consider all of the information
provided in this Prospectus or incorporated by reference into this Prospectus and consult with their own
professional advisers if they consider it necessary.
Words and expressions defined in ‘‘Terms and Conditions of the Bonds’’ on pages 59 et sequitur shall have the
same meanings in this section ‘‘Risk Factors’’.
RISK FACTORS IN RESPECT OF THE ISSUER
Cyclicality may reduce the Issuer’s operating margins or cause operating losses
Several of the business sectors or parts thereof in which the Issuer operates are cyclical. This may apply
particularly to the Issuer’s automotive and electronics business of the Technologies sector and the building
adhesives business of the Consumer and Craftsmen Adhesives business sector. Typically, increased demand
during peaks in the business cycle in these business sectors leads producers to increase their production capacity.
Although peaks in the business cycle have been characterized by increased selling prices and higher operating
margins, in the past these capacity increases have led to excess capacities because they have exceeded demand
growth. Low periods in the business cycles are then characterized by decreasing prices and excess capacity.
These factors can depress operating margins and may finally result in operating losses.
Failure to develop new products and production technologies may harm the Issuer’s competitive position
The Issuer’s operating results significantly depend on the development of commercially viable new products and
production technologies. The Issuer devotes substantial resources to research and development. Because of the
lengthy development process, technological challenges and intense competition, the Issuer cannot assure that
any of the products the Issuer is currently developing, or may begin to develop in the future, will become
market-ready or achieve commercial success. If the Issuer is unsuccessful in developing new products and
production processes in the future, the Issuer’s competitive position and operating results will be harmed.
Regulatory controls and changes in public policy may reduce the profitability of new or current products
The Issuer must comply with a broad range of regulatory controls on the testing, manufacturing and marketing
of many of the Issuer’s products. In some countries, including the United States, regulatory controls have
become increasingly demanding. The Issuer expects that this trend will continue and will expand to other
countries, particularly those of the European Union (EU). A proposed EU chemicals policy could mandate a
significant increase in the testing and assessment of all chemicals, leading to increased costs and reduced
operating margins for these products. Although the Issuer has adopted measures to address these stricter
regulations, such as increasing the efficiency of the Issuer’s internal research and development processes in order
to reduce the impact of extended testing on time-to-market, stricter regulatory regimes could substantially delay
the Issuer’s product development or restrict the Issuer’s marketing and sales.
Failure to achieve regulatory approval of new products in a timely manner or at all can mean that the Issuer does
not recoup the Issuer’s research and development investment through sales of that product. The Issuer does not
know when or whether any approvals from regulatory authorities will be received. Withdrawal by regulators of
an approval previously granted can mean that the affected product ceases to generate revenue. In addition, in
some cases the Issuer may voluntarily cease marketing a product even in the absence of regulatory action.
The Issuer’s operating margins may decrease if the Issuer is not able to pass increased raw material
prices on to customers or if prices for the Issuer’s products decrease faster than raw material prices
Significant variations in the cost and availability of raw materials (including packaging) may reduce the Issuer’s
operating results. The Issuer uses significant amounts of petrochemical-based raw materials in manufacturing a
wide variety of the Issuer’s products. The prices and availability of these raw materials vary with market
conditions and may be highly volatile. There have been in the past, and may be in the future, periods during
52
Risk Factors
which the Issuer cannot pass raw material price increases on to customers. The Issuer tries to minimise the risk
of increasing raw material prices by entering into medium- and long-term supply agreements. However, even in
periods during which raw material prices decrease, the Issuer may suffer decreasing operating profit margins if
the prices of raw materials decrease more slowly than do the selling prices of the Issuer’s products.
Shortages or disruptions of supplies to customers due to unplanned capacity decreases, shutdowns of
production plants or business interruptions may reduce sales
Production at some of the Issuer’s manufacturing facilities or the supply of raw materials to them could be
adversely affected by technical failures, strikes, natural disasters, regulatory rulings, failure of IT-systems and
other factors. In particular, the Issuer’s Technologies business sector generally faces sophisticated production
processes that are more subject to disruption than is the case with other processes and therefore pose increased
risk of manufacturing problems, unplanned shutdowns and loss of products. Production capacities at one or
more of the Issuer’s sites or major plants could therefore decline temporarily or longer term. If, however, the
capacity of one or more material facilities is reduced or manufacture of material products is shut down for a
prolonged period and the Issuer is unable to shift sufficient production to other plants or draw on the Issuer’s
inventories, the Issuer can suffer declines in sales revenues and in the Issuer’s results, be exposed to damages
claims, may lose access to market and suffer reputational harm.
Ineffective patent and/or trademark protection for marketed products may result in loss of sales to
competing products
The extent of patent or trademark protection varies from country to country. In some of the countries in which
the Issuer operates, patent or trademark protection may be significantly weaker than in the United States or the
European Union. Piracy of patent- or trademark-protected intellectual property has often occurred in recent
years, particularly in some Asian and Eastern European countries. In particular, these countries could facilitate
competition within their markets from counterfeit manufacturers who would otherwise be unable to introduce
competing products for a number of years. The Issuer does not currently expect any proposed patent or
trademark law modifications to affect it materially. Nevertheless, if a country in which the Issuer sells a
substantial volume of an important product were to effectively invalidate the Issuer’s patent or trademark rights
in that product, the Issuer’s revenues could suffer.
Failure to compete successfully or integrate newly acquired businesses may cause a significant decrease
in sales and reduce the Issuer’s operating results
The Issuer operates in highly competitive industries. Actions of the Issuer’s competitors or actions of the
customers (such as pressure on the sales prices, de-listings or other actions) could reduce the Issuer’s
profitability and market share. In some commodity areas (especially within the Issuer’s Laundry and Home
Care sector as well as the Cosmetics/Toiletries sector), the Issuer competes primarily on the basis of price and
quality of product and supply. All of the Issuer’s sectors, however, also compete in specialty markets on the basis
of product differentiation, innovation, quality and price. Significant product innovations, technical advances or
the intensification of price competition by competitors could harm the Issuer’s operating results.
From time to time, the Issuer acquires all or a portion of an established business and combines it with the
Issuer’s existing business units. Integration of existing and newly-acquired businesses requires difficult decisions
with respect to staffing levels, facility consolidation and resource allocation. The Issuer must also plan carefully
to ensure that established product lines and brands retain or increase their market position. If the Issuer fails to
effectively integrate a new business or if integration results in significant unexpected costs, the Issuer’s results of
operations could suffer.
Risks from the handling of hazardous materials could negatively impact the Issuer’s operating results
The Issuer’s operations are subject to the operating risks associated with chemical manufacturing, including the
related risks associated with storage and transportation of raw materials, products and wastes. These risks
include the following hazards:
➤
pipeline and storage tank leaks and ruptures;
➤
fires and explosions;
➤
malfunction and operational failure; and
➤
releases, discharges or disposal of toxic and/or hazardous substances resulting from these or other causes.
53
Risk Factors
These operating risks have the potential to cause personal injury, property damage and environmental
contamination, and may result in the shutdown of affected facilities and in business interruption and the
imposition of civil or criminal penalties, and negatively impact the reputation of the Issuer. The occurrence of
any of these events may significantly reduce the productivity and profitability of the affected manufacturing
facility and harm the Issuer’s operating results. Furthermore, the Issuer’s property damage, business
interruption and casualty insurance policies may not be adequate to cover fully all potential hazards incidental
to the Issuer’s business.
Environmental liabilities and compliance costs may have a negative effect on the Issuer’s operating
results
The environmental laws of various jurisdictions impose actual and potential obligations on the Issuer to
remediate contaminated sites. These obligations may relate to sites:
➤
that the Issuer currently owns or operates;
➤
that the Issuer formerly owned or operated;
➤
where the Issuer disposes or disposed waste from the Issuer’s operations;
➤
where the Issuer’s toll manufacturers operate or operated; or
➤
where property owned by third parties was contaminated by the emission or spill of contaminants for which
the Issuer bears responsibility.
The costs of these environmental remediation obligations could reduce the Issuer’s operating results. In
particular, the Issuer’s accruals for these obligations may be insufficient if the assumptions underlying these
accruals prove incorrect or if the Issuer is held responsible for additional, currently undiscovered
contamination.
Furthermore, the Issuer is or may become involved in claims, lawsuits and administrative proceedings relating
to environmental matters. An adverse outcome in any of these might have a significant negative impact on the
Issuer’s operating results and reputation.
Stricter health, safety and environmental laws and regulations as well as enforcement policies could result in
substantial liabilities and costs to the Issuer and could subject the Issuer’s handling, manufacturing, use, reuse or
disposal of substances or pollutants to more rigorous scrutiny than is currently the case. Consequently,
compliance with these laws and regulations could result in significant capital expenditures and expenses as well
as liabilities, thereby harming the Issuer’s business and operating results.
Product liability may have a negative impact on the Issuer’s operating results
The Issuer in general is exposed to the risk of product liability. Although it has established adequate measures to
minimise this risk, the risk cannot be excluded or quantified.
The markets in which the Issuer operates are very sensitive and competitive. Potential proceedings for claims
alleging product liability may, even if the single claim for damages or other payments does not involve a
significant amount and even if the plaintiff does not obtain a judgement against the Issuer, significantly harm the
Issuer’s reputation and, therefore, may cause loss of market share and loss of operating profit.
Existing insurance coverage may turn out to be inadequate
The Issuer seeks to cover foreseeable risks through insurance coverage. Such insurance coverage, however, may
not fully cover the risks to which the Issuer is exposed. For certain risks, adequate insurance coverage may not
be available on the market or may not be available at reasonable conditions. Consequently, any harm resulting
from the materialization of these risks could result in significant capital expenditures and expenses as well as
liabilities, thereby harming the Issuer’s business and operating results.
Significant fluctuations in exchange rates affect the Issuer’s financial results
The Issuer conducts a significant portion of its operations outside the Euro zone. Although fluctuations in
currencies can benefit the Issuer, they can also harm the Issuer’s results. From time to time, the Issuer may use
financial instruments to hedge some of the Issuer’s exposure to foreign currency fluctuations. As of
54
Risk Factors
December 31, 2004, the Issuer had entered into forward foreign exchange contracts and currency swaps with a
total notional value of A 2,969 million (excluding cross currency interest rate swaps included in the Issuer’s
A 1,158 million notional amount of interest rate hedging contracts). However, fluctuations in currencies of
countries outside the Euro zone, especially the U.S. Dollar, can materially affect the Issuer’s revenue as well as
the Issuer’s operating results. For example, changes in currency exchange rates may affect:
➤
the relative prices at which the Issuer and the Issuer’s competitors sell products in the same market;
➤
the cost of products and services the Issuer requires for the Issuer’s operations; and
➤
the Euro-denominated items in the Issuer’s financial statements.
Changes in the assumptions underlying the Issuer’s provisions for pension and similar obligations may
cause increased cost for pension payments and cause additional provisions for pension and similar
obligations
Currently, the Issuer maintains several different defined benefit pension schemes which are partly funded by
pension plan assets and partly unfunded. To cover the unfunded parts of the pension obligations, the Issuer has
established corresponding provisions in its balance sheet. Changes in the underlying assumptions, such as
discount rates, rates for compensation increase, retirement rates, mortality rates, disability risk and other
factors can lead to significant increases or decreases in the Issuer’s pension obligations, which would lead to
increased provisions in the balance sheet. The same would occur for U.S. health care benefits in case of
increasing health care cost trends.
Further, for the part of pension obligation that is funded by way of investments in the equity, fixed income, real
estate or other markets, negative developments affecting these markets could have a significant impact on the
valuation of these assets. As a consequence, these circumstances may have a significant negative impact on the
status of the funded pension obligations and, therefore, require unplanned cash contributions to the pension
scheme.
The Issuer cannot assure that any future expenses or cash contributions that may become necessary under the
current or future financing of pension obligations will not have a material adverse effect on the Issuer’s financial
condition and results of operations.
RISK FACTORS IN RESPECT OF THE BONDS
Long-term securities
The Bonds will be redeemed on November 25, 2104. The Issuer is under no obligation to redeem the Bonds at
any time before this date. The bondholders have no right to call for their redemption. The Bonds may be
redeemed at the option of the Issuer (in whole but not in part) on November 25, 2015 or on any Floating Rate
Interest Payment Date thereafter at the principal amount, plus any interest accrued until the redemption date
(exclusive) and upon payment of all outstanding Arrears of Interest to the redemption date. The Bonds may be
redeemed at the option of the Issuer at any time before November 25, 2015 at the Early Redemption Amount
following a Gross-up Event or a Tax Event.
Deferral of Interest
Bondholders should be aware that the Issuer, in the case of a Cash Flow Event as set out in § 3 (4) of the Terms
and Conditions, is under no obligation to pay interest on the Bonds.
In the case of a Cash Flow Event (as set out in § 3 (5) of the Terms and Conditions), the Issuer may defer the
payment of the interest amount in its sole discretion. The Issuer has to make up such unpaid interest at the latest
on the fifth anniversary of the relevant Interest Payment Date on which no payment was made due to a Cash
Flow Event.
In the case of a Mandatory Cash Flow Event (as set out in § 3 (5) of the Terms and Conditions), the Issuer shall
defer the interest payment and must then elect not later than five years after the deferral, either (a) Alternative
Coupon Satisfaction Mechanism (ACSM) (as set out in § 3 (6) of the Terms and Conditions) or (b) Payment in
Kind (as set out in § 3 (6) of the Terms and Conditions) to satisfy its payment obligation. Such election is to be
made in its sole discretion. If the chosen alternative to satisfy bondholders fails, the relevant payment obligation
of the Issuer shall be cancelled.
55
Risk Factors
Subordination
The payment obligations of the Issuer under or in connection with the Bonds constitute subordinated
obligations of the Issuer. Upon the occurrence of any liquidation, dissolution, insolvency, composition or other
proceedings for the avoidance of insolvency of the Issuer, payments on the Bonds will be subordinated in right of
payment to all unsubordinated and any other subordinated obligations of the Issuer except for liabilities which
rank equal or junior to the Bonds. In any such proceedings of the Issuer, the bondholders may recover
proportionately less than the holders of unsubordinated and other subordinated liabilities of the Issuer.
Unsubordinated liabilities of the Issuer may also arise from events that are not reflected on the balance sheet of
the Issuer, including, without limitation, the issuance of guarantees or the incurrence of other contingent
liabilities on an unsubordinated basis. Claims made under such guarantees or such other contingent liabilities
will become unsubordinated liabilities of the Issuer that in a winding-up or insolvency proceeding of the Issuer,
will need to be paid in full before the obligations under the Bonds may be satisfied.
No Limitation on Issuing Debt
There is no restriction on the amount of debt which the Issuer may issue which ranks senior to the obligations
under or in connection with the Bonds or on the amount of debt which the Issuer may issue which ranks equal to
the obligations under or in connection with the Bonds. Such issuance of further debt may reduce the amount
recoverable by the bondholders upon insolvency or winding-up of the Issuer or may increase the likelihood that
the Issuer may or shall defer payments of interest under the Bonds.
No Prior Market for the Bonds
There is currently no secondary market for the Bonds. Application has been made to list the Bonds on the
regulated market of the Luxembourg Stock Exchange. However, there can be no assurance that a secondary
market for the Bonds will develop or, if it develops, that it will continue.
Liquidity Risk
Application has been made to list the Bonds on the regulated market of the Luxembourg Stock Exchange. There
can be no assurance that a liquid secondary market for the Bonds will develop or, if it does develop, that it will
continue. In an illiquid market, an investor might not be able to sell his Bonds at any time at fair market prices.
The possibility to sell the Bonds might additionally be restricted by country specific reasons.
Fixed Rate Bonds
A holder of a fixed interest rate bond is exposed to the risk that the price of such bond falls as a result of changes
in the market interest rate. While the nominal interest rate of a fixed interest rate bond is fixed during the life of
such bond or during a certain period of time, the current interest rate on the capital market (market interest
rate) typically changes on a daily basis. As the market interest rate changes, the price of such bond changes in the
opposite direction. If the market interest rate increases, the price of such bond typically falls, until the yield of
such bond is approximately equal to the market interest rate. If the market interest rate falls, the price of a fixed
interest rate bond typically increases, until the yield of such bond is approximately equal to the market interest
rate. Bondholders should be aware that movements of the market interest rate can adversely effect the price of
the Bonds and can lead to losses for the bondholders if they sell Bonds during the period in which the interest
rate of the Bonds is fixed.
Floating Rate Bonds
A holder of a bond with a floating interest rate is exposed to the risk of fluctuating interest rate levels and
uncertain interest income. Fluctuating interest rate levels make it impossible to determine the yield of such
bonds in advance.
56
Notice and General Information
No person is authorised to give any information or to make any representations other than those contained in
this Prospectus and, if given or made, such information or representations must not be relied upon as having
been authorised by or on behalf of the Issuer or the Lead Managers set forth on the cover page. Neither the
delivery of this Prospectus or any supplements thereto nor any sale made hereunder shall, under any
circumstances, create any implication that there has been no change in the affairs of the Issuer or any of its
affiliates since the date of this Prospectus, or that the information herein is correct at any time since the date of
this Prospectus.
Any commissions, fees or expenses payable to banks, depositories or other credit institutions through which
individual bondholders hold the Bonds will be at the charge of the respective bondholders, in particular any
commissions, fees or expenses payable upon delivery of Further Bonds in the case of a Payment in Kind or
satisfaction of interest payments through the ACSM mechanism, as further described in § 3 of the Terms and
Conditions of the Bonds, and irrespective if those commissions, fees or expenses become due upon purchase,
during the lifetime of the Bonds or upon settlement.
Each investor contemplating purchasing any Bonds should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer.
This Prospectus does not constitute, and may not be used for the purposes of, an offer or solicitation by anyone
in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to
make such offer or solicitation.
The offer, sale and delivery of the Bonds and the distribution of this Prospectus in certain jurisdictions is
restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and the
Managers to inform themselves about and to observe any such restrictions. In particular, the Bonds have not
been and will not be registered under the United States Securities Act of 1933, as amended (the ‘‘Securities Act’’),
and are subject to U.S. tax law requirements. Subject to certain limited exceptions, the Bonds may not be
offered, sold or delivered within the United States or to U.S. persons.
The legally binding language of this Prospectus is the English language, except for the Terms and Conditions of
the Bonds where the legally binding language is the German language.
This Prospectus has been approved by BaFin in Germany in its capacity as competent authority under the
German Securities Prospectus Act (Wertpapierprospektgesetz; the SPA) pursuant to § 13 (1) sentence 2 SPA,
which requires the scrutiny of the Prospectus in relation to its completeness, coherance and comprehensibility.
BaFin has provided the competent authorities in the Grand Duchy of Luxembourg with a certificate of approval
attesting that the Prospectus has been drawn up in accordance with the SPA which implements Directive
2003/71/EC of the European Parliament and the Council of November 4, 2003 into German law. Further
application has been made to the Luxembourg Stock Exchange for the admission of the Bonds to trading on the
regulated market of the Luxembourg Stock Exchange — the Luxembourg Stock Exchange’s ‘‘regulated market’’
is a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council
of April 21, 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC
and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive
93/22/EEC. It is furthermore intended to request BaFin to provide the competent authorities of the Netherlands,
Belgium, Spain, France, Italy and the United Kingdom with a certificate of approval. In all other countries, this
Prospectus does not constitute an offer of Bonds or an invitation by or on behalf of the Issuer or the Lead
Managers to purchase any Bonds. Neither this Prospectus nor any other information supplied in connection
with the Bonds should be considered as a recommendation by the Issuer or the Lead Managers to a recipient
hereof and thereof that such recipient should purchase any Bonds.
This Prospectus has not been submitted for clearance and approval to any other competent authority, especially
it has not been submitted for clearance to the Autorité des marchés financiers in France.
In connection with the issue of the Bonds, UBS Limited, London (as co-ordinating stabilising manager) or
persons acting on its behalf may over-allot Bonds (provided that the aggregate principal amount of Bonds
57
Notice and General Information
allotted does not exceed 105% of the aggregate principal amount of the Bonds) or effect transactions with a
view to supporting the market price of the Bonds at a level higher than that which might otherwise prevail.
However, there is no assurance that UBS Limited, London or persons acting on its behalf will undertake
stabilisation action. Any stabilisation action may begin on or after the date on which adequate public disclosure
of the final terms of the offer of the Bonds is made and, if begun, may be ended at any time, but it must end no
later than the earlier of 30 days after the issue date of the Bonds and 60 days after the date of the allotment of
the Bonds. Such stabilising shall be in compliance with all laws, regulations and rules of any relevant
jurisdiction.
This Prospectus contains forward-looking statements which are based on the current estimates and assumptions
made by the corporate management of Henkel KGaA. Forward-looking statements are not to be understood as
in any way guaranteeing that those expectations will turn out to be accurate. Future performance and the results
actually achieved by Henkel KGaA and its affiliated companies depend on a number of risks and uncertainties
and may therefore differ materially from the forward-looking statements. Many of these factors are outside
Henkel’s control and cannot be accurately estimated in advance, such as the future economic environment and
the actions of competitors and others involved in the marketplace. Henkel neither plans nor undertakes to
update any forward-looking statements. The use of the words ‘‘we’’ or ‘‘ours’’ shall be read as reference to
Henkel or Henkel KGaA, as the case may be.
58
Terms and Conditions of the Bonds
ANLEIHEBEDINGUNGEN
TERMS AND CONDITIONS
§1
WÄHRUNG, STÜCKELUNG, FORM,
BEGRIFFSBESTIMMUNGEN
§1
CURRENCY, DENOMINATION, FORM,
CERTAIN DEFINITIONS
(1) Währung, Stückelung und Form. Die Henkel
Kommanditgesellschaft auf Aktien (die Emittentin)
begibt am 25. November 2005 (der Begebungstag)
auf den Inhaber lautende nachrangige
Schuldverschreibungen mit fester bzw. variabler
Verzinsung und Laufzeit bis 2104 (die
Schuldverschreibungen) mit einem Nennbetrag von
je A 1.000 (der Nennbetrag) im Gesamtnennbetrag
von A 1.300.000.000.
(1) Currency, Denomination and Form. Henkel
Kommanditgesellschaft auf Aktien (the Issuer) shall
issue on November 25, 2005 (the Issue Date)
Subordinated Fixed to Floating Rate Bonds due
2104 (the Bonds) in bearer form in the
denomination of A 1,000 each (the Denomination)
in the aggregate principal amount of
A 1,300,000,000.
(2) Globalurkunden und Austausch. Die
Schuldverschreibungen werden zunächst in einer
vorläufigen Globalurkunde (die Vorläufige
Globalurkunde) ohne Zinsschein verbrieft, die am
oder um den Begebungstag bei einer gemeinsamen
Verwahrstelle für Clearstream Banking, société
anonyme, Luxemburg, und Euroclear Bank S.A./
N.V., als Betreiberin des Euroclear-Systems (beide
gemeinsam nachstehend als Clearing System
bezeichnet), hinterlegt wird. Die Vorläufige
Globalurkunde wird nicht vor Ablauf von 40 und
spätestens nach Ablauf von 180 Tagen nach dem
Begebungstag gegen Vorlage einer Bestätigung über
das Nichtbestehen wirtschaftlichen Eigentums im
Sinne des US-Rechts (non-U.S. beneficial
ownership) gegen eine endgültige Globalurkunde
(die Dauer-Globalurkunde) ohne Zinsscheine nach
den Regeln und dem Verfahren des Clearing
Systems ausgetauscht. Zahlungen auf die Vorläufige
Globalurkunde erfolgen nur gegen Vorlage einer
solchen Bestätigung. Einzelurkunden oder
Zinsscheine werden nicht ausgegeben.
(2) Global Bonds and Exchange. The Bonds will
initially be represented by a temporary global bond
(the Temporary Global Bond) without coupons
which will be deposited with a common depositary
for Clearstream Banking, société anonyme,
Luxembourg, and Euroclear Bank S.A./N.V., as
operator of the Euroclear System (together
hereinafter referred to as the Clearing System) on or
about the Issue Date. The Temporary Global Bond
will be exchangeable for a permanent global bond
(the Permanent Global Bond) without coupons not
earlier than 40 and not later than 180 days after
the Issue Date upon certification as to non-U.S.
beneficial ownership in accordance with the rules
and operating procedures of the Clearing System.
Payments on the Temporary Global Bond will only
be made against presentation of such certification.
No definitive Bonds and interest coupons will be
issued.
59
§2
NACHRANG
§2
SUBORDINATED STATUS
Vorbehaltlich des § 3 (11) begründen die
Schuldverschreibungen unbesicherte und
nachrangige Verbindlichkeiten der Emittentin, die
nur gegenüber Aktienkapital vorrangig sind,
untereinander im Rang gleich stehen und im Falle
der Liquidation, der Auflösung oder der Insolvenz
der Emittentin oder eines Vergleichs oder eines
anderen, der Abwendung der Insolvenz der
Emittentin dienenden Verfahrens gegenüber allen
anderen bestehenden und zukünftigen sonst
nachrangigen (einschließlich auf Vereinbarung
beruhender Nachrangigkeit im Sinne von § 39 (2)
Insolvenzordnung) und nicht nachrangigen
Verbindlichkeiten der Emittentin nachrangig sind,
soweit zwingende gesetzliche Bestimmungen nichts
anderes vorschreiben. Im Fall der Liquidation, der
Auflösung oder der Insolvenz der Emittentin oder
eines Vergleichs oder eines anderen, der Abwendung
der Insolvenz der Emittentin dienenden Verfahrens
gehen die Verbindlichkeiten der Emittentin aus den
Schuldverschreibungen im Rang den Ansprüchen
aller nicht nachrangigen und sonst nachrangigen
Gläubiger nach, so dass Zahlungen auf die
Schuldverschreibungen erst dann erfolgen, wenn die
Ansprüche aller nicht nachrangigen und
nachrangigen Gläubiger der Emittentin vollständig
befriedigt sind.
Subject to § 3 (11), the obligations of the Issuer
under the Bonds constitute unsecured and
subordinated obligations of the Issuer ranking
ahead only of share capital and ranking pari passu
among themselves and in the event of the
liquidation, dissolution, insolvency, composition or
other proceedings for the avoidance of insolvency
of the Issuer ranking junior to all other present and
future obligations of the Issuer, whether otherwise
subordinated (including any agreed subordination
within the meaning of Section 39 (2) of the German
Insolvency Code) or unsubordinated, except as
otherwise required by mandatory statutory law. In
the event of the liquidation, dissolution, insolvency,
composition or other proceedings for the avoidance
of insolvency of the Issuer, the obligations of the
Issuer under the Bonds will be subordinated to the
claims of all unsubordinated and subordinated
creditors of the Issuer so that in any such event no
amounts shall be payable in respect of the Bonds
until the claims of all unsubordinated and otherwise
subordinated creditors of the Issuer shall have first
been satisfied in full.
§3
ZINSEN
§3
INTEREST
(1) Festzinsperiode. Vorbehaltlich der
nachstehenden Ausnahmen werden Zinsen auf die
Schuldverschreibungen ab dem Begebungstag
(einschließlich) bis zum 25. November 2015
(ausschließlich) wie folgt gezahlt:
(1) Fixed Interest Period. Subject to certain
exceptions described below, interest on the Bonds
from and including the Issue Date to (but
excluding) November 25, 2015 will be paid as
follows:
(a) Die Schuldverschreibungen werden mit jährlich
5,375% auf ihren Gesamtnennbetrag verzinst, und
diese Zinsen sind, vorbehaltlich der Regelungen in
§ 3 (3), (4) und (5), jährlich nachträglich am
25. November eines jeden Jahres, erstmals am
25. November 2006 fällig (jeweils ein FestzinsZahlungstag).
(a) The Bonds bear interest at the rate of 5.375%
per annum on their aggregate principal amount
and, subject to § 3 (3), (4) and (5), interest shall be
payable annually in arrears on November 25 of
each year commencing on November 25, 2006
(each a Fixed Interest Payment Date).
(b) Zinsen, die für eine Festzinsperiode von
weniger als einem Jahr zu berechnen sind, werden
auf Basis der Zahl der tatsächlich verstrichenen
Tage, geteilt durch die tatsächliche Zahl der Tage
(365 bzw., im Fall eines Schaltjahres, 366) im
betreffenden Zinsjahr, berechnet.
(b) If interest is to be calculated for a fixed
interest period of less than one year, it shall be
calculated on the basis of the actual number of
days elapsed, divided by the actual number of days
(365 or, in the case of a leap year, 366) in the
relevant interest year.
60
(2) Variable Zinsperiode. Vorbehaltlich der
nachstehenden Ausnahmen werden Zinsen auf die
Schuldverschreibungen ab dem 25. November 2015
(einschließlich) bis zum Tag der Rückzahlung der
Schuldverschreibungen (ausschließlich) wie folgt
gezahlt:
(2) Floating Rate Interest Period. Subject to
certain exceptions described below, interest on the
Bonds from and including November 25, 2015 to
(but excluding) the day of redemption of the Bonds
will be paid as follows:
(a) Soweit sie nicht nach Maßgabe dieser
Anleihebedingungen vorzeitig zurückgezahlt
wurden, wird der Gesamtnennbetrag der
Schuldverschreibungen in Höhe des von der
Berechnungsstelle (wie in § 5 (1) definiert) gemäß
§ 3 (2) (d) festgesetzten Zinssatzes verzinst, wobei
die Zinsen, vorbehaltlich der Regelungen in § 3 (3),
(4) und (5), vierteljährlich nachträglich an jedem
Variablen Zinszahlungstag (wie nachstehend
definiert) fällig sind.
(a) Unless previously redeemed in accordance with
these Terms and Conditions, the Bonds shall bear
interest on their aggregate principal amount at a
rate determined by the Calculation Agent (as
defined in § 5 (1)) pursuant to § 3 (2) (d) below,
payable, subject to § 3 (3), (4) and (5), quarterly in
arrears on each Floating Rate Interest Payment
Date (as defined below).
Variabler Zinszahlungstag bedeutet 25. Februar,
25. Mai, 25. August und 25. November eines jeden
Jahres.
Floating Rate Interest Payment Date means
February 25, May 25, August 25 and November 25
in each year.
(b) Fällt ein Variabler Zinszahlungstag auf einen
Tag, der kein Geschäftstag (wie nachstehend
definiert) ist, wird der Variable Zinszahlungstag auf
den nächstfolgenden Geschäftstag verschoben, es sei
denn, jener würde dadurch in den nächsten
Kalendermonat fallen; in diesem Fall wird der
Variable Zinszahlungstag auf den unmittelbar
vorausgehenden Geschäftstag vorgezogen.
(b) If any Floating Rate Interest Payment Date
would otherwise fall on a day which is not a
Business Day (as defined below), the Floating Rate
Interest Payment Date shall be postponed to the
next day which is a Business Day unless it would
thereby fall into the next calendar month, in which
case the Floating Rate Interest Payment Date shall
be the immediately preceding Business Day.
Geschäftstag bedeutet in diesen Anleihebedingungen
einen Tag (außer einem Samstag oder Sonntag), an
dem alle relevanten Bereiche des Trans-European
Automated Gross Express Settlement Transfer
(TARGET) Systems betriebsbereit sind.
Business Day in these Terms and Conditions means
a day (except a Saturday or Sunday) on which all
relevant parts of the Trans-European Automated
Real-time Gross Settlement Express Transfer
(TARGET) systems are operational.
(c) Der Zinssatz für jede Variable Zinsperiode (der
Variable Zinssatz) ist, sofern nachstehend nichts
Abweichendes bestimmt ist, der angezeigte
Angebotssatz (ausgedrückt als Prozentsatz per
annum) für Dreimonats-Einlagen in Euro für die
jeweilige Variable Zinsperiode (wie nachstehend
definiert), der auf der Bildschirmseite (wie
nachstehend definiert) am Zinsfeststellungstag (wie
nachstehend definiert) um 11:00 Uhr (Brüsseler
Ortszeit) angezeigt wird, zuzüglich der Marge (wie
nachstehend definiert), wobei alle Festlegungen
durch die Berechnungsstelle erfolgen.
(c) The rate of interest for each Floating Rate
Interest Period (the Floating Rate of Interest) will,
except as provided below, be the offered quotation
displayed (expressed as a percentage rate per
annum) for three-month deposits in euro for that
Floating Rate Interest Period (as defined below)
which appears, on the Screen Page (as defined
below) as of 11:00 a.m. (Brussels time) on the
Floating Rate Interest Determination Date (as
defined below), plus the Margin (as defined below),
all as determined by the Calculation Agent.
Variable Zinsperiode ist jeder Zeitraum vom
25. November 2015 (einschließlich) bis zum ersten
Variablen Zinszahlungstag (ausschließlich), und
danach von jedem Variablen Zinszahlungstag
(einschließlich) bis zum darauf folgenden Variablen
Zinszahlungstag (ausschließlich).
Floating Rate Interest Period is each period from
and including November 25, 2015 to (but
excluding) the first Floating Rate Interest Payment
Date and thereafter from and including each
Floating Rate Interest Payment Date to (but
excluding) the next following Floating Rate Interest
Payment Date.
61
Bildschirmseite bezeichnet Telerate Seite 248 (die
EURIBOR Bildschirmseite) oder eine andere
Bildschirmseite von Telerate oder einem anderen
Informationsanbieter, der als Nachfolger von
Telerate Seite 248 für die Anzeige dieser Sätze
bestimmt wurde.
Screen Page means Telerate Page 248 (EURIBOR
Screen Page) or such other screen page of Telerate
or such other information service, which has been
designated as the successor to Telerate Page 248 for
the purpose of displaying such rates.
Steht die Bildschirmseite nicht zur Verfügung oder
wird kein Angebotssatz angezeigt, wird die
Berechnungsstelle (in jedem dieser Fälle und zu der
genannten Zeit) von fünf von ihr ausgewählten
Referenzbanken (wie nachstehend definiert) deren
jeweilige Angebotssätze (als Prozentsatz per annum
ausgedrückt) für Dreimonats-Einlagen in Euro für
die betreffende Variable Zinsperiode gegenüber
führenden Banken im Interbanken-Markt in den
Teilnehmerstaaten der dritten Stufe der Wirtschaftsund Währungsunion im Sinne des Vertrages über
die Europäische Union anfordern. Maßgeblich sind
die Sätze um ca. 11:00 Uhr (Brüsseler Ortszeit) am
Zinsfeststellungstag. Sofern zwei oder mehr der
ausgewählten Referenzbanken der Berechnungsstelle
solche Angebotssätze nennen, ist der Variable
Zinssatz für die betreffende Variable Zinsperiode
das arithmetische Mittel dieser Angebotssätze (falls
erforderlich, auf- oder abgerundet auf das nächste
Tausendstel Prozent, wobei 0,0005 aufgerundet
wird), zuzüglich der Marge.
If the Screen Page is not available or if no such
quotation appears, in each case and at such time,
the Calculation Agent shall request five Reference
Banks (as defined below) selected by it to provide
the Calculation Agent with its offered quotation
(expressed as a percentage rate per annum) for
three-month deposits in Euro for the relevant
Floating Rate Interest Period to leading banks in
the Interbank Market of the participating Member
States in the third stage of the Economic and
Monetary Union, as contemplated by the Treaty on
European Union. The relevant offered quotations
shall be those offered at approximately 11:00 a.m.
(Brussels time) on the Floating Rate Interest
Determination Date. As long as two or more of the
selected Reference Banks provide the Calculation
Agent with such offered quotations, the Floating
Rate of Interest shall be the arithmetic average of
such offered quotations (rounded if necessary to the
nearest one thousandth of a percentage point, with
0.0005 being rounded upwards), plus the Margin.
Falls der Variable Zinssatz nicht gemäß den
vorstehenden Bestimmungen ermittelt werden kann,
ist der Variable Zinssatz der Angebotssatz auf der
Bildschirmseite oder das arithmetische Mittel der
Angebotssätze, wie vorstehend beschrieben, an dem
letzten Tag vor dem Zinsfeststellungstag, an dem
ein solcher Angebotssatz bzw. solche Angebotssätze
angeboten wurde(n), zuzüglich der Marge.
If the Floating Rate of Interest cannot be
determined in accordance with the foregoing
provisions, the Floating Rate of Interest shall be the
offered quotation on the Screen Page or the
arithmetic average of the offered quotations, as
described above, on the last day preceding the
Floating Rate Interest Determination Date on which
such quotation or, as the case may be, quotations
were offered, plus the Margin.
Referenzbanken sind diejenigen Banken, deren
Angebotssätze zur Ermittlung des maßgeblichen
Angebotssatzes benutzt wurden, als ein derartiges
Angebot letztmals auf der Bildschirmseite angezeigt
wurde.
Reference Banks means those banks whose offered
rates were used to determine such quotation when
such quotation last appeared on the Screen Page.
Zinsfeststellungstag bezeichnet den zweiten
Geschäftstag vor dem Beginn der relevanten
Variablen Zinsperiode.
Floating Rate Interest Determination Date means
the second Business Day prior to the
commencement of the relevant Floating Rate
Interest Period.
Die Marge beträgt 1,85% per annum zuzüglich
eines Aufschlags von 1,00 Prozentpunkten.
Margin means 1.85% per annum plus a step-up of
1.00 percentage points.
62
(d) Die Berechnungsstelle wird zu oder
baldmöglichst nach jedem Zinsfeststellungstag den
Variablen Zinssatz bestimmen und den auf den
Gesamtnennbetrag der Schuldverschreibungen
fälligen Zinsbetrag (der Zinsbetrag) für die
entsprechende Variable Zinsperiode berechnen. Der
Zinsbetrag ergibt sich aus der Multiplikation des
Variablen Zinssatzes mit dem Zinstagequotienten
(wie nachstehend definiert) und dem
Gesamtnennbetrag der Schuldverschreibungen.
(d) The Calculation Agent shall, on or as soon as
practicable after each Floating Rate Interest
Determination Date, determine the Floating Rate of
Interest and calculate the amount of interest (the
Interest Amount) payable on the aggregate principal
amount of the Bonds for the relevant Floating Rate
Interest Period. Each Interest Amount shall be
calculated by multiplying the Floating Rate of
Interest with the Day Count Fraction (as defined
below) and the aggregate principal amount of the
Bonds.
Zinstagequotient bezeichnet im Hinblick auf die
Berechnung des Zinsbetrages für eine Variable
Zinsperiode oder einen Teil davon (der
Zinsberechnungszeitraum) die tatsächliche Anzahl
von Tagen im Zinsberechnungszeitraum geteilt
durch 360.
Day Count Fraction means, in respect of the
calculation of an amount of interest for any
Floating Rate Interest Period or part thereof (the
Calculation Period), the actual number of days in
the Calculation Period divided by 360.
(e) Die Berechnungsstelle wird veranlassen, dass
der Variable Zinssatz, jeder Zinsbetrag für jede
Variable Zinsperiode, jede Variable Zinsperiode und
der betreffende Variable Zinszahlungstag der
Emittentin und jeder Wertpapierbörse, an der die
Schuldverschreibungen zu diesem Zeitpunkt notiert
sind und deren Regeln eine Mitteilung an die
Wertpapierbörse verlangen, sowie den
Anleihegläubigern gemäß § 12 unverzüglich, aber
keinesfalls später als am vierten auf die Feststellung
folgenden Geschäftstag, mitgeteilt werden. Im Falle
einer Verlängerung oder Verkürzung der Variablen
Zinsperiode können der mitgeteilte Zinsbetrag und
der Variable Zinszahlungstag nachträglich ohne
Mitteilung angepasst (oder angemessene
Anpassungsregelungen getroffen) werden. Jede
solche Anpassung wird den Wertpapierbörsen, an
denen die Schuldverschreibungen zu diesem
Zeitpunkt notiert sind, sowie den Anleihegläubigern
gemäß § 12 unverzüglich bekannt gegeben.
(e) The Calculation Agent will cause the Floating
Rate of Interest, each Interest Amount for each
Floating Rate Interest Period, each Floating Rate
Interest Period and the relevant Floating Rate
Interest Payment Date to be notified to the Issuer
and, if required by the rules of any stock exchange
on which the Bonds are listed from time to time, to
such stock exchange, and to the bondholders in
accordance with § 12 without undue delay, but, in
any case, not later than on the fourth Business Day
after their determination. Each Interest Amount and
Floating Rate Interest Payment Date so notified
may subsequently be amended (or appropriate
alternative arrangements may be made by way of
adjustment) without notice in the event of an
extension or shortening of the Floating Rate
Interest Period. Any such amendment will be
promptly notified to any stock exchange on which
the Bonds are then listed and to the bondholders in
accordance with § 12.
(f) Sämtliche Bescheinigungen, Mitteilungen,
Gutachten, Festsetzungen, Berechnungen,
Quotierungen und Entscheidungen, die von der
Berechnungsstelle für die Zwecke dieser
Anleihebedingungen gemacht, abgegeben, getroffen
oder eingeholt werden, sind (sofern nicht
vorsätzliches Fehlverhalten oder ein offensichtlicher
Irrtum vorliegt) für die Emittentin, die
Hauptzahlstelle, alle weiteren Zahlstellen (jeweils
wie in § 5 definiert) und die Anleihegläubiger
bindend.
(f) All certificates, communications, opinions,
determinations, calculations, quotations and
decisions given, expressed, made or obtained for the
purposes of the provisions of these Terms and
Conditions by the Calculation Agent shall (in the
absence of wilful default or manifest error) be
binding upon the Issuer, the Principal Paying Agent,
the Paying Agents (each as defined in § 5) and the
bondholders.
(3) Aufschub der Zinszahlung. Zinsen, die
während eines Zeitraumes auflaufen, der an einem
Obligatorischen Zinszahlungstag (wie nachstehend
definiert) (ausschließlich) endet, sind an diesem
Obligatorischen Zinszahlungstag zahlbar.
(3) Interest Deferral. Interest which accrues
during a period ending on (but excluding) a
Compulsory Interest Payment Date (as defined
below) shall be payable on that Compulsory
Interest Payment Date.
63
(a) Zinsen, die während eines Zeitraumes
auflaufen, der an einem Fakultativen
Zinszahlungstag (wie nachstehend definiert)
(ausschließlich) endet, sind an diesem Fakultativen
Zinszahlungstag nur zahlbar, wenn und soweit sich
die Emittentin in ihrem freien Ermessen für eine
Zahlung entscheidet. Andernfalls bilden die
aufgeschobenen Zinsen Zinsrückstände. Der
Aufschub der Zinszahlung an einem Fakultativen
Zinszahlungstag begründet keinen Verzug der
Emittentin und keine anderweitige Verletzung ihrer
Verpflichtungen im Rahmen dieser
Schuldverschreibungen. Falls die Emittentin sich
dafür entscheidet, an einem Fakultativen
Zinszahlungstag keine Zinsen zu bezahlen, so hat
die Emittentin die Anleihegläubiger spätestens 8
Geschäftstage vor diesem Fakultativen
Zinszahlungstag gemäß § 12 zu unterrichten. Die
Emittentin kann Zinsrückstände jederzeit (ganz
oder teilweise) nach einer Mitteilung an die
Anleihegläubiger mit einer Frist von mindestens 10
und höchstens 15 Geschäftstagen zahlen (wobei
diese Mitteilung unwiderruflich ist und die
Emittentin dazu verpflichtet, die betreffenden
Zinsrückstände an dem in der Mitteilung genannten
Zahlungstag zu bezahlen).
(a) Interest which accrues during a period ending
on (but excluding) an Optional Interest Payment
Date (as defined below) shall be payable on that
Optional Interest Payment Date only if and to the
extent the Issuer so elects in its sole discretion and,
in the case there is no such election to pay, such
interest shall otherwise constitute Arrears of
Interest. Any interest deferral on an Optional
Interest Payment Date shall not constitute a default
of the Issuer or any other breach of its obligations
under the Bonds. If the Issuer decides not to pay
the full amount of interest on an Optional Interest
Payment Date, the Issuer shall notify the
bondholders in accordance with § 12 not less than
8 Business Days prior to such Optional Interest
Payment Date. The Issuer may pay Arrears of
Interest (in whole or in part) at any time on the
giving of not less than 10 and not more than 15
Business Days’ notice to the bondholders in
accordance with § 12 (which notice will be
irrevocable and will oblige the Issuer to pay the
relevant Arrears of Interest on the payment date
specified in such notice).
(b) Die Emittentin ist verpflichtet, die an einem
bestimmten Fakultativen Zinszahlungstag
angefallenen Zinsrückstände (ganz, jedoch nicht
teilweise) an einem späteren Zinszahlungstag (wie
nachstehend definiert) zu bezahlen, spätestens
jedoch an dem fünften Jahrestag dieses früheren
Fakultativen Zinszahlungstags oder wie nachstehend
in § 3 (3) (c) und (d) bestimmt, sollten diese
Ereignisse vor dem fünften Jahrestag eintreten.
(b) The Issuer is obliged to pay the Arrears of
Interest (in whole but not in part) which have been
deferred on a particular Optional Interest Payment
Date on a later Interest Payment Date (as defined
below) falling no later than the fifth anniversary of
that earlier Optional Interest Payment Date or, as
set out in § 3 (3) (c) and (d) below if such events
occur before the fifth anniversary.
Im Fall der Liquidation, der Auflösung oder der
Insolvenz der Emittentin oder eines Vergleichs oder
eines anderen, der Abwendung der Insolvenz der
Emittentin dienenden Verfahrens vor diesem fünften
Jahrestag wird jedem Anleihegläubiger ein direkter
Anspruch gegen die Emittentin auf Erhalt der auf
ihn entfallenden anteiligen Zinsrückstände
eingeräumt. Dieser Anspruch begründet eine
unbesicherte und nachrangige Verbindlichkeit der
Emittentin, die mit den Schuldverschreibungen im
Rang gleich steht.
In the event of the liquidation, dissolution,
insolvency, composition or other proceedings for
the avoidance of insolvency of the Issuer before
such fifth anniversary, any bondholder shall have a
direct claim against the Issuer to receive the pro
rata Arrears of Interest allocated to it. Such claim
shall constitute an unsecured and subordinated
obligation of the Issuer ranking pari passu with the
Bonds.
64
(c) Die Emittentin ist verpflichtet, Zinsrückstände
(ganz, jedoch nicht teilweise) innerhalb von 12
Monaten zu zahlen, wenn (i) auf einer Ordentlichen
Hauptversammlung (wie nachstehend definiert) der
Emittentin nach dem Fakultativen Zinszahlungstag
für irgendeine Aktiengattung der Emittentin eine
Dividende, andere Ausschüttung oder Zahlung
beschlossen wurde; (ii) für Nachrangige Wertpapiere
(wie nachstehend definiert) oder für Gleichrangige
Wertpapiere (wie nachstehend definiert) eine
Dividende, andere Ausschüttung oder Zahlung
beschlossen, gezahlt oder vorgenommen wurde;
oder (iii) die Emittentin selbst, oder auf
Veranlassung der Emittentin eine
Konzerngesellschaft (wie in § 4 (8) definiert), die
Schuldverschreibungen (ganz oder teilweise),
Gleichrangige Wertpapiere oder Nachrangige
Wertpapiere gegen Gewährung einer Gegenleistung
(mit Ausnahme einer in der Wandlung in oder im
Umtausch von Stammaktien bestehenden
Gegenleistung und mit Ausnahme eines
Aktienrückkaufs, der aufgrund des AktienOptionsprogramms für die Unternehmensleitung
erfolgt) zurückgekauft oder anderweitig erworben
hat.
(c) The Issuer is obliged to pay Arrears of Interest
(in whole but not in part) within 12 months if (i) a
dividend, other distribution of any sort or payment
was resolved on in respect of any class of shares of
the Issuer at a General Meeting (as defined below)
after that Optional Interest Payment Date; (ii) a
was resolved on, paid or made in respect of any
Junior Security (as defined below) or Parity Security
(as defined below); or (iii) the Issuer has
repurchased or otherwise acquired, or caused
another Group Company (as defined in § 4 (8)) to
repurchase or otherwise acquire any of the Bonds
(in whole or in part), any Parity Security or any
Junior Security for any consideration, except by
conversion into or exchange for ordinary shares
and except for a share buyback pursuant to the
stock incentive plan for the management.
Gleichrangiges Wertpapier bezeichnet jedes
Instrument, das von der Emittentin begeben,
abgeschlossen oder garantiert wird und das auf der
Basis seiner Bedingungen oder aufgrund gesetzlicher
Bestimmungen mit den Schuldverschreibungen
gleichrangig ist oder aufgrund dessen die
Zahlungsverpflichtungen der Emittentin aus der
betreffenden Garantie den Schuldverschreibungen
gegenüber gleichrangig sind.
Parity Security means any instrument issued,
entered into or guaranteed by the Issuer which
ranks (or in relation to which the Issuer’s payment
obligations under the relevant guarantee rank), by
its terms or by operation of law, pari passu with
the Bonds.
Nachrangiges Wertpapier bezeichnet jedes
Instrument, das von der Emittentin begeben,
abgeschlossen oder garantiert wird und das den
Schuldverschreibungen oder Gleichrangigen
Wertpapieren gegenüber nachrangig ist oder
aufgrund dessen die Zahlungsverpflichtungen der
Emittentin unter der betreffenden Garantie den
Schuldverschreibungen oder Gleichrangigen
Wertpapieren gegenüber nachrangig sind und
schließt Aktien jeglicher Aktiengattung der
Emittentin mit ein.
Junior Security means any instrument issued,
entered into or guaranteed by the Issuer which
ranks (or in relation to which the Issuer’s payment
obligations under the relevant guarantee rank)
junior to the Bonds or any Parity Security, including
any shares of any class of shares of the Issuer.
Ordentliche Hauptversammlung ist die ordentliche
Hauptversammlung der Emittentin für das jeweils
vorhergehende Geschäftsjahr.
General Meeting is the ordinary General Meeting of
the Shareholders (ordentliche Hauptversammlung)
for the respective preceding fiscal year of the Issuer.
(d) Die Emittentin ist außerdem verpflichtet,
Zinsrückstände (ganz, jedoch nicht teilweise) an
dem Tag, an dem die Schuldverschreibungen
zurückgezahlt werden, zu bezahlen.
(d) The Issuer will also be obliged to pay Arrears
of Interest (in whole but not in part) on the due
date for redemption of the Bonds.
(e)
(e) Arrears of Interest shall not themselves bear
interest.
Zinsrückstände werden nicht verzinst.
65
Fakultativer Zinszahlungstag bezeichnet jeden
Zinszahlungstag, an dem die Voraussetzungen für
einen fakultativen Aufschub der Zinszahlungen
gemäß § 3 (4) vorliegen.
Optional Interest Payment Date means any Interest
Payment Date in respect of which an optional
interest deferral prevails pursuant to § 3 (4).
Obligatorischer Zinszahlungstag bezeichnet jeden
Zinszahlungstag (wie nachstehend definiert), (a) der
nicht ein Fakultativer Zinszahlungstag ist und
(b) an dem nicht die Voraussetzungen für einen
zwingenden Aufschub der Zinszahlungen gemäß
§ 3 (5) vorliegen.
Compulsory Interest Payment Date means any
Interest Payment Date (as defined below) which
(a) is not an Optional Interest Payment Date, and
which (b) is not a date on which a mandatory
interest deferral prevails according to § 3 (5).
Zinszahlungstag bezeichnet in diesen
Anleihebedingungen jeden Festzins-Zahlungstag und
jeden Variablen Zinszahlungstag.
Interest Payment Date means in these Terms and
Conditions any Fixed Interest Payment Date and
any Floating Rate Interest Payment Date.
(4) Fakultativer Aufschub der
Zinszahlungen. Falls 12 Geschäftstage vor einem
Zinszahlungstag ein Cash Flow-Ereignis (wie
nachstehend definiert) eintritt, kann die Emittentin
die an diesem Zinszahlungstag fälligen Zinsen,
vorbehaltlich § 3 (5), aufschieben.
(4) Optional Interest Deferral. If on any day
which is 12 Business Days prior to any Interest
Payment Date a Cash Flow Event (as defined
below) exists, the Issuer may, subject to § 3 (5),
defer the payment of the interest amount on such
Interest Payment Date.
Ein Cash Flow-Ereignis liegt vor, sofern der
Angepasste Cash Flow aus Laufender
Geschäftstätigkeit (wie nachstehend definiert) der
Emittentin 20% der Netto-Verbindlichkeiten (wie
nachstehend definiert) unterschreitet.
A Cash Flow Event shall exist if the Adjusted
Operating Cash Flow (as defined below) of the
Issuer is less than 20% of the Adjusted Debt (as
defined below) of the Issuer.
Der Angepasste Cash Flow aus Laufender
Geschäftstätigkeit wird berechnet, indem der im
letzten veröffentlichten Jahres-Konzernabschluss der
Emittentin unter ’’Cashflow aus laufender
Geschäftstätigkeit‘‘ in der KonzernKapitalflussrechnung der Emittentin enthaltene
Betrag wie folgt berichtigt wird: (i) durch Addition
des unter ’’Veränderungen der Verbindlichkeiten
und Rückstellungen‘‘ in derselben KonzernKapitalflussrechnung der Emittentin enthaltenen
Betrags, soweit er negativ ist, oder durch
Subtraktion dieses Betrags, falls er positiv ist;
(ii) durch Addition des unter ’’Veränderungen der
Forderungen und Sonstigen Vermögenswerte‘‘ in
derselben Konzern-Kapitalflussrechnung der
Emittentin enthaltenen Betrags, soweit er negativ
ist, oder durch Subtraktion dieses Betrags, falls er
positiv ist, und (iii) durch Addition des unter
’’Veränderungen der Vorräte‘‘ in derselben KonzernKapitalflussrechnung der Emittentin enthaltenen
Betrags, soweit er negativ ist, oder durch
Subtraktion dieses Betrags, falls er positiv ist.
Adjusted Operating Cash Flow shall be determined
by adjusting the figure shown under ‘‘Cash flow
from operating activities’’ in the Issuer’s
consolidated cash flow statement contained in the
last published annual consolidated financial
statements of the Issuer by (i) adding the figure
shown under ‘‘Change in liabilities and provisions’’
in the same consolidated cash flow statement of the
Issuer if it is negative, or by deducting such figure,
if it is positive; (ii) adding the figure shown under
‘‘Change in receivables and miscellaneous assets’’ in
the same consolidated cash flow statement of the
Issuer if it is negative, or by deducting such figure,
if it is positive, and (iii) adding the figure shown
under ‘‘Change in inventories’’ in the same
consolidated cash flow statement of the Issuer if it
is negative, or by deducting such figure, if it is
positive.
66
Die Netto-Verbindlichkeiten werden berechnet,
indem der im letzten veröffentlichten JahresKonzernabschluss der Emittentin unter
„Finanzschulden‘‘ (ausschließlich des ausstehenden
Nominalbetrages dieser Schuldverschreibungen
nebst einer etwaigen Aufstockung nach § 11) in der
Konzernbilanz der Emittentin enthaltene Betrag wie
folgt berichtigt wird: (i) durch Subtraktion des
unter „Flüssige Mittel/Wertpapiere’’ in derselben
Konzernbilanz der Emittentin enthaltenen Betrags,
(ii) durch Addition des unter „Rückstellungen für
Pensionen und andere Leistungen nach Beendigung
des Arbeitsverhältnisses’’ in derselben Konzernbilanz
der Emittentin enthaltenen Betrags und (iii) durch
Addition der Hälfte des ausstehenden
Nominalbetrages dieser Schuldverschreibungen.
Adjusted Debt shall be determined by adjusting the
figure shown under ‘‘Borrowings’’ (excluding the
principal amount of these Bonds outstanding and
including any increase pursuant to § 11) in the
Issuer’s consolidated balance sheet contained in the
last published annual consolidated financial
statements of the Issuer by (i) deducting the figure
shown under ‘‘Liquid funds/Marketable securities’’
in the same consolidated balance sheet of the Issuer,
(ii) adding the figure shown under ‘‘Provisions for
pensions and other post-employment benefits’’ in
the same consolidated balance sheet of the Issuer,
and (iii) adding half of the principal amount of
these Bonds outstanding.
(5) Zwingender Aufschub der Zinszahlungen. Falls
12 Geschäftstage vor einem Zinszahlungstag ein
Mandatory Cash Flow-Ereignis (wie nachstehend
definiert) besteht, wird die Emittentin die an diesem
Zinszahlungstag fälligen Zinsen aufschieben (die
Aufgeschobene Zinszahlung). Die Emittentin hat
den Anleihegläubigern das Vorliegen eines
Mandatory Cash Flow-Ereignisses spätestens 8
Geschäftstage vor dem betreffenden
Zinszahlungstag gemäß § 12 mitzuteilen. Eine
Nichtzahlung von Zinsen aufgrund dieses § 3 (5)
begründet keinen Verzug der Emittentin und keine
anderweitige Verletzung ihrer Verpflichtungen im
Rahmen dieser Schuldverschreibungen. § 3 (6) ist
anwendbar.
(5) Mandatory Interest Deferral. If on any day
which is 12 Business Days prior to any Interest
Payment Date a Mandatory Cash Flow Event (as
defined below) exists, the Issuer shall defer the
payment of the interest amount (the Deferred
Interest Payment) on such Interest Payment Date.
The Issuer shall notify the bondholders of the
existence of the Mandatory Cash Flow Event in
accordance with § 12 not less than 8 Business Days
prior to such Interest Payment Date. Non-payment
of interest pursuant to this § 3 (5) shall not
constitute a default of the Issuer or any other
breach of its obligations under the Bonds. § 3 (6) is
applicable.
Ein Mandatory Cash Flow-Ereignis liegt vor, sofern
der Angepasste Cash Flow aus Laufender
Geschäftstätigkeit der Emittentin 15% der NettoVerbindlichkeiten unterschreitet.
A Mandatory Cash Flow Event shall exist if the
Adjusted Operating Cash Flow of the Issuer is less
than 15% of the Adjusted Debt of the Issuer.
67
(6) Ersatzweise Befriedigung der Anleihegläubiger.
Die Emittentin muss im Fall eines zwingenden
Aufschubs der Zinszahlungen gemäß § 3 (5)
(6) Alternative Satisfaction of Bondholders. In
the case of a mandatory interest deferral pursuant
to § 3 (5) the Issuer must elect
(a) innerhalb von 12 Monaten wenn (i) auf einer
Ordentlichen Hauptversammlung der Emittentin
nach dem Zinszahlungstag, an dem ein Mandatory
Cash Flow Ereignis eintritt, für irgendeine
Aktiengattung der Emittentin eine Dividende,
andere Ausschüttung oder Zahlung beschlossen
wurde; (ii) für Nachrangige Wertpapiere oder für
Gleichrangige Wertpapiere eine Dividende, andere
Ausschüttung oder Zahlung beschlossen, gezahlt
oder vorgenommen wurde; oder (iii) die Emittentin
selbst, oder auf Veranlassung der Emittentin eine
Konzerngesellschaft (wie in § 4 (8) definiert), die
Schuldverschreibungen (ganz oder teilweise),
Gleichrangige Wertpapiere oder Nachrangige
Wertpapiere gegen Gewährung einer Gegenleistung
(mit Ausnahme einer in der Wandlung in oder im
Umtausch von Stammaktien bestehenden
Gegenleistung und mit Ausnahme eines
Aktienrückkaufs, der aufgrund des AktienOptionsprogramms für die Unternehmensleitung
erfolgt) zurückgekauft oder anderweitig erworben
hat; und
(a) within 12 months if (i) a dividend, other
distribution of any sort or payment was resolved on
in respect of any class of shares of the Issuer at a
General Meeting after the Interest Payment Date on
which a Mandatory Cash Flow Event exists; (ii) a
was resolved on, paid or made in respect of any
Junior Security or Parity Security; or (iii) the Issuer
has repurchased or otherwise acquired, or caused
another Group Company (as defined in § 4 (8)) to
repurchase or otherwise acquire any of the Bonds
(in whole or in part), any Parity Security or any
Junior Security for any consideration, except by
conversion into or exchange for ordinary shares
and except for a share buyback pursuant to the
stock incentive plan for the management; and
(b) spätestens fünf Jahre nach dem
Zinszahlungstag, an dem ein Mandatory Cash
Flow-Ereignis eintritt,
(b) not later than five years after the Interest
Payment Date on which a Mandatory Cash Flow
Event exists,
zwischen der Erfüllung ihrer Verpflichtung, die
Aufgeschobene Zinszahlung durch (a) Alternative
Coupon Satisfaction-Mechanismus (ACSM) (wie
nachstehend definiert) oder (b) Sachleistung (wie
nachstehend definiert) nachzuholen, wählen. Die
Wahl steht im freien Ermessen der Emittentin. Die
Emittentin hat den Anleihegläubigern ihre Wahl
spätestens 6 Geschäftstage nach der erfolgten Wahl
gemäß § 12 mitzuteilen. In der Mitteilung sind
neben der Aufgeschobenen Zinszahlung auch alle
weiteren Aufgeschobenen Zinszahlungen (soweit
vorhanden) zu bezeichnen, für die die Wahl der
ersatzweisen Befriedigung der Anleihegläubiger
gemäß § 3 (6) erfolgt. Die gewählte Alternative zur
Befriedigung der Anleihegläubiger ist, vorbehaltlich
§ 3 (7) unverzüglich durchzuführen.
either (a) Alternative Coupon Satisfaction
Mechanism (ACSM) (as defined below) or
(b) Payment in Kind (as defined below) to satisfy its
Deferred Interest Payment obligation. Such election
is to be made in its sole discretion. The Issuer shall
notify the bondholders of its choice in accordance
with § 12 not less than 6 Business Days after the
choice was made and must specify in such notice
the Deferred Interest Payment as well as all further
Deferred Interest Payments (if any) in respect of
which the election of the applicable alternative
satisfaction of bondholders pursuant to § 3 (6) is
made. Subject to § 3 (7), the selected alternative to
satisfy bondholders must be implemented without
undue delay.
68
Bei dem Alternative Coupon SatisfactionMechanismus (ACSM) verkauft die Emittentin
(oder ein Beauftragter anstelle der Emittentin)
börsennotierte Vorzugsaktien ohne Stimmrecht
gemäß § 139 Aktiengesetz (Vorzugsaktien) über
eine in ihrem freien Ermessen gewählte Börse. Die
Emittentin ist nur verpflichtet, die Aufgeschobene
Zinszahlung durch ACSM nachzuholen, soweit (a)
sie selbst Vorzugsaktien hält oder (b) neue
Vorzugsaktien ausgeben kann, mit der Maßgabe,
dass (i) die Emittentin nur eine solche Anzahl neuer
Vorzugsaktien ausgeben darf, die die Zahl von
2,00% aller ihrer bereits ausgegebenen Aktien nicht
überschreitet (Cap) und (ii) eine Ermächtigung in
ihrer Satzung oder aufgrund eines Beschlusses der
Hauptversammlung über die Erhöhung des
Grundkapitals sowie die Zustimmung des
Aufsichtsrates und/oder des
Gesellschafterausschusses vorliegen müssen, und
soweit (c) die Emittentin keinen Beschränkungen
(gesetzlicher Art, aufgrund von
Satzungsbestimmungen, Verträgen oder internen
Bestimmungen) hinsichtlich der Verwendung bereits
existierender oder neu zu begebender Vorzugsaktien
zur Befriedigung Aufgeschobener Zinszahlungen
unterliegt. ACSM kann nur einmal pro
Kalenderjahr gewählt werden.
Alternative Coupon Satisfaction Mechanism
(ACSM) means that the Issuer (or an agent on its
behalf) sells Preferred Shares (Vorzugsaktien; nonvoting listed shares pursuant to Section 139 of the
German Stock Corporation Act) on a stock
exchange chosen by the Issuer in its sole discretion.
The Issuer is only obliged to satisfy the Deferred
Interest Payment by ACSM if and to the extent that
(a) the Issuer holds Preferred Shares itself; or (b)
the Issuer can issue new Preferred Shares provided
that (i) the Issuer can issue such number of
Preferred Shares not exceeding 2.00% of the overall
number of its issued shares (Cap), and (ii) the
Issuer is authorized pursuant to its articles of
association or a resolution by the General Meeting
of its shareholders to increase the share capital and
the Issuer’s Supervisory Board and/or Shareholders’
Committee has declared its consent to the issuance
of new Preferred Shares, and (c) the Issuer is not
subject to any restriction (whether by applicable
law, its articles of association, contract or internal
rulings) with respect to using existent or newly
issued Preferred Shares to satisfy the Deferred
Interest Payment obligation. The election of ACSM
can only be made once in a calendar year.
Die Emittentin ist nicht verpflichtet, eigene
Vorzugsaktien zur Durchführung von ACSM zu
erwerben.
The Issuer shall not be obliged to buy back its own
Preferred Shares to implement ACSM.
Bei der Sachleistung begibt die Emittentin an
Erfüllungs statt (§ 364 (1) Bürgerliches Gesetzbuch)
Weitere Schuldverschreibungen (wie nachstehend
definiert) an die Anleihegläubiger mit einem
Gesamtnennbetrag oder einem Marktwert (wie
nachstehend definiert) (wobei der höhere Wert
ausschlaggebend ist), der mindestens der
Aufgeschobenen Zinszahlung entspricht, mit der
Maßgabe, dass (a) der Gesamtnennbetrag dieser
Weiteren Schuldverschreibungen zusammen mit dem
Gesamtnennbetrag bereits zuvor begebener Weiterer
Schuldverschreibungen nicht 25% des am
Begebungstag ausstehenden Nennbetrages der
Schuldverschreibungen überschreitet und (b) die
Emittentin keinen Beschränkungen (gesetzlicher Art,
aufgrund von Satzungsbestimmungen, Verträgen
oder internen Bestimmungen) hinsichtlich der
Verwendung der Sachleistung zur Befriedigung
Aufgeschobener Zinszahlungen unterliegt.
Payment in Kind means that the Issuer, in lieu of a
payment in cash (‘‘an Erfüllungs statt’’,
Section 364 (1) German Civil Code) issues Further
Bonds (as defined below) to the bondholders which
shall have an aggregate principal amount or a
Market Value (as defined below) (whichever is
greater) of at least the relevant Deferred Interest
Payment, provided that (a) the aggregate principal
amount of those Further Bonds together with the
aggregate principal amount of Further Bonds
previously issued does not exceed 25% of the
outstanding principal amount of the Bonds as at
the Issue Date, and (b) the Issuer is not subject to
any restriction (whether by applicable law, contract,
its articles of association or internal rulings) with
respect to using Payment in Kind to satisfy the
Deferred Interest Payment obligation.
Der Marktwert der Weiteren Schuldverschreibungen
wird von der Berechnungsstelle wie folgt festgelegt:
The Market Value of the Further Bonds shall be
determined by the Calculation Agent as follows:
(i) sie wird (vier Geschäftstage vor dem Stichtag)
von drei im Eurobondmarkt tätigen internationalen
Investmentbanken mit gutem Ruf Angebotspreise
für einen repräsentativen Betrag Weiterer
Schuldverschreibungen mit der Maßgabe anfordern,
(i) it shall (four business days prior to the record
date) request three international investment banks
of repute which are active in the eurobond markets
to provide (by the second business day prior to the
record date) a bid price for a representative amount
69
diese bis zum zweiten Geschäftstag vor dem
Stichtag zu liefern;
of Further Bonds;
(ii) falls zwei oder drei Angebotspreise erhalten
werden, soll die Berechnungsstelle das arithmetische
Mittel der Angebotspreise berechnen, das dann der
Marktwert der Weiteren Schuldverschreibungen ist;
(ii) if two or three bid prices are received, it shall
calculate the arithmetic mean of the bid prices,
which shall be the Market Value for the Further
Bonds;
(iii) falls ein Angebotspreis erhalten wird, soll dieser
Angebotspreis der Marktwert der Weiteren
Schuldverschreibungen sein; und
(iii) if one bid price is received, that bid price shall
be the Market Value for the Further Bonds; and
(iv) falls kein Angebotspreis erhalten wird, soll der
Marktwert der Weiteren Schuldverschreibungen der
von der Berechnungsstelle in vernünftigem Ermessen
festgelegte Preis sein.
(iv) if no bid prices are received, the market price
for the Further Bonds shall be the price determined
by the Calculation Agent in its reasonable
discretion.
Weitere Schuldverschreibungen sind Wertpapiere,
deren Bedingungen den Anleihebedingungen dieser
Schuldverschreibungen entsprechen, mit der
Ausnahme, dass der Zinslauf der Weiteren
Schuldverschreibungen erst mit ihrem Begebungstag
und nicht bereits am 25. November 2005 beginnt
und ihr Nennbetrag A 100 beträgt. Es ist von der
Emittentin beabsichtigt, dass die
Schuldverschreibungen und die Weiteren
Schuldverschreibungen eine einzige Anleihe bilden
sollen. Den Schuldverschreibungen wird bei
Begebung Weiterer Schuldverschreibungen insgesamt
ein neuer Nennbetrag von A 100 anstelle von
A 1.000 zugewiesen, so dass jeder Anleihegläubiger
anstelle einer Schuldverschreibung 10 Weitere
Schuldverschreibungen mit einem Nennbetrag von
je A 100 erhält.
Further Bonds means securities with terms identical
to these Terms and Conditions of the Bonds, except
that interest will begin to accrue from the date
of issue of the Further Bonds rather than
November 25, 2005 and their denomination will be
A 100. It is the intention of the Issuer that the
Bonds and the Further Bonds shall form a single
series. Upon issue of Further Bonds the Bonds will
be re-denominated from A 1,000 to A 100 and each
existing bondholder will receive 10 Further Bonds
with a denomination of A 100 each for each Bond
held by it.
(7) Wegfall Aufgeschobener Zinszahlungen. Falls
der gewählte Weg zur ersatzweisen Befriedigung der
Anleihegläubiger gemäß § 3 (6) sich als
undurchführbar erweist, entfällt die entsprechende
Verpflichtung der Emittentin zur Zahlung der
betroffenen Aufgeschobenen Zinszahlungen
vollständig. Die Emittentin ist nicht verpflichtet,
eine Sachleistung durchzuführen, falls ACSM sich
als undurchführbar erweist (wie in § 3 (6)
beschrieben), oder ACSM durchzuführen, falls die
Sachleistung sich als undurchführbar erweist (wie in
§ 3 (6) beschrieben).
(7) Cancellation of Deferred Interest Payments. If
the chosen alternative to satisfy bondholders
pursuant to § 3 (6) fails, the relevant Deferred
Interest Payment obligation of the Issuer shall be
cancelled. The Issuer is not obliged to undertake
Payment in Kind if ACSM has failed (as described
in § 3 (6)) or to undertake ACSM if Payment in
Kind has failed (as described in § 3 (6)).
(8) Erlösverwendung bei ACSM. Falls die
Emittentin die Nachholung einer Aufgeschobenen
Zinszahlung durch ACSM gewählt hat, wird die
Emittentin die Vorzugsaktien über eine in ihrem
freien Ermessen gewählte Börse platzieren. Die
Erlöse der Emittentin sind zur Zahlung der
Aufgeschobenen Zinszahlung zu verwenden. Sie
werden von der Hauptzahlstelle an die
Anleihegläubiger weitergeleitet und auf die
betreffende Aufgeschobene Zinszahlung gezahlt.
(8) Use of cash proceeds in the case of ACSM. If
the Issuer elected to satisfy a Deferred Interest
Payment by ACSM, the Issuer will sell such
Preferred Shares on a stock exchange chosen by the
Issuer in its sole discretion. Receipt of the cash
proceeds by the Issuer shall be used to satisfy the
relevant Deferred Interest Payment obligation. The
proceeds of the sale shall be paid by the Principal
Paying Agent for remittance to the bondholders in
respect of the relevant Deferred Interest Payment.
(9) Zuteilung Weiterer Schuldverschreibungen. Falls,
vorbehaltlich § 3 (10) (b), die Emittentin die
Nachholung einer Aufgeschobenen Zinszahlung
(9) Allocation of Further Bonds. Subject to
§ 3 (10) (b), if the Issuer elected to satisfy a
Deferred Interest Payment by Payment in Kind, the
70
durch Sachleistung gewählt hat, wird sie die ihr von
der Berechnungsstelle unter Beachtung der
Bedingungen von § 3 (6) mitgeteilte Zahl Weiterer
Schuldverschreibungen in der mitgeteilten
Ausstattung begeben. Die Berechnungsstelle wird
jedem Anleihegläubiger Weitere
Schuldverschreibungen in ausreichender Zahl
zuweisen, so dass die Ansprüche des
Anleihegläubigers aus der Aufgeschobenen
Zinszahlung befriedigt werden. Stichtag der
Bestimmung der jedem Anleihegläubiger
zuzuweisenden Zahl der Wertpapiere ist der auf den
Tag der Wahl der Emittentin gemäß § 3 (6)
folgende Zinszahlungstag, an dem ohne Eintritt
eines Mandatory Cash Flow-Ereignisses Zinsen
gezahlt worden wären. Zu diesem Zweck ist der
Wert jeder Weiteren Schuldverschreibung entweder
nach ihrem Nennbetrag oder ihrem Marktwert
(wobei der höhere Wert ausschlaggebend ist) zu
bestimmen. Falls die Zuteilung Weiterer
Schuldverschreibungen bei einem Anleihegläubiger
zu ungedeckten Beträgen der Aufgeschobenen
Zinszahlung führt, ist dieser Anleihegläubiger
berechtigt, eine zusätzliche Weitere
Schuldverschreibung zugeteilt zu erhalten.
Issuer will issue Further Bonds in a number and
with terms as instructed by the Calculation Agent
taking into account the conditions of § 3 (6). The
Calculation Agent shall allocate to each bondholder
that number of Further Bonds which is necessary to
cover that bondholder’s Deferred Interest Payment
claim. The record date of the determination of the
number of Bonds to be allocated to each
bondholder shall be the Interest Payment Date
following the election of the Issuer pursuant to
§ 3 (6) on which interest would have been paid if
no Mandatory Cash Flow Event existed. For this
purpose, the value of each Further Bond is to be
determined by its principal amount or its Market
Value (whichever is greater). If the allocation of
Further Bonds to a bondholder leads to any
uncovered Deferred Interest Payment amounts, then
this bondholder shall be entitled to receipt of a
Further Bond.
(10) Unzulänglichkeit. (a) Falls die Emittentin die
Nachholung einer Aufgeschobenen Zinszahlung
durch ACSM gewählt hat und an dem relevanten
Tag nicht eine ausreichende Zahl von Vorzugsaktien
begeben und/oder verkaufen kann, so dass die
gesamte oder ein Teil der Aufgeschobenen
Zinszahlung nicht nachgeholt werden kann, wird
die Emittentin die maximal mögliche Zahl von
Vorzugsaktien begeben und/oder verkaufen. Die
Erlöse des Verkaufs werden entsprechend § 3 (8)
anteilmäßig an die Anleihegläubiger gezahlt.
(10) Insufficiency. (a) If the Issuer elected to satisfy
a Deferred Interest Payment by ACSM and can, on
the relevant date, not issue and/or sell a sufficient
number of Preferred Shares so that all or part, as
the case may be, of the Deferred Interest Payment
cannot be so satisfied, the Issuer shall issue and/or
sell the maximum possible number of Preferred
Shares. The proceeds of the sale shall be paid in
accordance with § 3 (8) on a pro rata basis to the
bondholders.
(b) § 3 (10) (a) gilt entsprechend, falls die Weiteren
Schuldverschreibungen nicht zur Nachholung der
betreffenden Aufgeschobenen Zinszahlung
ausreichen. In diesem Fall werden die begebenen
Weiteren Schuldverschreibungen den
Anleihegläubigern durch die Berechnungsstelle im
Auftrag der Emittentin unter Beachtung des
Grundsatzes der Gleichbehandlung aller
Anleihegläubiger anteilmäßig zugeteilt. Klarstellend
ist festzuhalten, dass eine Zuteilung von Bruchteilen
einer Weiteren Schuldverschreibung nicht erfolgt.
(b) § 3 (10) (a) shall apply mutatis mutandis if the
Further Bonds are not sufficient to satisfy the
relevant Deferred Interest payment in full. In such
case the issued Further Bonds shall be allocated on
a pro rata basis by the Calculation Agent on behalf
of the Issuer to each bondholder, respecting the rule
of equal treatment of all bondholders. For the
avoidance of doubt, Further Bonds will not be
allocated at a fraction.
(c) Im Fall von § 3 (10) (a) bzw. (b) gilt der
verbleibende Teil der Aufgeschobenen Zinszahlung,
der aus den Verkaufserlösen der Vorzugsaktien oder
durch Zuteilung von Weiteren
Schuldverschreibungen nicht gedeckt werden kann,
als erloschen.
(c) In the case of § 3 (10) (a) or (b) above, the
remaining part of the Deferred Interest Payment
which cannot be satisfied out of the cash proceeds
of Preferred Shares or by allocation of Further
Bonds shall be deemed to be cancelled.
(d) Die Emittentin hat die Anleihegläubiger
unverzüglich gemäß § 12 über eine
Unzulänglichkeit nach diesem § 3 (10) zu
(d) The Issuer shall immediately notify the
bondholders in accordance with § 12 of any
insufficiency pursuant to this § 3 (10) and must
71
unterrichten. In der Mitteilung ist die betreffende
Aufgeschobene Zinszahlung zu bezeichnen, der
Betrag der anteilmäßigen Zahlung pro Nennbetrag
aus den Erlösen des Verkaufs von Vorzugsaktien
bzw. der Betrag der anteilmäßigen Zuteilung pro
Nennbetrag von Weiteren Schuldverschreibungen
(entsprechend § 3 (10) (b)) und der auf den
Nennbetrag entfallende erloschene Betrag der
Aufgeschobenen Zinszahlung.
specify in such notice the relevant Deferred Interest
Payment, the pro rata payment per denomination
out of cash proceeds received from sale of Preferred
Shares or the pro rata allocation per denomination
of Further Bonds (pursuant to § 3 (10) (b)), as the
case may be, and the cancelled amount of Deferred
Interest Payment per denomination.
(11) Rang. Im Fall der Liquidation, der Auflösung
oder der Insolvenz der Emittentin oder eines
Vergleichs oder eines anderen, der Abwendung der
Insolvenz der Emittentin dienenden Verfahrens
bevor die Wahl von Sachleistung oder ACSM
gemäß § 3 (6) erfolgt, wird jedem Anleihegläubiger
ein direkter Anspruch gegen die Emittentin auf
Erhalt der auf ihn entfallenden anteiligen
Aufgeschobenen Zinszahlung eingeräumt. Dieser
Anspruch begründet eine unbesicherte und
nachrangige Verbindlichkeit der Emittentin, die mit
den Schuldverschreibungen im Rang gleich steht,
soweit der Anspruch sonst durch ACSM befriedigt
worden wäre (wobei nur der rechnerische Cap am
Tag der Einleitung eines der obigen Verfahren zu
berücksichtigen ist). Der Restbetrag ist im
Verhältnis zu den Schuldverschreibungen nachrangig
und nur gegenüber Aktienkapital vorrangig.
(11) Ranking. In the event of the liquidation,
dissolution, insolvency, composition or other
proceedings for the avoidance of insolvency of the
Issuer before the election pursuant to § 3 (6) of
Payment in Kind or ACSM is made, any
bondholder shall have a direct claim against the
Issuer to receive the pro rata Deferred Interest
Payment amount allocated to it. Such claim shall
constitute an unsecured and subordinated
obligation of the Issuer ranking pari passu with the
Bonds to the extent such claim would otherwise
have been satisfied by ACSM (taking only into
account the calculatory Cap as of the date of
initiation of the above proceedings). The remaining
amount shall rank junior to the Bonds and ahead
only of share capital.
§4
RÜCKZAHLUNG UND RÜCKKAUF
§4
REDEMPTION AND PURCHASE
(1) Endfälligkeit. Die Schuldverschreibungen werden
am 25. November 2104 zum Nennbetrag
zurückgezahlt.
(1) Maturity. The Bonds will be redeemed on
November 25, 2104 at par.
(2) Ersatzkapital. Nach Absicht der Emittentin
sollen die Schuldverschreibungen dauerhafter
Bestandteil der Konzernfinanzierung der Emittentin
sein. Die Emittentin beabsichtigt daher, die
Schuldverschreibungen aus Erlösen zurückzuzahlen,
die aus der Begebung von Stammaktien und/oder
Vorzugsaktien durch die Emittentin oder aus der
Begebung neuer nachrangiger Wertpapiere (die
Neuen Wertpapiere), entweder durch die Emittentin
selbst oder durch eine Konzerngesellschaft (wie
nachstehend definiert), innerhalb von 6 Monaten
vor dem Rückzahlungstag der
Schuldverschreibungen stammen. Die Neuen
Wertpapiere sollen (a) eine Laufzeit von mindestens
99 Jahren haben, im gleichen Rang wie die
Schuldverschreibungen stehen und eine gleiche oder
größere Eigenkapitalcharakteristik aufweisen;
(b) nicht vor Ablauf von fünf Jahren (wenn sie
keinen Aufschlag enthalten) oder nicht vor Ablauf
von zehn Jahren (wenn sie einen Aufschlag
enthalten) nach Begebung kündbar sein, es sei denn,
die Kündigung erfolgt aus steuerlichen Gründen
gemäß § 4 (3); (c) der Emittentin in den
Bedingungen ermöglichen, Zinszahlungen in der
(2) Replacement Capital. It is the intention of the
Issuer that the Bonds will constitute permanent
funding of the Issuer’s group. Accordingly, the
Issuer intends to redeem the Bonds with proceeds
raised through the issuance of common shares and/
or preferred shares by the Issuer or through the
issuance of new subordinated securities (the New
Securities), either by the Issuer itself or a Group
Company (as defined below), within a period of 6
months prior to the redemption date of the Bonds.
The New Securities shall (a) have a maturity of at
least 99 years, rank pari passu with the Bonds and
have equal or greater equity credit characteristics;
(b) not be redeemable prior to expiration of five
years (if the New Securities do not contain a stepup) or expiration of ten years of their issue date (if
the New Securities contain a step-up), other than
for tax reasons pursuant to § 4 (3); (c) permit the
Issuer in their terms to defer interest payments in
the same or a similar manner as under the Bonds to
achieve the required equity credit; and (d) contain a
capital replacement provision that is identical to
this § 4 (2) (to the extent that the New Securities
are redeemable if the interest rate on the New
72
gleichen oder einer ähnlichen Weise wie unter den
Schuldverschreibungen aufzuschieben, um die
erforderliche Eigenkapitalbehandlung zu erreichen,
und (d) eine Kapitalersatzregelung enthalten, die
mit diesem § 4 (2) identisch ist (soweit die Neuen
Wertpapiere kündbar sind, wenn der Zinssatz
während ihrer Laufzeit steigt).
Securities increases during their duration).
(3) Kündigungsrecht der Emittentin und vorzeitige
Rückzahlung aus Steuergründen. Bei Eintritt eines
Gross-up-Ereignisses oder eines Steuerereignisses vor
dem 25. November 2015 ist die Emittentin
vorbehaltlich § 4 (4) berechtigt, die
Schuldverschreibungen jederzeit (insgesamt, jedoch
nicht teilweise) durch eine unwiderrufliche
Mitteilung an die Anleihegläubiger gemäß § 12
unter Einhaltung einer Frist von mindestens 30 und
höchstens 60 Tagen zu kündigen und zum
Vorzeitigen Rückzahlungsbetrag (wie in § 4 (5)
definiert) zurückzuzahlen.
(3) Issuer Call Right and Early Redemption due to
Tax Reasons. If prior to November 25, 2015 either
a Gross-up Event or a Tax Event occurs, the Issuer
may subject to § 4 (4) call and redeem the Bonds
(in whole but not in part) at their Early
Redemption Amount (as defined in § 4 (5)) at any
time on the giving of not less than 30 and not more
than 60 days’ irrevocable notice to the bondholders
in accordance with § 12.
(a) Ein Gross-up-Ereignis liegt vor, wenn die
Emittentin aufgrund einer Gesetzesänderung oder
einer Änderung der Vorschriften der Bundesrepublik
Deutschland oder einer ihrer Gebietskörperschaften
oder Steuerbehörden oder als Folge einer Änderung
der offiziellen Auslegung oder Anwendung dieser
Gesetze oder Vorschriften durch eine gesetzgebende
Körperschaft, ein Gericht, eine Steuerbehörde, eine
Aufsichtsbehörde oder eine sonstige Behörde
(einschließlich des Erlasses von Gesetzen sowie der
Bekanntmachung gerichtlicher oder
aufsichtsrechtlicher Entscheidungen) verpflichtet ist
oder verpflichtet sein wird, Zusätzliche Beträge
gemäß § 7 zu zahlen und die Emittentin diese
Verpflichtung nicht abwenden kann, indem sie
zumutbare Maßnahmen ergreift, die sie nach Treu
und Glauben für angemessen hält.
(a) A Gross-Up Event shall occur if the Issuer has
or will become obliged to pay Additional Amounts
pursuant to § 7 as a result of any change in, or
amendment to, the laws or regulations of the
Federal Republic of Germany or any political
subdivision or taxing authority thereof, or therein,
or as a result of any amendment to, or any change
in, any official interpretation or application of any
such laws or regulations by any legislative body,
court, or taxing authority, governmental agency or
regulatory authority (including the enactment of
any legislation and the publication of any judicial
decision or regulatory determination), and that
obligation cannot be avoided by the Issuer taking
such reasonable measures it (acting in good faith)
deems appropriate.
Eine Kündigung im Falle eines Gross-Up-Ereignisses
darf nicht früher als 90 Tage vor dem frühesten
Termin vorgenommen werden, an dem die
Emittentin erstmals verpflichtet wäre, die jeweiligen
Zusätzlichen Beträge auf fällige Beträge auf die
Schuldverschreibungen zu zahlen.
In the case of a Gross-up Event no such notice of
redemption may be given earlier than 90 days prior
to the earliest date on which the Issuer would be
for the first time obliged to pay the Additional
Amounts in question on payments due in respect of
the Bonds.
(b) Ein Steuerereignis liegt vor, wenn aufgrund einer
Gesetzesänderung oder einer Änderung der
Vorschriften der Bundesrepublik Deutschland oder
einer ihrer Gebietskörperschaften oder
Steuerbehörden oder als Folge einer Änderung der
offiziellen Auslegung oder Anwendung solcher
Gesetze oder Vorschriften durch eine gesetzgebende
Körperschaft, ein Gericht, eine Steuerbehörde, eine
Aufsichtsbehörde oder eine sonstige Behörde
(einschließlich des Erlasses von Gesetzen sowie der
Bekanntmachung gerichtlicher oder
aufsichtsrechtlicher Entscheidungen), Zinsen, die
von der Emittentin auf die Schuldverschreibungen
zu zahlen sind, von der Emittentin nicht mehr für
(b) A Tax Event shall occur if as a result of any
change in, or amendment to, the laws or
regulations of the Federal Republic of Germany or
any political subdivision or taxing authority
thereof, or therein, or as a result of any amendment
to, or change in, any official interpretation or
application of any such laws or regulations by any
legislative body, court, or taxing authority,
governmental agency or regulatory authority
(including the enactment of any legislation and the
publication of any judicial decision or regulatory
determination), interest payable by the Issuer in
respect of the Bonds is no longer deductible by the
Issuer for German taxes on earnings to at least the
73
Zwecke deutscher Ertragsteuern in mindestens
demselben Umfang wie bei Begebung der
Schuldverschreibungen abzugsfähig sind und die
Emittentin dieses Risiko nicht abwenden kann,
indem sie zumutbare Maßnahmen ergreift, die sie
nach Treu und Glauben für angemessen hält.
same degree as upon issue of the Bonds, and that
risk cannot be avoided by the Issuer taking such
reasonable measures as it (acting in good faith)
deems appropriate.
(c) Die Emittentin hat der Hauptzahlstelle vor
Kündigung (wie oben beschrieben) folgende
Dokumente zu übermitteln oder deren Übermittlung
sicherzustellen:
(c) Prior to the giving of any such notice of
redemption as described above, the Issuer will
deliver or procure that there is delivered to the
(i) eine von zwei ordnungsgemäß bevollmächtigten
Vertretern der Emittentin unterzeichnete
Bescheinigung, die bestätigt, dass die Emittentin
berechtigt ist, die entsprechende Kündigung
vorzunehmen, und aus der die Tatsachen
hervorgehen, auf deren Grundlage die
Voraussetzungen für das Kündigungsrecht der
Emittentin erfüllt sind; und
(i) a certificate signed by any two duly authorized
representatives of the Issuer stating that the Issuer is
entitled to effect such redemption and setting out a
statement of facts showing that the conditions
precedent to the exercise of the right of the Issuer
to redeem have been satisfied; and
(ii) ein Gutachten eines angesehenen unabhängigen
Steuer- oder Rechtsberaters, aus dem hervorgeht,
dass die Emittentin verpflichtet ist oder verpflichtet
sein wird, die betreffenden Zusätzlichen Beträge als
Folge eines Gross-up-Ereignisses zu zahlen oder
dass die Abzugsfähigkeit der Zinsen als Folge eines
Steuerereignisses nicht mehr in mindestens
demselben Umfang wie bei Begebung der
Schuldverschreibungen möglich ist.
(ii) an opinion of an independent tax or legal
adviser of recognised standing to the effect that the
Issuer has or will become obliged to pay the
Additional Amounts in question as a result of a
Gross-up Event or that as a result of a Tax Event
interest is no longer deductible to at least the same
degree as upon issue of the Bonds.
(4) Bestimmungen bezüglich des Kündigungsrechts
der Emittentin und der vorzeitigen Rückzahlung aus
Steuergründen. Im Falle der Ausübung des
Kündigungsrechts gemäß § 4 (3) durch die
Emittentin gilt § 4 (2) entsprechend mit der
Maßgabe, dass die Emittentin berechtigt ist,
Änderungen vorzunehmen, damit die zu begebenden
Neuen Wertpapiere ohne Vorliegen eines Gross-upEreignisses und/oder Steuerereignisses begeben
werden können.
(4) Conditions to Issuer’s Call Right and Early
Redemption due to Tax Reasons. § 4 (2) shall
apply accordingly in the event of an Issuer call right
pursuant to § 4 (3), provided that the Issuer may
make such modifications in order to be able to
issue the New Securities without there being a
Gross-up Event and/or a Tax Event.
(5) Der Vorzeitige Rückzahlungsbetrag. Der
Vorzeitige Rückzahlungsbetrag entspricht (a) im
Falle eines Gross-up-Ereignisses dem Nennbetrag
der Schuldverschreibungen zuzüglich bis zum
Rückzahlungstag (ausschließlich) aufgelaufener
Zinsen und sämtlicher ausstehender Zinsrückstände
oder (b) im Falle eines Steuerereignisses dem (i)
Nennbetrag der Schuldverschreibungen oder (ii)
falls höher, dem Abgezinsten Marktpreis (wie
nachstehend definiert) der Schuldverschreibungen,
in jedem dieser Fälle zuzüglich bis zum
Zinsen und sämtlicher ausstehender Zinsrückstände.
(5) Early Redemption Amount. The Early
Redemption Amount will (a) upon the occurrence
of a Gross-up Event, equal the principal amount of
the Bonds, plus accrued interest until the date of
redemption (exclusive) and all outstanding Arrears
of Interest or (b) upon the occurrence of a Tax
Event, be calculated as the greater of (i) the
aggregate principal amount of the Bonds and (ii)
the Make-Whole Amount (as defined below) of the
Bonds, in each case, plus accrued interest until the
date of redemption (exclusive) and all outstanding
Arrears of Interest.
Der Abgezinste Marktpreis wird von der
Berechnungsstelle errechnet und entspricht der
Summe der auf den Rückzahlungstag Abgezinsten
Werte (wie nachstehend definiert) (a) des
Nennbetrages der Schuldverschreibungen und (b)
The Make-Whole Amount will be calculated by the
Calculation Agent, and will equal the sum of the
Present Values (as defined below) on the date of
redemption of (a) the principal amount of the
Bonds and (b) the remaining scheduled payments of
74
der bis zum 25. November 2015 (ausschließlich)
verbleibenden vorgesehenen Zinszahlungen auf die
Schuldverschreibungen. Bei dieser Berechnung ist
anzunehmen, dass die Zahlung des Nennbetrags der
Schuldverschreibungen am 25. November 2015
fällig ist und alle relevanten Zinsen in vollem
Umfang gezahlt werden.
interest on the Bonds to but excluding
November 25, 2015. In performing such calculation
it shall be assumed that the principal amount of the
Bonds is due and payable on November 25, 2015
and that all applicable interest payments are to be
made in full.
Ein Abgezinster Wert wird von der
Berechnungsstelle errechnet, indem der Nennbetrag
der Schuldverschreibungen und bis zum
25. November 2015 verbleibende Zinszahlungen
auf jährlicher Basis, unter Zugrundelegung eines
Jahres mit 365 bzw., im Fall eines Schaltjahres,
366 Tagen und der Zahl der tatsächlich in dem Jahr
verstrichenen Tage und der Angepassten
Vergleichbaren Rendite (wie nachstehend definiert)
zuzüglich 0,75 Prozentpunkten, abgezinst werden.
The Present Values will be calculated by the
Calculation Agent by discounting the principal
amount of the Bonds and the remaining interest
payments to November 25, 2015 on an annual
basis, assuming a 365-day year or, in the case of a
leap year, a 366-day year, as the case may be, and
the actual number of days elapsed in such year and
using the Adjusted Comparable Yield (as defined
below) plus 0.75 percentage points.
Die Angepasste Vergleichbare Rendite entspricht der
am Rückzahlungs-Berechnungstag (wie nachstehend
definiert) bestehenden Rendite der von der
Berechnungsstelle im Einvernehmen mit der
Emittentin ausgewählten Euro-Referenz-Anleihe mit
einer mit der verbleibenden Laufzeit der
Schuldverschreibung bis zum 25. November 2015
vergleichbaren Laufzeit. Dabei handelt es sich um
die Rendite einer solchen Euro-Referenz-Anleihe,
die im Zeitpunkt der Auswahlentscheidung und
entsprechend der üblichen Finanzmarktpraxis zur
Preisbestimmung bei Neuemissionen von
Unternehmensanleihen mit einer mit dem Zeitraum
bis zum 25. November 2015 vergleichbaren
Laufzeit verwendet würde.
The Adjusted Comparable Yield will be the yield at
the Redemption Calculation Date (as defined
below) on the Euro benchmark security selected by
the Calculation Agent, in agreement with the Issuer,
as having a maturity comparable to the remaining
term of the Bonds to November 25, 2015 that
would be utilised, at the time of selection and in
accordance with customary financial practice, in
pricing new issues of corporate debt securities of
comparable maturity to November 25, 2015.
Rückzahlungs-Berechnungstag ist der dritte
Geschäftstag vor dem Tag, an dem die
Schuldverschreibungen nach Wahl der Emittentin
infolge eines Steuerereignisses zurückgezahlt
werden.
Redemption Calculation Date means the third
Business Day prior to the date on which the Bonds
are redeemed at the option of the Issuer as a result
of a Tax Event.
(6) Kündigung und vorzeitige Rückzahlung nach
Wahl der Emittentin. Die Emittentin kann die
Schuldverschreibungen vorbehaltlich § 4 (7) zum
25. November 2015 oder zu jedem danach
folgenden Variablen Zinszahlungstag durch
unwiderrufliche Mitteilung an die Anleihegläubiger
gemäß § 12 unter Einhaltung einer Frist von
mindestens 30 und höchstens 60 Tagen kündigen
und zum Nennbetrag zuzüglich sämtlicher bis zum
Zinsen und sämtlicher am Rückzahlungstag
ausstehender Zinsrückstände (insgesamt, jedoch
nicht teilweise) zurückzahlen.
(6) Issuer Call Right and Early Redemption at the
Option of the Issuer. Subject to § 4 (7), the Issuer
may call and redeem the Bonds (in whole but not
in part) on November 25, 2015 or on any Floating
Rate Interest Payment Date thereafter at their
principal amount, plus any interest accrued until
the redemption date (exclusive) and upon payment
of all outstanding Arrears of Interest to the date of
redemption on the giving of not less than 30 and
not more than 60 days’ irrevocable notice of
redemption to the bondholders in accordance with
§ 12.
Eine solche Kündigung verpflichtet die Emittentin,
die Schuldverschreibungen am 25. November 2015
oder an dem in der Kündigung angegebenen
Variablen Zinszahlungstag zurückzuzahlen.
Such notice of redemption shall oblige the Issuer to
redeem the Bonds on November 25, 2015 or the
Floating Rate Interest Payment Date specified in
that notice.
75
(7) Bestimmungen bezüglich der Kündigung nach
Wahl der Emittentin. Im Falle einer Kündigung
durch die Emittentin gemäß § 4 (6) gilt § 4 (2)
entsprechend.
(7) Conditions to Call at the Option of the Issuer.
§ 4 (2) shall apply accordingly in the event of the
Issuer exercising its call right pursuant to § 4 (6).
(8) Rückkauf. Die Emittentin oder eine
Konzerngesellschaft (wie nachstehend definiert)
können jederzeit Schuldverschreibungen im Markt
oder anderweitig zu jedem beliebigen Preis kaufen.
Derartig erworbene Schuldverschreibungen können
entwertet, gehalten oder wieder veräußert werden.
Falls die Emittentin oder eine Konzerngesellschaft
Schuldverschreibungen im Volumen von 80% oder
mehr des ursprünglich begebenen
Gesamtnennbetrages der Schuldverschreibungen
erworben hat, kann die Emittentin die
verbleibenden Schuldverschreibungen (insgesamt,
jedoch nicht teilweise) kündigen und zu einem
Betrag zurückzahlen, der dem Nennbetrag der
Schuldverschreibungen oder, falls dieser höher ist,
dem Abgezinsten Marktpreis für die
Schuldverschreibungen, jeweils zuzüglich bis zum
Zinsen und zuzüglich aller ausstehenden
Zinsrückstände, entspricht.
(8) Purchase. The Issuer, or any Group Company
(as defined below), may at any time purchase
Bonds in the open market or otherwise and at any
price. Such acquired Bonds may be cancelled, held
or resold. In the event that the Issuer, or any Group
Company, has purchased Bonds equal to or in
excess of 80% of the aggregate principal amount of
the Bonds initially issued, the Issuer may call and
redeem the remaining Bonds (in whole but not in
part) at an amount calculated as the greater of the
principal amount of the Bonds and the MakeWhole Amount of the Bonds plus accrued interest
until the date of redemption (exclusive) and all
outstanding Arrears of Interest.
Konzerngesellschaft ist jede andere Gesellschaft,
deren stimmberechtigte Anteile oder anderweitige
Eigenkapitalanteile zu 100% mittelbar oder
unmittelbar von der Emittentin gehalten werden.
Group Company means any other company of
which 100% of the voting share or other equity
interests are directly or indirectly owned by the
Issuer.
§5
ZAHLSTELLEN UND BERECHNUNGSSTELLE
§5
PAYING AGENTS AND CALCULATION AGENT
(1) Hauptzahlstelle. Die Emittentin hat die Deutsche
Bank Aktiengesellschaft als Hauptzahlstelle und
Berechnungsstelle (Hauptzahlstelle oder
Berechungsstelle) und die Deutsche Bank
Luxembourg S.A. als Zahlstelle (die Zahlstelle,
zusammen mit der Hauptzahlstelle die Zahlstellen)
bestimmt.
(1) Appointment. The Issuer has appointed
Deutsche Bank Aktiengesellschaft as principal
paying agent and calculation agent (the Principal
Paying Agent or Calculation Agent) and Deutsche
Bank Luxembourg S.A. as paying agent (the Paying
Agent, together with the Principal Paying Agent, the
Paying Agents).
(2) Rechtsverhältnisse der Zahlstellen und der
Berechnungsstelle. Die Hauptzahlstelle und die
Berechnungsstelle handeln jeweils ausschließlich als
Beauftragte der Emittentin und übernehmen keine
Verpflichtungen gegenüber den Anleihegläubigern
und es wird kein Vertrags-, Auftrags- oder
Treuhandverhältnis zwischen ihnen und den
Anleihegläubigern begründet. Die Zahlstellen sind
von den Beschränkungen des § 181 Bürgerliches
Gesetzbuch befreit.
(2) Status of the Agents. The Principal Paying
Agent and Calculation Agent act, in their respective
capacities, solely as agents of the Issuer and do not
assume any obligations towards or relationship of
contract, agency or trust for or with any of the
bondholders. The Paying Agents are exempt from
the restrictions of Section 181 of the German Civil
Code.
(3) Ersetzung von Zahlstellen und
Berechnungsstelle. Die Emittentin behält sich das
Recht vor, jederzeit im Einvernehmen mit der
Hauptzahlstelle die Beauftragung von jeder
Zahlstelle oder von der Berechnungsstelle zu ändern
oder eine solche Beauftragung zu beenden und
zusätzliche Zahlstellen oder Nachfolger der
Zahlstellen oder Berechnungsstellen zu bestimmen.
(3) Variation or Termination of Appointment. The
Issuer, in agreement with the Principal Paying
Agent, reserves the right at any time to vary or
terminate the appointment of any of the Paying
Agents or the Calculation Agent and to appoint
successor or additional Paying Agents or a
successor Calculation Agent, provided that, for as
long as the Bonds are listed on any stock exchange,
76
Die Emittentin wird jedoch gewährleisten, dass,
solange die Schuldverschreibungen an einer
Wertpapierbörse notiert sind, jederzeit eine
Zahlstelle in dem Staat beauftragt ist, in dem die
Wertpapierbörse ihren Sitz hat. Die Emittentin wird
ferner, wenn im Hinblick auf die Richtlinie der
Europäischen Union zur Besteuerung privater
Zinserträge vom 3. Juni 2003 ein Gesetz erlassen
wird, das diese Richtlinie umsetzt oder das
eingeführt wird, um dieser Richtlinie
nachzukommen, sicherstellen, dass in einem
Mitgliedstaat der Europäischen Union eine
Zahlstelle unterhalten wird (sofern es eine derartige
gibt), die nicht verpflichtet ist, Steuern aufgrund
dieser Richtlinie oder eines solchen Gesetzes
einzubehalten oder abzuziehen. Den
Anleihegläubigern werden Änderungen in Bezug auf
die Zahlstellen oder die Berechnungsstelle oder ihrer
jeweils angegebenen Geschäftsstellen unverzüglich
gemäß § 12 mitgeteilt.
the Issuer will at all times maintain a Paying Agent
in the jurisdiction in which such stock exchange is
located; and provided further that if, in light of the
European Union Directive on the taxation of
savings of June 3, 2003, any law implementing, or
introduced in order to conform to, such Directive is
introduced, the Issuer will ensure that (to the extent
that such a Paying Agent exists) it maintains a
Paying Agent in a Member State of the European
Union that will not be obliged to withhold or
deduct tax pursuant to this Directive or any such
law. Notice of any change in the Paying Agents or
Calculation Agent or in the specified office of any
of the Paying Agents or the Calculation Agent will
be given without undue delay to the bondholders in
accordance with § 12.
§6
ZAHLUNGEN
§6
PAYMENTS
(1) Zahlung von Kapital und Zinsen. Die
Emittentin verpflichtet sich, Kapital und Zinsen auf
die Schuldverschreibungen sowie alle sonstigen auf
die Schuldverschreibungen zahlbaren Beträge bei
Fälligkeit in Euro zu zahlen. Die Zahlung von
Kapital und Zinsen erfolgt, vorbehaltlich
anwendbarer Steuer- und anderer Gesetze und
Vorschriften, an die Hauptzahlstelle zur
Weiterleitung an das Clearing System oder an
dessen Order zur Gutschrift für die jeweiligen
Kontoinhaber gegen Vorlage und (sofern es sich um
die Kapitalrückzahlung handelt) Einreichung der
Globalurkunde. Die Zahlung an das Clearing
System oder an dessen Order befreit die Emittentin
in Höhe der geleisteten Zahlung von ihren
entsprechenden Verbindlichkeiten aus den
Schuldverschreibungen, wenn die
Schuldverschreibungen noch durch das Clearing
System gehalten werden. Jede Bezugnahme in diesen
Anleihebedingungen auf Kapital oder Zinsen
schließt alle Zusätzlichen Beträge nach § 7 ein.
(1) Payment of Principal and Interest. The Issuer
undertakes to pay, as and when due, principal and
interest as well as all other amounts payable on the
Bonds in Euro. Payment of principal and interest
on the Bonds shall be made, subject to applicable
fiscal and other laws and regulations, through the
Principal Paying Agent for on-payment to the
Clearing System or to its order for credit to the
respective account holders upon presentation and
(in the case of the payment in respect of principal)
surrender of the Global Bond. Payments to the
Clearing System or to its order shall, to the extent
of amounts so paid and provided the Bonds are still
held on behalf of the Clearing System, constitute
the discharge of the Issuer from its corresponding
obligations under the Bonds. Any reference in these
Terms and Conditions to principal or interest will
be deemed to include any Additional Amounts as
set forth in § 7.
(2) Fälligkeitstag ist kein Geschäftstag. Falls ein
Fälligkeitstag für die Zahlung von Kapital und/oder
Zinsen kein Geschäftstag ist, erfolgt die Zahlung,
außer im Fall des § 3 (2) (b), erst am
nächstfolgenden Geschäftstag. Ein Anleihegläubiger
ist nicht berechtigt, zusätzliche Zinsen oder eine
andere Entschädigung wegen eines solchen
Zahlungsaufschubs zu verlangen.
(2) Due Date not a Business Day. Except as
otherwise provided in § 3 (2) (b), if the due date
for any payment of principal and/or interest is not
a Business Day, payment shall be effected only on
the next Business Day. A bondholder shall have no
right to claim payment of any additional interest or
other indemnity in respect of such delay in
payment.
(3) Hinterlegung. Die Emittentin kann bei dem
Amtsgericht in Düsseldorf, Bundesrepublik
Deutschland, die von den Anleihegläubigern nicht
innerhalb von zwölf Monaten nach dem
Fälligkeitstag beanspruchten Kapital- und
(3) Deposit. The Issuer may deposit with the local
court (Amtsgericht) in Düsseldorf, Federal Republic
of the Federal Republic of Germany, principal and
interest not claimed by bondholders within twelve
months after the respective due date. To the extent
77
Zinsbeträge hinterlegen. Soweit auf das Recht zur
Rücknahme der hinterlegten Beträge verzichtet
wird, erlöschen die betreffenden Ansprüche der
Anleihegläubiger gegen die Emittentin.
the right to withdraw such deposit is waived, the
relevant claims of the bondholders against the
Issuer shall cease.
§7
STEUERN
§7
TAXATION
Sämtliche Zahlungen in Bezug auf die
Schuldverschreibungen (ob als Geldleistung oder als
Sachleistung gemäß § 3 (6)) sind ohne Einbehalt
oder Abzug (einschließlich im Hinblick auf
Quellensteuer) von oder aufgrund von gegenwärtig
oder zukünftig bestehenden Steuern, Abgaben,
Festsetzungen oder behördlichen Gebühren gleich
welcher Art (Steuer) zu leisten, die von oder im
Auftrag der Bundesrepublik Deutschland oder von
oder im Auftrag einer ihrer mit dem Recht zur
Steuererhebung versehenen Gebietskörperschaften
oder Behörden auferlegt, erhoben, eingezogen,
einbehalten oder festgesetzt werden (zusammen
Quellensteuer), es sei denn, dieser Einbehalt oder
Abzug ist gesetzlich vorgeschrieben. In diesem Fall
wird die Emittentin diejenigen zusätzlichen Beträge
(die Zusätzlichen Beträge) bezahlen, die erforderlich
sind, damit die den Anleihegläubigern zufließenden
Nettobeträge nach einem solchen Einbehalt oder
Abzug jeweils den Beträgen an Kapital und Zinsen
entsprechen, die ohne einen solchen Abzug oder
Einbehalt von den Anleihegläubigern empfangen
worden wären. Die Verpflichtung zur Zahlung
solcher Zusätzlicher Beträge besteht jedoch nicht im
Hinblick auf Steuern, die
All payments in respect to the Bonds (if in cash or
in kind pursuant to § 3 (6)) will be made free and
clear of, and without deduction or withholding at
source for or on account of any present or future
taxes, duties, assessments or governmental charges
of any nature (Taxes) whatsoever imposed, levied,
withheld, assessed or collected by or on behalf of
the Federal Republic of Germany or by or on
behalf of any political subdivision or authority
thereof having power to tax (together Withholding
Taxes), unless such deduction or withholding is
required by law. In such event, the Issuer shall pay
such additional amounts (the Additional Amounts)
necessary for the bondholders to receive net
amounts after such deduction or withholding,
which are equal to the amounts which would have
been received by them without such deduction or
withholding. No such Additional Amounts shall,
however, be payable with respect to such Taxes
which:
(a) anders als durch Einbehalt oder Abzug von
Zahlungen, die die Emittentin an den
Anleihegläubiger leistet, zu entrichten sind; oder
(a) are payable otherwise than by withholding or
deduction from payments made by the Issuer to the
bondholder, or
(b) nicht erhoben worden wären, hätte der
Anleihegläubiger die Schuldverschreibung nicht erst
später als 15 Tage nach Fälligkeit der
entsprechenden Zahlung oder, falls dieser Tag auf
einen späteren Termin fällt, nach dem Tag, an dem
die Zahlung ordnungsgemäß erfolgen konnte,
vorgelegt; oder
(b) would not be imposed but for the presentation
by a bondholder for payment on a date later than
15 days after the date on which such payment
became due and payable or the date on which
payment thereof is duly provided for, whichever
occurs later; or
(c) von einer Zahlstelle abgezogen oder einbehalten
werden, wenn eine andere Zahlstelle die Zahlung
ohne einen solchen Abzug oder Einbehalt hätte
vornehmen können; oder
(c) are deducted or withheld by a Paying Agent
from a payment if the payment could have been
made by another Paying Agent without such
deduction or withholding; or
(d) nicht erhoben oder einbehalten worden wären,
wenn der Anleihegläubiger die
Schuldverschreibungen nicht in Deutschland zur
Zahlung vorgelegt hätte, es sei denn, der
Anleihegläubiger war rechtlich verpflichtet, die
Schuldverschreibungen in Deutschland zur Zahlung
oder zum Erhalt einer Sachleistung vorzulegen,
ohne dass die Möglichkeit bestand, die
Schuldverschreibung an einem anderen Ort
vorzulegen; oder
(d) would not have been imposed or withheld if
such bondholder had not presented those Bonds for
payment in the Federal Republic of Germany, as the
case may be, unless such bondholder was legally
required to present the Bonds for payment in cash
or payment in kind in the Federal Republic of
Germany, as the case may be, and the Bonds could
not have been presented for payment anywhere else;
or
78
(e) abzuziehen oder einzubehalten sind aufgrund (i)
einer Richtlinie oder Verordnung der Europäischen
Union betreffend die Besteuerung von Zinserträgen
oder (ii) einer zwischenstaatlichen Vereinbarung
oder Absprache über deren Besteuerung, an der die
Bundesrepublik Deutschland oder die Europäische
Union beteiligt ist/sind, oder (iii) einer gesetzlichen
Vorschrift, die diese Richtlinie, Verordnung,
Vereinbarung oder Absprache umsetzt oder befolgt;
oder
(e) are deducted or withheld pursuant to (i) any
European Union Directive or Regulation concerning
the taxation of savings, or (ii) any international
treaty or understanding relating to such taxation
and to which the Federal Republic of Germany or
the European Union is a party/are parties or (iii)
any provision of law implementing, or complying
with, or introduced to conform with, such
Directive, Regulation, treaty or understanding; or
(f) nicht zu zahlen gewesen wären, wenn der
Anleihegläubiger bezüglich seiner
Staatsangehörigkeit, seines Wohnsitzes oder seiner
Identität entsprechende Informationen beigebracht
oder andere einschlägige Nachweise oder
Berichtspflichten erfüllt hätte, eine
Nichtansässigkeitserklärung oder eine Erklärung zu
einem vergleichbaren Befreiungstatbestand
abgegeben oder eine entsprechende andere
Bescheinigung vorgelegt hätte, deren Vorlegung die
Zahlung von Quellensteuer vermieden hätte; oder
(f) would not have been imposed or withheld if
such bondholder had provided information or
satisfied other applicable certification or reporting
requirements concerning the nationality, residence
or identity of the bondholder, made a declaration of
non-residence or other similar claim for exemption
or presented any applicable form or certificate,
upon the making or presentation of which that
bondholder would have been able to avoid such
Withholding Taxes; or
(g) wegen einer gegenwärtigen oder früheren
persönlichen oder geschäftlichen Beziehung des
Anleihegläubigers zur Bundesrepublik Deutschland
oder zu einem anderen Mitgliedstaat der
Europäischen Union zu zahlen sind, sofern eine
derartige Beziehung sich nicht lediglich aus der
Tatsache ergibt, dass Zahlungen auf die
Schuldverschreibungen aus Quellen in der
Bundesrepublik Deutschland stammen (oder für
Zwecke der Besteuerung so behandelt werden) oder
dort besichert sind.
(g) are payable by reason of the bondholder having,
or having had, some personal or business
connection with the Federal Republic of Germany
or another member state of the European Union
and not merely by reason of the fact that payments
in respect of the Bonds are, or for purposes of
taxation are deemed to be, derived from sources in,
or are secured in the Federal Republic of Germany.
§8
VORLEGUNGSFRIST
§8
PRESENTATION PERIOD
Die in § 801 (1) 1 Bürgerliches Gesetzbuch
bestimmte Vorlegungsfrist wird für die
Schuldverschreibungen auf zehn Jahre verkürzt.
The presentation period provided in Section 801 (1)
1 of the German Civil Code is reduced to ten years
for the Bonds.
§9
VERZUG
§9
EVENTS OF DEFAULT
(1) Verzug. Ein Anleihegläubiger kann seine
Schuldverschreibungen durch schriftliche Mitteilung
an die Emittentin, die bei der Emittentin oder bei
der Hauptzahlstelle abzugeben ist, fällig stellen,
woraufhin seine Schuldverschreibungen sofort zu
ihrem Nennbetrag, zusammen mit aufgelaufenen
Zinsen einschließlich aller ausstehenden
Zinsrückstände, ohne weitere Handlungen oder
Formalitäten, fällig und zahlbar werden, wenn
(1) Events of Default. Any bondholder may, by
written notice addressed to the Issuer and delivered
to the Issuer or the Principal Paying Agent, declare
its Bonds due and payable, whereupon such Bonds
shall become immediately due and payable at their
principal amount together with accrued interest
thereon including all outstanding Arrears of Interest
without further action or formality, if
(a) die Emittentin ihre Zahlungsunfähigkeit mitteilt
oder ein Insolvenzverfahren über das Vermögen der
Emittentin eröffnet und nicht innerhalb von 30
Tagen eingestellt oder ausgesetzt wird oder die
Emittentin die Eröffnung eines solchen Verfahrens
beantragt oder ihre Zahlungen einstellt oder einen
(a) the Issuer announces its inability to meet its
financial obligations (Zahlungsunfähigkeit) or
insolvency proceedings are commenced against the
Issuer and are not dismissed or stayed within 30
days or the Issuer applies for the institution of such
proceedings or suspends payments or offers or
79
Gesamtvergleich zugunsten ihrer Anleihegläubiger
anbietet oder durchführt; oder
makes a general arrangement for the benefit of its
creditors; or
(b) die Emittentin liquidiert, abgewickelt oder
aufgelöst wird (sofern dies nicht zum Zwecke oder
als Folge eines Zusammenschlusses, einer
Umstrukturierung oder Sanierung geschieht, bei
dem bzw. der die Emittentin noch zahlungsfähig ist
und bei dem bzw. der die überlebende Gesellschaft
im wesentlichen alle Vermögenswerte und
Verpflichtungen der Emittentin übernimmt).
(b) the Issuer enters into a liquidation and windingup or dissolution (other than for the purposes of or
pursuant to an amalgamation, reorganization or
restructuring while solvent, where the continuing
entity assumes substantially all of the assets and
obligations of the Issuer).
(2) Mitteilungen. Jede Bekanntmachung nach
Absatz (1), einschließlich der Fälligstellung in der
Schuldverschreibungen, hat im Wege einer
schriftlichen Erklärung in Deutsch oder Englisch zu
erfolgen, die per Bote oder Einschreiben bei der
angegebenen Geschäftsstelle der Hauptzahlstelle
einzugehen hat und der durch eine Bescheinigung
der Depotbank (wie in § 13 (4) definiert) oder in
einer anderen angemessenen Weise der Nachweis
beizufügen ist, dass der Anleihegläubiger zur Zeit
der Mitteilung ein Anleihegläubiger der
entsprechenden Schuldverschreibung ist.
(2) Notice. Any notice, including any notice
declaring Bonds due, accordance with subparagraph
(1) shall be made by means of a written declaration
in the German or English language delivered by and
or registered mail to the specified office of the
Principal Paying Agent together with proof that
such bondholder at the time of such notice is a
bondholder of the relevant Bonds by means of a
certificate of his Custodian (as defined in § 13 (4))
or in other appropriate manner.
§ 10
SCHULDNERERSETZUNG
§ 10
SUBSTITUTION
(1) Ersetzung. Die Emittentin ist ohne Zustimmung
der Anleihegläubiger jederzeit berechtigt, sofern sie
sich nicht mit einer Zahlung von Kapital oder
Zinsen auf die Schuldverschreibungen in Verzug
befindet, jede andere Konzerngesellschaft an Stelle
der Emittentin als Hauptschuldnerin für alle
Verpflichtungen aus und im Zusammenhang mit
diesen Schuldverschreibungen einzusetzen (die
Nachfolgeschuldnerin), vorausgesetzt, dass:
(1) Substitution. The Issuer may, without the
consent of the bondholders, if no payment of
principal of or interest on any of the Bonds is in
default, at any time substitute for the Issuer any
other Group Company as principal debtor in
respect of all obligations arising from or in
connection with the Bonds (the Substituted Debtor)
provided that:
(a) die Nachfolgeschuldnerin alle Verpflichtungen
der Emittentin in Bezug auf die
Schuldverschreibungen übernimmt;
(a) the Substituted Debtor assumes all obligations
of the Issuer in respect of the Bonds;
(b) die Emittentin und Nachfolgeschuldnerin alle
erforderlichen Genehmigungen erhalten haben und
berechtigt sind, an die Hauptzahlstelle alle zur
Erfüllung der Zahlungsverpflichtungen aus den
Schuldverschreibungen zahlbaren Beträge in der
hierin festgelegten Währung zu zahlen, ohne
verpflichtet zu sein, Steuern oder andere Abgaben
jeglicher Art abzuziehen oder einzubehalten, die in
dem Staat, in dem die Nachfolgeschuldnerin oder
die Emittentin ihren Sitz oder Steuersitz haben,
erhoben werden;
(b) the Issuer and the Substituted Debtor have
obtained all necessary authorisations and may
transfer to the Principal Paying Agent in the
currency required hereunder and without being
obligated to deduct or withhold any taxes or other
duties of whatever nature levied by the country in
which the Substituted Debtor or the Issuer has its
domicile or tax residence, all amounts required for
the fulfilment of the payment obligations arising
under the Bonds;
(c) die Nachfolgeschuldnerin sich verpflichtet hat,
jeden Anleihegläubiger hinsichtlich solcher Steuern,
Abgaben, Festsetzungen oder behördlichen
Gebühren freizustellen, die einem Anleihegläubiger
im Hinblick auf die Ersetzung auferlegt werden;
(c) the Substituted Debtor has agreed to indemnify
and hold harmless each bondholder against any tax,
duty, assessment or governmental charge imposed
on such bondholder in respect of such substitution;
(d) die Emittentin auf nachrangiger Basis
unwiderruflich und unbedingt gegenüber jedem
(d) the Issuer irrevocably and unconditionally
guarantees on a subordinated basis in favour of
80
Anleihegläubiger (i) die Zahlung aller von der
Nachfolgeschuldnerin auf die
Schuldverschreibungen zahlbaren Beträge und (ii)
die Erfüllung der Verpflichtungen aus einer Wahl
von ACSM gemäß § 3 (6) garantiert; und
each bondholder (i) the payment of all sums
payable by the Substituted Debtor in respect of the
Bonds and (ii) the fulfilment of all obligations
resulting from an election of ACSM pursuant to
§ 3 (6); and
(e) der Hauptzahlstelle ein oder mehrere
Rechtsgutachten von anerkannten Rechtsanwälten
vorgelegt werden, die bestätigen, dass die
Voraussetzungen in den vorstehenden §§ 10 (1) (a),
(b), (c) (d) und (d) erfüllt wurden.
(e) there shall have been delivered to the Principal
Paying Agent an opinion or opinions of lawyers of
recognised standing to the effect that §§ 10 (1) (a),
(b), (c) and above have been satisfied.
(2) Bekanntmachung und Wirksamwerden der
Ersetzung. Jede Ersetzung ist gemäß § 12 bekannt
zu machen. Mit dieser Bekanntmachung wird die
Ersetzung wirksam und die Emittentin, und im Fall
einer wiederholten Anwendung dieses § 10 jede
frühere Nachfolgeschuldnerin, von ihren sämtlichen
Verpflichtungen aus den Schuldverschreibungen frei.
Im Falle einer solchen Ersetzung werden die
Wertpapierbörsen informiert, an denen die
Schuldverschreibungen notiert sind, und es wird,
falls erforderlich, ein Nachtragsprospekt erstellt, der
die Nachfolgeschuldnerin beschreibt.
(2) Notice and Effectiveness of Substitution. Notice
of any such substitution shall be published in
accordance with § 12. Upon such publication, the
substitution shall become effective, and the Issuer
and in the event of a repeated application of this
§ 10, any previous Substituted Debtor shall be
discharged from any and all obligations under the
Bonds. In case of such substitution, the stock
exchange(s), if any, on which the Bonds are then
listed will be notified and a supplemental
prospectus describing the Substituted Debtor will be
prepared, if required.
(3) Bezugnahmen. Im Fall einer Ersetzung gilt ab
dem Zeitpunkt der Ersetzung vorbehaltlich § 10 (1)
(f) jede Bezugnahme in diesen Anleihebedingungen
auf die Emittentin als Bezugnahme auf die
Nachfolgeschuldnerin und jede Bezugnahme auf den
Staat, in dem die Emittentin ihren Sitz oder
Steuersitz hat, als Bezugnahme auf den Staat, in
dem die Nachfolgeschuldnerin ihren Sitz oder
Steuersitz hat.
(3) References. In the event of any such
substitution, any reference in these Terms and
Conditions to the Issuer shall subject to § 10 (1) (f)
from then on be deemed to refer to the Substituted
Debtor and any reference to the country in which
the Issuer is domiciled or resident for taxation
purposes shall from then on be deemed to refer to
the country of domicile or residence for taxation
purposes of the Substituted Debtor.
Außerdem gilt im Falle der Ersetzung nach § 10 in
§ 7 eine alternative Bezugnahme auf die
Bundesrepublik Deutschland zusätzlich zu der
Bezugnahme nach Maßgabe des vorstehenden
Satzes auf den Staat, in dem die
Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat
als aufgenommen
Furthermore, in the event of such substitution
pursuant to § 10 in § 7 an alternative reference to
the Federal Republic of Germany shall be deemed
to have been included in addition to the reference
according to the preceding sentence to the country
of domicile or residence for taxation purposes of
the Substituted Debtor.
§ 11
AUFSTOCKUNG
§ 11
FURTHER ISSUES
Die Emittentin kann ohne Zustimmung der
Anleihegläubiger weitere Schuldverschreibungen
begeben, die in jeder Hinsicht (oder in jeder
Hinsicht mit Ausnahme des Begebungstags, der
ersten Zinszahlung und/oder des Begebungspreises)
die gleichen Bedingungen wie die
Schuldverschreibungen haben und die zusammen
mit den Schuldverschreibungen dieser Anleihe eine
einzige Serie bilden.
The Issuer may from time to time, without the
consent of the bondholders, issue further Bonds
having the same terms and conditions as the Bonds
in all respects (or in all respects except for the issue
date, the first payment of interest and/or issue
price) so as to form a single series with the Bonds.
§ 12
MITTEILUNGEN
§ 12
NOTICES
(1) Zeitungsveröffentlichung. Alle Mitteilungen im
Hinblick auf die Schuldverschreibungen werden in
einer führenden Tageszeitung mit überörtlicher
(1) Notices in Newspapers. All notices concerning
the Bonds shall be published in a leading daily
newspaper having general circulation in
81
Verbreitung in Luxemburg veröffentlicht. Es wird
erwartet, dass diese Tageszeitung d’Wort sein wird.
Mitteilungen, die auf diese Weise veröffentlicht
wurden, gelten am Tag ihrer Veröffentlichung (oder,
falls mehr als einmal veröffentlicht, am Tag der
erstmaligen Veröffentlichung) als wirksam bekannt
gemacht.
Luxembourg. This newspaper is expected to be
d’Wort. Any notice so given will be deemed to have
been validly given on the date of such publication
(or, if published more than once, on the date of the
first such publication).
(2) Mitteilungen an das Clearing System. Die
Emittentin ist berechtigt, eine
Zeitungsveröffentlichung nach § 12 (1) durch eine
Mitteilung an das Clearing System zur Weiterleitung
an die Anleihegläubiger zu ersetzen, vorausgesetzt,
dass in den Fällen, in denen die
Schuldverschreibungen an einer Wertpapierbörse
notiert sind, die Regeln dieser Wertpapierbörse eine
derartige Form der Mitteilung erlauben. Eine solche
Mitteilung gilt am siebten Tag nach dem Tag, an
dem die Mitteilung an das Clearing System gegeben
wurde, als den Anleihegläubigern mitgeteilt.
(2) Notices to the Clearing System. The Issuer may,
in lieu of publication in the newspaper set forth in
§ 12 (1) above, deliver the relevant notice to the
Clearing System, for communication to the
bondholders, provided that, so long as any Bonds
are listed on any stock exchange, the rules of such
stock exchange permit such form of notice. Any
such notice shall be deemed to have been given to
the bondholders on the seventh day after the day
on which the said notice was given to the Clearing
System.
§ 13
ANWENDBARES RECHT, GERICHTSSTAND
UND GERICHTLICHE GELTENDMACHUNG
§ 13
APPLICABLE LAW, PLACE OF JURISDICTION
AND ENFORCEMENT
(1) Anwendbares Recht. Form und Inhalt der
Schuldverschreibungen sowie die Rechte und
Pflichten der Anleihegläubiger und der Emittentin
bestimmen sich nach deutschem Recht.
(1) Applicable Law. The Bonds, as to form and
content, and all rights and obligations of the
bondholders and the Issuer, shall be governed by
German law.
(2) Gerichtsstand. Ausschließlich zuständig für
sämtliche im Zusammenhang mit den
Schuldverschreibungen erwachsenden Klagen oder
sonstige Verfahren (die Rechtsstreitigkeiten) ist das
Landgericht in Düsseldorf, Bundesrepublik
Deutschland. Die Emittentin verzichtet
unwiderruflich darauf, Einwände oder Einreden
geltend zu machen, die sie jetzt oder in Zukunft
gegen die Vereinbarung vorbringen könnte, dass
Düsseldorf der Gerichtsstand für alle Verfahren und
Streitigkeiten sein soll, und verpflichtet sich, nicht
zu bestreiten, dass dieses Gericht geeignet oder
zuständig ist.
(2) Place of Jurisdiction. The District Court
(Landgericht) in Düsseldorf, Federal Republic of
Germany, shall have exclusive place of jurisdiction
for any action or other legal proceedings (the
Proceedings) arising out of or in connection with
the Bonds. The Issuer irrevocably waives any
objection it might now or hereafter have to the
District Court in Frankfurt being nominated as the
forum to hear and determine any Proceedings and
to settle any disputes, and agrees not to claim that
this court is not a convenient or appropriate forum.
(3) Erfüllungsort. Erfüllungsort ist Düsseldorf,
Bundesrepublik Deutschland.
(3) Place of Performance. Place of performance
shall be Düsseldorf, Federal Republic of Germany.
(4) Gerichtliche Geltendmachung. Jeder
Anleihegläubiger ist berechtigt, in jedem
Rechtsstreit gegen die Emittentin oder in jedem
Rechtsstreit, in dem der Anleihegläubiger und die
Emittentin Partei sind, seine Rechte aus diesen
Schuldverschreibungen im eigenen Namen auf der
Grundlage wahrzunehmen oder durchzusetzen, dass
(a) er eine Bescheinigung der Depotbank (wie
nachstehend definiert) beibringt, bei der er für die
Schuldverschreibungen ein Wertpapierdepot
unterhält, welche (i) den vollständigen Namen und
die vollständige Adresse des Anleihegläubigers
enthält, (ii) den Gesamtnennbetrag der
Schuldverschreibungen bezeichnet, die unter dem
(4) Enforcement. Any bondholder may in any
Proceedings against the Issuer, or to which such
bondholder and the Issuer are parties, protect and
enforce in his own name his rights arising under
such Bonds on the basis of (a) a statement issued
by the Custodian (as defined below) with whom
such bondholder maintains a securities account in
respect of the Bonds (i) stating the full name and
address of the bondholder, (ii) specifying the
aggregate principal amount of Bonds credited to
such securities account on the date of such
statement and (iii) confirming that the Custodian
has given written notice to the Clearing System
containing the information pursuant to (i) and (ii)
82
Datum der Bestätigung auf dem Wertpapierdepot
verbucht sind und (iii) bestätigt, dass die
Depotbank gegenüber dem Clearing System eine
schriftliche Erklärung abgegeben hat, die die
vorstehend unter (i) und (ii) bezeichneten
Informationen enthält und (b) er eine Kopie der die
betreffenden Schuldverschreibungen verbriefenden
Globalurkunde vorlegt, deren Übereinstimmung mit
dem Original eine vertretungsberechtigte Person des
Clearing Systems oder des Verwahrers des Clearing
Systems bestätigt hat, ohne dass eine Vorlage der
Originalbelege oder der die Schuldverschreibungen
verbriefenden Globalurkunde in einem solchen
Verfahren erforderlich wäre.
and (b) a copy of the Bond in global form certified
as being a true copy by a duly authorised officer of
the Clearing System or a depository of the Clearing
System, without the need for production in such
proceedings of the actual records or the Global
Bond representing the Bonds.
Für die Zwecke des Vorstehenden bezeichnet
Depotbank jede Bank oder sonstiges anerkanntes
Finanzinstitut, das berechtigt ist, das
Wertpapierverwahrungsgeschäft zu betreiben und
bei der/dem der Anleihegläubiger ein
Wertpapierdepot für die Schuldverschreibungen
unterhält und schließt das Clearing System ein.
For purposes of the foregoing, Custodian means
any bank or other financial institution of recognised
standing authorised to engage in securities custody
business with which the bondholder maintains a
securities account in respect of the Bonds and
includes the Clearing System.
§ 14
SPRACHE
§ 14
LANGUAGE
Diese Anleihebedingungen sind in deutscher Sprache
abgefasst und mit einer Übersetzung in die englische
Sprache versehen. Der deutsche Wortlaut ist allein
rechtsverbindlich. Die englische Übersetzung ist
unverbindlich.
These Terms and Conditions are written in the
German language and provided with an English
language translation. The German text shall be
controlling and binding. The English language
translation is provided for convenience only.
83
Description of the Issuer
INTRODUCTION
Henkel Kommanditgesellschaft auf Aktien (the Issuer or Henkel KGaA (being the commercial name of the
Issuer)) is the parent company of the Henkel group (the Henkel Group or Henkel).
Pursuant to Section I. 2. (1) and (2) of the Issuer’s Articles of Association, the objects of Henkel KGaA are the
manufacture and distribution of:
➤
chemical products of all kinds, especially detergents, cleaning agents and care products, chemical raw
materials, adhesives and industrial chemicals,
➤
personal care products and cosmetics, pharmaceutical products,
➤
food stuffs, packaging materials,
➤
technical equipment and installations,
as well as the acquisition and management of real estate including land for agricultural and forestry use.
Henkel KGaA may acquire domestic and foreign companies of all kinds or participate in them and do any
business and action, which is conducive to the objects.
SELECTED FINANCIAL INFORMATION
For the year ended December 31, 2004 Henkel reported total sales of A 10,592 million, an operating profit
(after exceptional items) of A 1,920 million, and net earnings of A 1,736 million. As of December 31, 2004,
Henkel employed 51,200 people worldwide. Henkel’s activities in Europe/Africa/Middle East counted for 67%
of Henkel’s total sales in 2004, North America (United States and Canada) for 19%, Latin America for 4%, the
region Asia-Pacific for 7% and Corporate (i.e. sales and services not relating to Henkel’s main business
activities) for 3% of the total sales.
The following table presents selected financial information of the Issuer, which was extracted from the annual
consolidated financial statements of the Issuer for the years ended 31 December 2003 and 31 December 2004
and the interim financial statements of the Henkel Group for the periods January to September 2004 and 2005:
December 31,
2004
December 31,
2003
10,592
800
1,920*
1,736
923
3,224***
13,138
4,604
26
9,436
710
706*
530
520
580****
9,362
3,386
21
September 30,
1-9 / 2005
September 30,
1-9 / 2004
(in million g)
Total sales . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating profit (EBIT) before exceptional items
Operating profit (EBIT) after exceptional items .
Net earnings . . . . . . . . . . . . . . . . . . . . . . . .
Cash flow from operating activities . . . . . . . . .
Free cash flow . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders’ equity including minority interests .
Contingent liabilities . . . . . . . . . . . . . . . . . . .
8,886
7,871
861
568
607
184
14,127
5,453
*****
719**
543**
705
839
11,695
3,660
*****
*
Exceptional items in 2003: sale of participation in Wella, ‘‘Extended Restructuring’’ measures.
Exceptional items in 2004: exchange of investment in Clorox, impairment losses on goodwill, ‘‘Advanced Restructuring’’
measures.]
In the figures per September 30, 2004 and September 30, 2005, exceptional items are not regarded.
**
For better comparability to the 2005 figures, EBIT/Net earnings figures per September 30, 2004 have been increased by the amount
of B 144 million of goodwill amortization which was originally charged in this period.
***
Excluding the proceeds from the exchange of the investment in Clorox and the repayment of the Cognis loan (‘‘Vendor note’’), the
free cash flow figure would have amounted to B 529 million.
**** Excluding the tax payments in respect of Cognis and the Wella disposal proceeds, the free cash flow figure would have amounted to
B 369 million.
***** Contingent liabilities are not specified in the quarterly reports.
The Issuer will show the Bonds offered in this Prospectus separately in the notes to the consolidated balance
sheet position ‘‘Borrowings’’ in its future Annual Reports.
84
CAPITALISATION OF HENKEL GROUP
The following table sets forth the consolidated capitalisation of the Henkel Group as at December 31, 2004 and
September 30, 2005:
December 31,
2004
(in g million)
September 30, 2005
(in g million)
Long-term debt*: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term debt**: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders’ equity including minority interest: . . . . . . . . .
1,385
1,789
4,604
1,133
1,790
5,453
Total capitalisation: . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,778
Contingent liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
8,376
No information on this position
included in quarterly report
* Thereof secured as per December 31, 2004 B 35 million. The amount of secured debt is not specified in the quarterly reports.
** Thereof secured as per December 31, 2004 B 158 million. The amount of secured debt is not specified in the quarterly reports.
There has been no material adverse change in the consolidated capitalisation and contingent liabilities of the
Henkel Group since September 30, 2005.
HISTORY AND DEVELOPMENT OF HENKEL KOMMANDITGESELLSCHAFT AUF AKTIEN
Henkel KGaA is incorporated under German law. It is registered in the commercial register Düsseldorf under
HRB 4724; its seat is Düsseldorf, Germany, and its head office is located at Henkelstraße 67, D-40589
Düsseldorf, telephone +49 (0)211 797-0.
Henkel KGaA’s company precursor ‘‘Henkel und Cie’’ was founded by Fritz Henkel in Aachen in 1876 as a
partnership. The firm moved its business to Düsseldorf in 1878. In 1904, it received the legal form of a general
partnership or offene Handelsgesellschaft (oHG) which in 1922, was split into Henkel & Cie GmbH, pursuing
the manufacturing business, and Henkel & Cie AG, being the selling organisation. Henkel & Cie GmbH
changed its corporate name first to Persil GmbH (1950), later to Henkel GmbH (1969) and then to Henkel
Kommanditgesellschaft auf Aktien (1975).
Since 1 January 1975, Henkel KGaA has been the holding company of the Henkel Group. A
Kommanditgesellschaft auf Aktien (KGaA) is a partnership limited by shares with at least one personally
unlimited liable partner and with shareholders which are not personally liable for the claims and the liabilities
of the company.
BUSINESS OVERVIEW AND PRINCIPAL MARKETS
Henkel’s principal activities comprise the production of home care and personal care products and adhesives,
sealants and surface treatments for consumer and industry customers. Divided by business sector the product
range encompasses: heavy-duty detergents, special detergents and household cleaners; hair cosmetics, body,
skin and oral care products, perfumes and fragrances; home decoration products, adhesives for home, office
and building purposes as well as system solutions in industrial and engineering adhesives, sealants and surface
technologies.
Following the divestment of both of Henkel’s chemicals business Cognis and the stake in the Henkel-Ecolab
joint venture, in 2001 Henkel reorganized its portfolio along three areas of competence: Home Care, Personal
Care and Adhesives, Sealants and Surface Treatment and along the following four business sectors: Laundry &
Home Care, Cosmetics/Toiletries, Consumer and Craftsmen Adhesives and Henkel Technologies.
The Corporate segment encompasses group overheads and central research costs, together with income and
expenses that cannot be allocated to individual business sectors.
With 34% of total 2004 sales revenues, the Laundry & Home Care business sector is the most important
business sector in terms of sales revenues followed by Henkel Technologies with 26% of total sales revenues,
Cosmetics/Toiletries with 23% of total sales revenues, Consumer Adhesives with 14% and Corporate with 3%
of total sales revenues.
85
In terms of operating profit (EBIT) the Laundry & Home Care business sector is also the most important
business sector accounting for 33% of 2004 EBIT (excluding Corporate). Henkel Technologies accounts for
26%, Cosmetics/Toiletries 25%, while Consumer Adhesives accounts for 16%.
Laundry & Home Care
The Laundry & Home Care business sector produces and markets a wide range of brand-name heavy-duty and
special detergents as well as household cleaners including brands like Persil, Purex, Dixan, Vernel, Somat, Mir,
Pril, Bref, X-tra and Spee. The three leading brands are Persil, Purex and Dixan, which represent about 28% of
Laundry & Home Care’s 2004 sales revenues of A 3.6 billion.
Cosmetics/Toiletries
The product portfolio of the Cosmetics/Toiletries business sector encompasses hair cosmetics, body care, oral
care and skin care products as well as fragrances and hair salon products including leading brands such as
Schwarzkopf (Taft, Gliss Kur, Schauma, Palette, Poly Brillance, Poly Color), Dial, Fa, Diadermine, Theramed
and the salon products Schwarzkopf Professional (Igora, Bonacure, Osis) and Indola. The top three brands
Schwarzkopf, Dial and Fa represent about 68% of A 2.5 billion of sales revenues generated in 2004 by this
business sector.
Consumer and Craftsmen Adhesives
Through its Consumer and Craftsmen Adhesives business sector, the Henkel Group develops, produces and
distributes home decoration and renovation products, adhesives and correction products for the home and
office, and building adhesives including the following major brands: Duck, Pritt, Loctite, Ceresit, Metylan,
Pattex, Thomsit, Tangit, Ponal and Sista. The top three brands Duck, Ceresit and Pritt account for around 33%
of A 1.5 billion of sales revenues generated in 2004 within this business sector.
Henkel Technologies
The Henkel Technologies business sector offers system solutions of world-wide reputation in industrial and
engineering adhesives, sealants and surface technologies. The top three brands Loctite, Teroson and Adhesin
represent around 39% of total Henkel Technologies sales revenues of A 2.8 billion generated in 2004 within this
business sector.
INVESTMENTS
Dial acquisition
Following the Dial shareholders’ approval of the purchase of their company on March 24, 2004, Henkel KGaA
acquired all outstanding Dial shares for a total purchase price of 2,875 million US dollars. This represents a
price of 28.75 US dollars per Dial share. The transaction was completed on March 29, 2004.
The Dial Corporation is a leading manufacturer of consumer goods on the continent of North America.
Its product portfolio includes detergents (Purex), toiletries such as soaps and shower gels (Dial), air fresheners
(Renuzit) and food products (Armour). In fiscal 2003, Dial achieved sales of 1,345 million US dollars and an
EBIT margin of around 18%.
Exchange of the strategic investment in Clorox
On November 22, 2004, Henkel KGaA exchanged its 28.8% investment in The Clorox Company, Oakland,
California, USA (around 61.4 million shares) for a newly-formed subsidiary of Clorox. This subsidiary, which
now trades under the name Dial Holdings, has a portfolio of operating businesses (household cleaner Soft Scrub
and the insecticide businesses Combat, Home Mat and Home Keeper) and a 20% investment in Henkel Ibérica
worth 744 million US dollars in total, as well as holding 2,095 million US dollars in cash.
The total value of the transaction was 2,839 million US dollars. This represents a price of 46.25 US dollars per
Clorox share. At the date of the closing, the price of a single share was 56.41 US dollars. The agreed block
discount was in line with comparable transactions. We are assuming that the transaction will be recognized in
the USA as a tax-exempt exchange as defined by the Internal Revenue Code. We obtained the views of two
independent US experts on this point, both of whom confirmed our opinion. We also obtained a fairness
opinion about the value of the transaction from an investment bank.
86
Any restatements of net assets in the companies acquired were immaterial. In the course of the acquisition
transactions, intangible assets of A 3,726 million were revealed which had not previously been included in the
balance sheet. The goodwill identified amounted to A 2,583 million. The intangible assets comprise mainly
trademark rights, acquired from Dial Corp. and Dial Holdings, which are established in their markets. Henkel
KGaA is planning to invest resources to ensure that these trademarks remain strong in the future.
Other investments
Henkel also acquired the assets of Amittee Cosmetics Inc., a company doing business as ‘‘Advanced Research
Laboratories’’ (ARL), Costa Mesa, California, USA in 2004, thus supplementing our existing hair cosmetics
business in the USA. ARL offers fashion-driven hair care and styling products and occupies leading market
positions in the styling segment in the USA as well as in Canada and Mexico. In fiscal 2003, ARL generated sales
of A 102 million.
In Europe, we acquired the Indola Cosmetics hair salon business of Alberto-Culver Inc., Melrose Park, Illinois,
USA. Indola Cosmetics markets professional hair cosmetic products in major European countries such as Italy,
the UK, France, Spain and Benelux, and thus strengthens our position in the worldwide professional hairdresser
business. Indola Cosmetics reported sales of A 47 million in 2003.
Henkel’s business sector Henkel Technologies strengthened its industrial business in North America with the
acquisition of Sovereign Specialty Chemicals, Inc., Chicago, Illinois, USA. Sovereign’s sales in fiscal 2003
amounted to 372 million US dollars. The company is predominantly active in the US market and is a leading
manufacturer there of adhesives, sealants and coating materials. Two thirds of its sales are transacted with
industrial customers.
With the acquisition of Orbseal LLC, Richmond, Missouri, USA, Henkel Technologies has further expanded its
leading position as a supplier to the automotive industry while investing in a range of future-aligned
technologies. Orbseal manufactures and markets sealants and structural components for autobody
reinforcement and noise and vibration insulation in passenger cars. The company is active through other
members of the Henkel Group in the USA, Australia and the UK, and in fiscal 2003 realized sales amounting to
61 million US dollars.
The acquisition of Sovereign also significantly improves the market position of our Consumer and Craftsmen
Adhesives business sector in the USA. A third of Sovereign sales are for the Do-it-yourself and craftsmen
segment, thus strengthening Henkel’s market position as a leading supplier of assembly adhesives.
ORGANISATIONAL STRUCTURE
The Issuer is the parent company of the Henkel group comprising a total of more than 250 companies located in
most countries of the world. The material 100% subsidiaries of the Issuer are set out below:
Henkel Belgium S.A./N.V., Brussels, Belgium
Henkel France S.A., Boulogne-Billancourt, France
Henkel Ltd., Hatfield, Great Britain
Henkel S.p.A., Ferentino, Italy
Henkel Central Eastern Europe GmbH, Wien, Austria
Henkel Norden AB, Stockholm, Sweden
Henkel & Cie AG, Pratteln, Switzerland
Henkel-Ibérica S.A., Barcelona, Spain
Türk Henkel Kimya, A.S., Istanbul, Turkey
Henkel of America, Inc., Gulph Mills, United States
Henkel Ltda., Sao Paulo, Brasil
87
ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES
MANAGEMENT BOARD
Membership of statutory
supervisory boards
Membership of comparable
supervisory bodies*
Prof. Dr. Ulrich Lehner⬚
Chairman
Born in 1946
Member since April 1, 1995
E.ON AG,
HSBC Trinkaus & Burkhardt KGaA
Dial Corp., USA (Chairman)
Ecolab Inc., USA,
Henkel Corp., USA (Chairman)
Henkel of America Inc., USA (Chairman)
Novartis AG, Switzerland
Dr. Jochen Krautter⬚
Henkel Technologies
Born in 1942
Member since June 15, 1992
BASF Coatings AG
Ecolab Inc., USA
Alois Linder
Consumer and Craftsmen Adhesives
Born in 1947
Member since January 1, 2002
Henkel Corp., USA
Dr. Klaus Morwind⬚
(until June 30, 2005)
Laundry & Home Care
Born in 1943
Henkel Central Eastern Europe
Ges.mbH, Austria,
Henkel Ibérica S.A., Spain,
Kasper Rorsted
(since April 1, 2005)
Human Resources/Logistics/
Information Technologies
Born in 1962
Ecolab Inc., USA,
Prof. Dr. Uwe Specht⬚
(until June 30, 2005)
Born in 1943
Member since May 6, 1985
Henkel & Cie AG, Switzerland
Dr. Friedrich Stara
(since July 1, 2005)
Laundry & Home Care
Born in 1949
Member since July 1, 2005
* The term ‘‘comparable supervisory body’’ means any body under another jurisdiction which would be regarded as comparable to a
German supervisory board.
⬚ personally liable partner.
88
supervisory boards
Dr. Lothar Steinebach
Finance
Born in 1948
supervisory bodies*
Ashwa Adhesives Industries Ltd., SaudiArabia,
Dial Corp., USA,
Dial Holdings, Inc., USA,
Henkel Adhesives Middle East E.C.,
Bahrain,
Henkel Corp., USA,
Henkel Ltd., Great Britain,
Henkel China Investment Co. Ltd.,
China,
Henkel Technologies Egypt SAE, Egypt
Hans Van Bylen
(since July 1, 2005)
Born in 1961
Knut Weinke
(until March 31, 2005)
Human Resources/Logistics/
Information Technologies
Born in 1943
cc-Hubwoo.com S.A., France,
Henkel Belgium S.A., Belgium,
Henkel France S.A., France,
Henkel Nederland B.V., Netherlands,
Henkel Norden AB, Sweden
SUPERVISORY BOARD
Dipl.-Ing. Albrecht Woeste
Chairman,
Privat Investor, Düsseldorf
Born in 1935
supervisory boards
supervisory bodies*
Allianz Lebensvers.-AG,
Deutsche Bank AG
R. Woeste & Co. GmbH & Co. KG
Winfried Zander
Vice-Chairman,
Chairman of the Works Council of
Henkel
KGaA, Düsseldorf
Born in 1954
Dr. Simone Bagel-Trah
(until April 18, 2005)
Private Investor, Düsseldorf
Born in 1969
89
supervisory boards
supervisory bodies*
Dr. Friderike Bagel
Attorney at Law/Tax Consultant, Cologne
Born in 1971
Engelbert Bäßler
(since March 1, 2005)
Member of the Works Council of Henkel
KGaA, Düsseldorf
Born in 1951
Member since March 1, 2005
Hans Dietrichs
Chairman of the Works Council of
Henkel
Genthin GmbH, Genthin
Born in 1943
Benedikt-Joachim Freiherr von Herman
Forester, Wain
Born in 1941
Member since December 3, 1990
Holzhof Oberschwaben eG
Bernd Hinz
Vice-Chairman of the Works Council of
Henkel KGaA, Düsseldorf
Born in 1951
Prof. Dr. Dr. h.c. mult. Heribert Meffert
Former Director of the Institute of
Marketing, University of Münster;
Chairman of the Executive Board of the
Bertelsmann Foundation, Münster
Born in 1937
BASF Coatings AG,
Kaufhof Warenhaus AG
Andrea Pichottka
Head of the Organization/Marketing
Department of IG Bergbau, Chemie,
Energie, Hanover (German Mining,
Chemicals and Energy Trade Union)
Born in 1959
Member since October 26, 2004
Siltronic AG
UNIPLAN International GmbH & Co.
KG
90
Prof. Dr. Dr. h.c. mult.
Heinz Riesenhuber
Former Federal Minister for Research and
Technology, Frankfurt am Main
Born in 1935
supervisory boards
supervisory bodies*
Altana AG,
Evotec OAI AG (Chairman),
Frankfurter Allgemeine Zeitung GmbH,
InSynCo AG (Vice-Chairman),
Kabel Deutschland GmbH (Chairman),
VfW AG (Vice-Chairman),
Vodafone GmbH
HBM BioVentures AG, Switzerland,
Heidelberg Innovation BioScience
Venture II GmbH & Co. KG
Heinrich Thorbecke
Private Investor, St. Gallen, Switzerland
Born in 1936
In Gassen Immobilien AG, Switzerland,
Intervalor Holding AG, Switzerland,
Kursana AG, Switzerland
Michael Vassiliadis
Member of the Executive Committee of
IG
Bergbau, Chemie, Energie, Hanover
(German Mining, Chemicals and Energy
Trade Union)
Born in 1964
BASF AG,
K + S AG, (Vice-Chairman),
K + S Kali GmbH (Vice-Chairman),
mg technologies ag
Bernhard Walter
Former Chairman of Dresdner Bank AG,
Frankfurt am Main
Born in 1942
Bilfinger Berger AG,
DaimlerChrysler AG,
Deutsche Telekom AG, mg technologies
ag,
Staatliche Porzellan-Manufaktur Meissen
GmbH,
Wintershall AG (Vice-Chairman)
KG Allgemeine Leasing GmbH & Co.
(Chairman of Executive Committee)
Brigitte Weber
(died February 28, 2005)
KGaA, Düsseldorf
Born in 1950
Werner Wenning
Chairman of the Executive Board of
Bayer
AG, Leverkusen
Born in 1946
Gerling-Konzern VersicherungsBeteiligungs AG
Dr. Anneliese Wilsch-Irrgang
Chemist, Düsseldorf
Representative of the Senior Staff of
Henkel KGaA
Born in 1958
Rolf Zimmermann
KGaA, Düsseldorf
Born in 1953
Member since October 9, 2002
91
SHAREHOLDERS’ COMMITTEE
Dipl.-Ing. Albrecht Woeste
Chairman,
Born in 1935
supervisory boards
supervisory bodies*
Allianz Lebensvers.-AG,
Deutsche Bank AG
R. Woeste & Co. GmbH & Co. KG
Stefan Hamelmann
Vice-Chairman,
Born in 1963
Ecolab Inc., USA
Christoph Henkel
Vice-Chairman,
Managing Partner Canyon Advisory
Services, London
Born in 1958
Henkel Corp., USA,
The Clorox Company, USA
Dr. Paul Achleitner
Member of the Board of Allianz AG,
Munich
Born in 1956
Bayer AG,
MAN AG (2. Vice-Chairman),
RWE AG
Group mandate: AllianzGlobal Investors
AG,
Allianz Immobilien GmbH (Chairman)
ÖIAG, Austria
Dr. h.c. Ulrich Hartmann
Former Chairman of the Board of E.ON
AG, Düsseldorf
Born in 1938
Deutsche Bank AG,
Deutsche Lufthansa AG,
E.ON AG (Chairman),
Hochtief AG,
IKB Deutsche Industriebank AG
(Chairman),
Münchener RückversicherungsGesellschaft AG (Chairman)
ARCELOR S.A., Luxembourg
Burkhard Schmidt
Managing Director of Jahr
Vermögensverwaltung GmbH & Co. KG,
Hamburg
Born in 1960
Druck- und Verlagshaus Gruner + Jahr
AG
Jahr Top Special Verlag GmbH & Co.
KG
(Chairman),
Konstantin von Unger
Founding Partner, Blue Corporate
Finance,
London
Born in 1966
Ten Lifestyle Management Ltd., UK
Born in 1969
92
supervisory boards
Karel Vuursteen
Former Chairman of the Executive of
Heineken N.V., Amsterdam
Born in 1941
Dr. Hans-Dietrich Winkhaus
Former President and Chief Executive
Officer of Henkel KGaA, Düsseldorf
Born in 1937
supervisory bodies*
AB Electrolux, Sweden,
Akzo Nobel nv, Netherland,
Heineken Holding N.V., Netherland,
ING Groep nv, Netherlands,
Randstad Holding NV, Netherlands,
Royal Ahold nv, Netherlands
BMW AG,
Degussa AG,
Deutsche Lufthansa AG,
Ergo Versicherungsgruppe AG,
Schwarz-Pharma AG (Chairman)
SUB-COMMITTEES OF THE SHAREHOLDERS’ COMMITTEE
Functions
Member
Finance Committee
The Finance Committee deals
principally with financial matters,
accounting issues including the
statutory year-end audit, taxation
and accounting policy and risk
management in the Company.
Christoph Henkel, Chairman
Stefan Hamelmann, ViceChairman
Dr. Paul Achleitner
Burkhard Schmidt
Dr. Hans-Dietrich Winkhaus
Human Resources Committee
The Human Resources
Committee deals principally with
personnel matters for members of
the Management Board, issues
relating to the human resources
strategy and with remuneration.
Dipl.-Ing. Albrecht Woeste,
Chairman
Konstantin von Unger, ViceChairman
Dr. h.c. Ulrich Hartmann
Karel Vuursteen
The business address of each of the above is Henkel KGaA, Henkelstraße 67, 40589 Düsseldorf, Germany. The
Issuer has not been notified and has otherwise not been informed by any of the persons named above about any
potential conflicts of interest in between the obligations of the persons towards the Issuer and their own
interests or other obligations. The members of the boards mentioned above accept memberships on the
Supervisory Board of other corporations within the limits prescribed by laws.
Board practices
The Issuer does not maintain a so-called ‘‘audit committee’’. Control over and responsibilities of the
management of the Issuer are derived from German corporate law, the Articles of Association, internal rulings
and other regulations. The following contains an overview of these structures:
Management and corporate structures
The Issuer’s legal form ‘‘Henkel KGaA’’ is a partnership limited by shares (Kommanditgesellschaft auf Aktien)
incorporated under German law. The Issuer exhibits a multi-tier management and control structure with, on
one tier, its executive in the form of the personally liable partners forming the core of the Management Board,
and on another tier, as in the case of a joint stock corporation (Aktiengesellschaft or AG), the Supervisory
Board. Added to these are two further corporate bodies in the form of the General Meeting as the shareholders’
will-forming forum, and the Shareholders’ Committee; this participates in the management of the Issuer in
accordance with the provisions set out in the Issuer’s Articles of Association.
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Legal form of Henkel KGaA and special features derived from its Articles of Association
The legal structure of the KGaA exhibits both elements of an AG (joint stock corporation) and also elements of
a KG (limited partnership). As in the case of the joint stock corporation, the KGaA is a company that has its
own legal personality in the form of the incorporated entity. Unlike a joint stock corporation, however, the
KGaA has two groups of shareholders: personally liable partners on the one hand and limited liability
shareholders on the other. The limited liability shareholders participate in the share capital, but as in the case of
a joint stock corporation, are not personally liable for the claims on or liabilities of the company.
In keeping with this ‘‘hybrid structure’’, in some cases the provisions of the German Stock Corporation Act
(Aktiengesetz or AktG) and an in others the provisions of limited partnership law are applicable to a KGaA.
Within the overall framework that this mixture provides, the Articles of Association of Henkel KGaA stipulate
that the General Meeting is entitled to participate in the management of the Issuer, with the associated tasks
being delegated by dint of the Articles of Association to the Shareholders’ Committee.
Leadership and control of a KGaA is the responsibility of the personally liable partners who act in lieu of the
management board of an AG. According to the Articles of Association of Henkel KGaA, individuals additional
to the personally liable partners may be appointed to the Management Board. Moreover, beyond the regulations
that apply to a joint stock corporation, in the case of Henkel KGaA the Shareholders’ Committee established by
dint of the Articles of Association is entitled to participate in the management of the company and to resolve on
matters of corporate importance.
The Supervisory Board of a KGaA has limited powers compared with a Supervisory Board of a joint stock
corporation (AG). In particular, the Supervisory Board has no authority to appoint the members of the
Management Board, to issue rules of procedure governing the actions of the Management Board or to stipulate
business activities requiring shareholder consent. These powers are exercised by the Shareholders’ Committee,
which also executes the resolutions of the limited liability shareholders. Moreover, in the case of a KGaA which,
like Henkel KGaA, is subject to the provisions of the Co-Determination Act, there is no requirement to appoint
a director of personnel. As in the case of an AG, the Supervisory Board is responsible for supervising the
Management Board, examining and approving the financial statements and appointing the statutory auditor.
The General Meeting of a KGaA essentially has the same rights as the General Meeting of an AG, but with the
additional responsibility of resolving on adoption of the annual financial statements of the Issuer. Moreover,
according to the Articles of Association of Henkel KGaA, the General Meeting is responsible for electing the
members of the Shareholders’ Committee and for approving their actions. Resolutions of the General Meeting
require the agreement of the personally liable partners where they relate to matters for which, in a limited
partnership, agreement of both the general partners and of the limited partners is required. This relates
particularly to changes to the Articles of Association and other fundamental actions, and also approval and
adoption of the annual financial statements.
Interaction between Management Board, Shareholders’ Committee and Supervisory Board
The Management Board, Shareholders’ Committee and Supervisory Board cooperate closely for the benefit of
the Issuer.
The Management Board agrees the strategic alignment of the Issuer with the Shareholders’ Committee and
discusses with it at regular intervals the status of implementation of said strategy.
The Shareholders’ Committee has a right of veto, established in the procedural rules of the Issuer, in relation to
actions of fundamental significance. These include in particular decisions or measures that materially change
the net assets, financial position or results of operations of the Issuer. The Management Board complies with
these rights of consent and also the spheres of authority of the General Meeting in matters subject to statutory
control.
Ensuring the efficient flow of information to the Shareholders’ Committee and the Supervisory Board is the
joint task of the Management Board, Shareholders’ Committee and Supervisory Board. In line with good
corporate management practice, the Management Board provides the Shareholders’ Committee and the
Supervisory Board with regular, timely and comprehensive information on all matters relevant to the Issuer,
including those of business policy, corporate planning, profitability and business development, and the risk
situation and risk management arrangements at Henkel KGaA and major group companies.
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Personally liable partners/Management Board
Stewardship of the businesses of the Issuer is the responsibility of the Management Board, which comprises the
personally liable partners and other members and has a chairperson. The Shareholders’ Committee decides on
the appointment and dismissal of the personally liable partners, appointment and dismissal of the chairperson
of the Management Board and also the appointment and dismissal of other members of the Management Board.
The Management Board is responsible for leading and controlling the Issuer as a whole, whereby its
responsibilities include planning, co-ordination, allocation of resources, financial control and risk management.
It is bound by statute to promote the interests of the Issuer and is committed to the sustainable increase of its
corporate wealth (shareholder value). The Management Board develops the strategic alignment of the Issuer,
agrees this with the Shareholders’ Committee and, in compliance with the statutory limits of group
management, steers its implementation. The Management Board and in particular the personally liable partners
are responsible for preparing the quarterly, annual and consolidated financial statements.
Procedural rules issued by the Shareholders’ Committee govern the distribution of business responsibilities and
cooperation in the management of the Issuer, and also specify the actions and transactions that require the
approval of the Shareholders’ Committee.
Shareholders’ Committee
The Shareholders’ Committee has a minimum of five and a maximum of ten members. The members are elected
by the Annual General Meeting. The tenure of office is five years unless otherwise stipulated at the time of
election.
The Shareholders’ Committee carries out the tasks and functions delegated to it by the General Meeting or by
dint of the Articles of Association. In particular, the Shareholders’ Committee participates in the management of
the Issuer in lieu and as an agent of the General Meeting. It is involved in the formulation of the corporate
guidelines, the corporate objectives and long-term planning objectives, and supervises and advises the
Management Board regularly on the stewardship of the Issuer. It participates in the drafting of important
corporate decisions, offers suggestions as to business development and monitors compliance with the planning
goals.
The Shareholders’ Committee decides upon the appointment and dismissal of the personally liable partners, of
the chairperson of the Management Board and also of the other members of the Management Board. In
consultation with the Management Board, it also maintains a long-term plan of succession.
From among its members, the Shareholders’ Committee has created a Finance Committee and a Human
Resources Committee. The Finance Committee deals in particular with financial matters, accounting issues
including the statutory year-end audit, taxation and accounting policy, internal auditing and also the risk
management arrangements of the Issuer. The Human Resources Committee deals principally with preparatory
work in relation to personnel matters concerning members of the Management Board, issues relating to human
resources strategy, and remuneration.
Supervisory Board
In accordance with the Co-Determination Act of 1976, the Supervisory Board comprises equal numbers of
shareholder and employee representatives and has 16 members in all. The eight shareholder representatives are
elected by the General Meeting, and the eight employee representatives are elected by the employees in
accordance with the provisions of the Co-Determination Act of 1976 and the associated electoral regulations.
All the members of the Supervisory Board are equally bound to uphold the interests of the Issuer. The tenure of
office is five years unless otherwise stipulated at the time of appointment.
The task of the Supervisory Board is to advise and supervise the Management Board at regular intervals in the
conduct of its stewardship and control duties. The Supervisory Board is involved in matters of fundamental
importance to the Issuer. The Supervisory Board is also required to examine and approve the annual and
consolidated financial statements; it submits a report to the shareholders on an annual basis.
Given the statutory characteristics of a KGaA (particularly the lack of authority of a KGaA’s supervisory board
to appoint Management Board members) and the establishment of a Shareholders’ Committee by dint of the
Articles of Association, Henkel KGaA’s Supervisory Board has not set up any committees for the performance of
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duties not incumbent upon it. The Supervisory Board in its entirety deals with issues of accounting, risk
management and the prescribed independence of the statutory auditor. The Supervisory Board also issues the
auditor engagement letter, agrees on the audit fees and defines the focal audit areas.
General Meeting
The General Meeting is the will-forming forum of all the Issuer’s shareholders. The facilitator or chairperson of
the General Meeting is appointed by the Shareholders’ Committee.
Subjects requiring General Meeting resolution
With due consideration being taken of the legal right of the personally liable partners to reserve consent, the
General Meeting passes resolutions on certain matters as prescribed by law and the Articles of Association, and
in particular on
➤
appointment of the members of the Supervisory Board (shareholders’ representatives) and of the
Shareholders’ Committee;
➤
adoption of the annual financial statements and appropriation of the Issuer’s profit or loss;
➤
formal approval of the actions of the Management Board, the Supervisory Board and the Shareholders’
Committee;
➤
election of the auditor and appointment of special auditors; changes to the Articles of Association;
➤
the issue of new shares, convertible bonds and convertible debenture stock;
➤
authorisation to purchase the Issuer’s own shares (‘‘treasury stock’’);
➤
the conclusion of enterprise agreements, and company transformations; winding up of the Issuer.
Convocation
The General Meeting is convened by the personally liable partners. Shareholders who together hold 5% of the
share capital may demand convocation in writing, citing the purpose and reasons; such demand is to be
addressed to the personally liable partners. In the same way, shareholders holding at least 5% of the share
capital or whose shares represent a proportional nominal value of 500,000 euros may similarly demand that
items for resolution of a General Meeting be announced.
The Ordinary Annual General Meeting usually takes place in the first four months of the financial year. The
management publishes together with the agenda the reports and documents, including the Annual Report,
required by law for the Annual General Meeting also on the website of the Issuer. A report on the Annual
General Meeting and also the results of the resolutions passed by the Annual General Meeting are likewise made
available on the Internet.
The General Meeting takes place in Düsseldorf or such other city of the Federal Republic of Germany with more
than 100,000 inhabitants.
Participation/voting rights
The shareholders exercise their rights in the General Meeting in accordance with statutory provisions and the
Articles of Association of Henkel KGaA. This includes exercising their voting rights (ordinary shareholders
only), the right to speak on items included in the agenda, and the right to submit relevant questions and motions
for debate and resolution.
The shareholders are assisted by the Issuer in the personal exercise of their rights and supports them in the issue
of proxy instructions by appointing representatives (proxyholders) who are bound to exercise shareholder
voting rights in accordance with the instructions received from the shareholders in question. In addition, the
General Meeting is transmitted live, either wholly or in part, via the Internet.
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Each ordinary share grants a vote. The Issuer has also issued preferred shares attracting a preferential dividend,
the voting rights attached to which are revived in accordance with the provisions of the German Stock
Corporation Act in the event of the preferential dividend not being paid.
Declaration on the German Corporate Governance Code for 2005
The Management Board, the Shareholders’ Committee and the Supervisory Board of Henkel KGaA declare,
pursuant to Art. 161 German Stock Corporation Act, that subject to the specific regulations governing
companies with the legal form of a German partnership limited by shares (‘‘KGaA’’) and to the pertinent
provisions of its bylaws, pointed out below, Henkel KGaA, apart from the following exceptions, has complied
with the recommendations (‘‘shall’’ clauses) of the Code (version May 21, 2003) since the last declaration of
conformity of February 2004 and will comply with the recommendations of the Code.
Modifications due to the legal form of a KGaA and its basic features as laid down in the bylaws
➤ At Henkel KGaA, the functions of a stock corporation’s executive board are incumbent on a management
board, which is appointed by the Shareholders’ Committee and consists of the general partners and further
members. The recommendations of the Code are hence analogously applied to this Management Board.
➤
The authority to appoint Management Board members and define transactions subject to higher-tier
approval is vested in the Shareholders’ Committee, which, according to the bylaws and in lieu of the General
Meeting, has additional responsibility for the conduct of business and management of Henkel KGaA.
Accordingly, the functions, duties and powers of a stock corporation’s supervisory board (chairman) as
described in the Code under 4.3.4, 4.3.5, 5.1.2, and 5.2 are at Henkel KGaA exercised by the Shareholders’
Committee (Chairman). The Chairman of the Shareholders’ Committee concurrently presides over the
human resources subcommittee within the Shareholders’ Committee. Recommendations of the Code that
refer to a supervisory board are analogously applied to the Shareholders’ Committee.
➤
Given the statutory characteristics of a KGaA (especially the lack of authority of a KGaA’s supervisory board
to appoint management board members) and the establishment of a shareholders’ committee by dint of the
bylaws, Henkel KGaA’s Supervisory Board has not set up any committees for the performance of duties
incumbent on it. The Supervisory Board in its entirety deals with issues of accounting, risk management and
the prescribed independence of the statutory auditor. The Supervisory Board issues the audit engagement
letter, agrees on the audit fees and defines the focal audit areas.
The Shareholders’ Committee has appointed subcommittees for financial and human resources issues. The
financial subcommittee deals with Henkel’s financial matters, accounting issues (including external auditing),
tax planning and accounting policies, internal auditing and risk management. The human resources
subcommittee mainly prepares personnel decisions of the Shareholders’ Committee on Management Board
issues and engages in HR strategy and compensation policies.
Deviation from the Code
In derogation of section 4.2.3 (2) and section 5.4.5, subsection 3 (1) of the Code the remuneration of the
members of the corporate bodies is disclosed as a total amount with details of the relationship between the
individual compensation elements and a breakdown according to fixed salary, performance-related
compensation and components with a long-term incentive effect. Henkel KGaA complies with the requirements
of the Code with respect to a performance-oriented remuneration. The General Meeting has fixed the individual
remuneration payable to an ordinary member of the Supervisory Board and the Shareholders’ Committee. In
our opinion a sufficient transparency of the remuneration is thus ensured; stating individual compensation
elements would not provide any additional information relevant to the capital market.
In derogation of section 6.6 subsection 2 of the Code, unless required by law, in order to protect the legitimate
interests and private spheres of the members of the corporate bodies who are members of the Henkel family,
their individual shareholding is not disclosed in cases where it exceeds 1% of the shares issued by the Company.
However, the entire stake subject to the Henkel family’s share pooling agreement is indicated. Also disclosed is
whether the aggregate number of shares owned by all members of a corporate body exceeds 1% of all shares
issued by Henkel KGaA.
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Suggestions of the Code
Subject to the particularities of a KGaA, Henkel KGaA has also translated into practice the non-binding
suggestions of the Code. An exception involves the Shareholders’ Committee: a former Management Board
member (back in 1975/76) chaired the financial subcommittee until April 29, 2004 (section 5.3.2 of the Code).
Another exception involves the remuneration of the Supervisory Board and the Shareholders’ Committee: it is
suggested that the performance-related compensation of these corporate bodies contains components with a
long-term incentive effect (section 5.3.2 of the Code). Based on the jurisdiction of the Federal Court of Justice
with respect to stock option rights the members of the Supervisory Board and the Shareholders’ Committee, in
April 2004, renounced being granted so-called ‘‘value creation rights’’, as was decided upon in the General
Meeting of 2000, both with retroactive and future effect. The General Meeting of 2005 has approved new
compensation components with long-term incentive effect.
Major Shareholders
Henkel KGaA was notified that a total of 51.48% of the voting rights were currently held by 62 members of the
families of the descendants of Fritz Henkel, the Henkel KGaA’s founder, two foundations, one civil law
partnership, 14 private limited companies and one limited partnership with a limited company as a general
partner, all of which were established by such family members under the terms of a share pooling agreement (an
agreement restricting their right to transfer their shares). Although these shareholders hold a cumulative total of
51.48% of the voting rights of Henkel KGaA, Henkel KGaA is not aware of any individual shareholder who
owns more than ten % of the ordinary voting shares. Henkel KGaA was notified that Jahr
Vermögensverwaltung GmbH & Co. KG holds 6.11% of the voting capital of Henkel KGaA. The parties to the
share pooling agreement have entered into a voting agreement with Jahr Vermögensverwaltung GmbH & Co.
KG, pursuant to which if the parties of the share pooling agreement determine to cast all their votes the same
way, Jahr Vermögensverwaltung GmbH & Co. KG would vote it shares in concert with the other parties of the
share pooling agreement.
Historical Financial Information
The consolidated financial statements of the Henkel Group for the financial years ending 31 December 2003
and 31 December 2004 are incorporated herein by reference.
Auditing of historical annual financial information
KPMG audited Henkel’s consolidated and non-consolidated financial statements for the financial years ended
31 December 2003 and 2004. The consolidated financial statements were prepared in accordance with
International Financial Reporting Standards (IFRS) and the non-consolidated financial statements were
prepared in accordance with German generally accepted accounting principles (German GAAP). In each case an
unqualified auditor’s report has been provided.
The Auditor’s Report on the audited consolidated financial information for the year ended 31 December 2004 is
dated as of 28 January 2005.
Interim and other financial information
The interim unaudited financial information of the Henkel Group for the period from January to
September 2005 (including consolidated statement of income of the Henkel Group January through
September 2005 (together with the explanatory notes thereto), the consolidated balance sheet of the Henkel
Group as of September 30, 2005 (together with the explanatory notes thereto) and the cash flow statement
January through September 30, 2005 (together with the explanatory notes thereto)) are incorporated herein by
reference to the Interim Report of the Henkel Group for the Third Quarter 2005.
Statutory Auditors
Statutory auditors of Henkel KGaA are KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft, Am Bonneshof 35, D-40474 Düsseldorf. KPMG is a member of the chamber
of public accountants (Wirtschaftsprüferkammer).
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Legal and arbitration proceedings
There are currently no, and Henkel KGaA has not been involved in any, governmental, legal or arbitration
proceedings during the previous 12 months, and the Issuer is not aware of such proceedings currently being
initiated by third parties, which are likely to significantly affect the Issuer’s or any of its subsidiaries’ financial
position or profitability.
Significant change in Henkel Kommanditgesellschaft auf Aktien’s financial or trading
position
Save as disclosed herein, there has been no significant change in the financial or trading position since the end of
the last financial period for which an audited financial information has been published.
Trend information
Save as disclosed herein, there has been no material adverse change in the prospects of the Issuer since the date
of the last published audited financial statements.
Share capital
As at 30 September 2005 the share capital of the Issuer amounts to A 373,724,800 and is fully paid up. The
share capital is divided into 145,986,250 shares out of which are 86,598,625 common shares in bearer form
and 59,387,625 preferred shares in bearer form.
The personally liable partners are authorized, subject to the approval of the Supervisory Board and the
Shareholders’ Committee, to increase until May 1, 2006 the share capital of the Issuer either in one single or
several acts by up to A 25,600,000 by issuing new non-voting preferred shares against contribution in cash. The
personally liable partners are authorized, subject to the approval of the Supervisory Board and the
Shareholders’ Committee in each single case, to cancel the statutory stock option right of the shareholders. The
stock option right may, however, be cancelled only either with regard to residual amounts or insofar as the issue
price of the new shares is not substantially below the stock market price of the already listed shares of equal
terms at the point in time when the issue price is finally fixed.
Material contracts
The Issuer did not enter into any contracts which could result in a company of the Henkel Group being under an
obligation or entitlement that would be material to the Issuer’s ability to meet its obligations towards holders of
the Bonds.
Documents on display
For the life of this Prospectus, the Articles of Association and the documents incorporated by reference into this
Prospectus are available in electronic form under www.ir.henkel.com.
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Use of Proceeds
The net proceeds of the issue of the Bonds of approximately A 1,290 million will be used for funding the pension
obligations of the Issuer.
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Documents Incorporated by Reference
The following documents which have been published or are published simultaneously with this Prospectus and
are incorporated by reference into this Prospectus:
(1) the audited consolidated financial statements of the Henkel Group for the financial year ended on
31 December 2003 consisting of
(a) Statement of Income (page 46 of the Annual Report of 2003),
(b) Balance Sheet (page 47 of the Annual Report of 2003),
(c) Statement of Changes in Equity (page 48 of the Annual Report of 2003),
(d) Cash Flow Statement (page 49 of the Annual Report of 2003),
(e) Notes (pages 50 to 84 of the Annual Report of 2003),
(f)
the Description of Accounting Policies (page 53 of the Annual Report of 2003),
(g) the Auditors’ Report (page 88 of the Annual Report of 2003);
(2) the audited consolidated financial statements of the Henkel Group for the financial year ended on
31 December 2004 consisting of
(a) Statement of Income (page 52 of the Annual Report of 2004),
(b) Balance Sheet (page 53 of the Annual Report of 2004),
(c) Statement of Changes in Equity (page 54 of the Annual Report of 2004),
(d) Cash Flow Statement (page 55 of the Annual Report of 2004),
(e) Notes (pages 56 to 92 of the Annual Report of 2004),
(f)
the Description of Accounting Policies (page 59 of the Annual Report of 2004),
(g) the Auditors’ Report (page 97 of the Annual Report of 2004);
(3) the unaudited interim financial statements of the Henkel Group for the period from January to
September 2005 consisting of
(a) Consolidated Statement of Income (together with the explanatory notes thereto),
(b) Consolidated Balance Sheet of Henkel Group as of September 30, 2005 (together with the explanatory
notes thereto),
(c) Cash Flow Statement (together with the explanatory notes thereto),
(pages 16 to 22 of the Interim Report of the Henkel Group for the Third Quarter 2005);
(4) the Articles of Association of the Issuer, as amended on July 1, 2005.
The documents incorporated by reference are available on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and may be inspected and are available free of charge at the head office of the Paying Agent in
the city of Luxembourg as long as any Bonds are listed on the regulated market of the Luxembourg Stock
Exchange.
Copies of documents incorporated by reference into this Prospectus can also be obtained from the registered
offices of the Issuer (Henkelstraße 67, 40589 Düsseldorf, Germany) and from the specified offices of the Paying
Agents for the time being in Germany and Luxembourg.
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German Taxation
The following is a general discussion of certain German tax consequences of the acquisition, ownership and
disposition of Bonds. It does not purport to be a comprehensive description of all tax considerations that may be
relevant to a decision to purchase Bonds, and, in particular, does not consider any specific facts or circumstances
that may apply to a particular purchaser. This summary is based on the laws of Germany as currently in force
and as applied on the date of this Prospectus, which are subject to change, possibly with retroactive or
retrospective effect.
Prospective purchasers of Bonds are advised to consult their own tax advisors as to the tax consequences of the
purchase, ownership and disposition of Bonds, including the effect of any state or local taxes, under the tax
laws of Germany and each country of which they are residents.
Tax Residents
Payments of interest on the Bonds, including interest having accrued up to the disposition of the Bonds and
credited separately (Accrued Interest; Stückzinsen), if any, to persons who are tax residents of Germany (i.e.,
persons whose residence, habitual abode, statutory seat, or place of effective management and control is located
in Germany) are subject to German personal or corporate income tax (plus solidarity surcharge
(Solidaritätszuschlag)) at a rate of 5.5% thereon. Such interest may also be subject to trade tax if the Bonds form
part of the property of a German trade or business. Accrued Interest paid upon the acquisition of Bonds may
give rise to negative income if the Bonds are held as non-business assets.
Upon the disposition, assignment or redemption of a Bond a bondholder will have to include in his taxable
income further amounts if the Bond can be classified as a financial innovation (Finanzinnovation) under
German tax law. The Issuer has been advised that the Bonds are likely to qualify as financial innovations. In this
case, generally the difference between the proceeds from the disposition, assignment or redemption and the
issue or purchase price is deemed to constitute interest income subject to income tax (plus the solidarity
surcharge) in the year of the disposition, assignment or redemption of the Bonds.
Should the bonds not qualify as financial innovations capital gains from the disposition of Bonds are only
taxable to a German tax-resident individual if the Bonds are disposed of within one year after their acquisition
or form part of the property of a German trade or business, in which case the capital gains may also be subject to
trade tax.
Interest payments and capital gains derived by German-resident corporate bondholders will be subject to
corporate income tax (plus solidarity surcharge at a rate of 5.5% thereon) and trade tax.
If Bonds are held in a custodial account that the bondholder maintains with a German branch of a German or
non-German bank or financial services institution (a Disbursing Agent) a 30% withholding tax on interest
payments (Zinsabschlag), plus 5.5% solidarity surcharge on such tax, will be levied, resulting in a total
withholding of 31.65% of the gross interest payment. Withholding tax on interest is also imposed on Accrued
Interest. If an interest payment is made other than in cash, i.e. by way of Payment in Kind, the Disbursing Agent
will ask the bondholder to pay the withholding tax to it. If the bondholder does not make such payment the
Disbursing Agent will have to inform the competent tax authority which will claim the withholding tax from the
bondholder.
As discussed above the Bonds are likely to qualify as financial innovations. In this case and if the Bonds are kept
in a custodial account that the bondholder maintains with a Disbursing Agent such custodian will withhold tax
at a rate of 30% (plus solidarity surcharge at a rate of 5.5% thereon) from the positive difference between the
redemption amount or proceeds from the disposition or assignment of the Bonds and their issue or purchase
price, provided the Bonds have been kept in a custodial account with such Disbursing Agent since the time of
issuance or acquisition, respectively. If the Bonds have not been kept in a custodial account with a Disbursing
Agent since the time of issuance or acquisition, withholding tax of 30% is applied to 30% of the amounts paid
in partial or final redemption or the proceeds from the disposition or assignment of the Bonds, respectively.
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German Taxation
In computing the tax to be withheld the Disbursing Agent may deduct from the basis of the withholding tax any
Accrued Interest previously paid by the holder of a Bond to the Disbursing Agent during the same calendar year.
In general, no withholding tax will be levied if the bondholder is an individual (i) whose Bonds do not form part
of the property of a trade or business nor gives rise to income from the letting and leasing of property; and
(ii) who filed a withholding exemption certificate (Freistellungsauftrag) with the Disbursing Agent but only to
the extent the interest income derived from the Bonds together with other taxable investment income does not
exceed the allowable maximum exemption amount shown on the withholding exemption certificate. Similarly,
no withholding tax will be deducted if the bondholder has submitted to the Disbursing Agent a certificate of
non-assessment (Nichtveranlagungsbescheinigung) issued by the relevant local tax office.
Withholding tax and the solidarity surcharge thereon are credited as prepayments against the German personal
or corporate income tax and the solidarity surcharge liability of the German resident. Amounts overwithheld
will entitle the bondholder to a refund, based on an assessment to tax.
Non-residents
Interest, including Accrued Interest, and capital gains are not subject to German taxation, unless (i) the Bonds
form part of the business property of a permanent establishment, including a permanent representative, or a
fixed base maintained in Germany by the bondholder; or (ii) the interest income otherwise constitutes Germansource income (such as income from the letting and leasing of certain German-situs property). In the case of (i)
and (ii) a tax regime similar to that explained above under Tax Residents applies. Capital gains from the
disposition of Bonds other than proceeds from their sale or redemption re-characterised as interest income for
German tax purposes (as explained above under Tax Residents) are, however, only taxable in the case of
(i) above.
Non-residents of Germany are, in general, exempt from German withholding tax on interest and the solidarity
surcharge thereon. However, where the interest is subject to German taxation as set forth in the preceding
paragraph and Bonds are held in a custodial account with a Disbursing Agent, withholding tax is levied as
explained above under Tax Residents. Withholding tax may also apply where a non-resident does not comply
with the procedural requirements to prove his status as a non-resident of Germany for tax purposes. The
withholding tax may be refunded based on an assessment to tax or under an applicable tax treaty.
Inheritance and Gift Tax
No inheritance or gift taxes with respect to any Bonds will arise under the laws of Germany, if, in the case of
inheritance tax, neither the decedent nor the beneficiary, or, in the case of gift tax, neither the donor nor the
donee, is a resident of Germany and such Bonds are not attributable to a German trade or business for which a
permanent establishment is maintained, or a permanent representative has been appointed, in Germany.
Exceptions from this rule apply to certain German expatriates.
Other Taxes
No stamp, issue, registration or similar taxes or duties will be payable in Germany in connection with the
issuance, delivery or execution of the Bonds. Currently, net assets tax is not levied in Germany.
EU Savings Tax Directive
Under EC Council Directive 2003/48/EC (the Directive) on the taxation of savings income, Member States are
required, from July 1, 2005, to provide to the tax authorities of another Member State details of payments of
interest (or similar income) paid by a person within its jurisdiction to an individual resident in that other
Member State. However, for a transitional period, Belgium, Luxembourg and Austria are instead required
(unless during that period they elect otherwise) to operate a withholding system in relation to such payments
(the ending of such transitional period being dependent upon the conclusion of certain other agreements
relating to information exchange with certain other countries). A number of non-EU countries and territories
including Switzerland have agreed to adopt similar measures (a withholding system in the case of Switzerland)
with effect from the same date.
By legislative regulations dated January 26, 2004 the Federal Government enacted provisions implementing the
Directive into German law. These provisions apply from July 1, 2005.
Bondholders who are individuals should note that the Issuer will not pay additional amounts under §7 of the
Terms and Conditions of the Bonds in respect of any withholding tax imposed as a result of the Directive.
103
Subscription and Sale
Pursuant to a subscription agreement dated November 23, 2005 (the Subscription Agreement) among Henkel
Kommanditgesellschaft auf Aktien, UBS Limited, London (the Lead Manager and Structuring Advisor), BNP
Paribas and Deutsche Bank AG, London Branch (together, the Lead Managers) and Banc of America Securities
Limited and Dresdner Bank AG London Branch (the Co-Managers, and together with the Lead Managers, the
Managers), Henkel Kommanditgesellschaft auf Aktien has agreed to sell to the Managers, and the Managers
have agreed, subject to certain customary closing conditions, to purchase, the Bonds on November 25, 2005 at a
price of 99.735% of their principal amount (equivalent to A 997.35 per Bond) (the Issue Price). This price is to
be determined in a book building process during the book building period on 17 November, 2005. The Issuer
has furthermore agreed to reimburse the Managers for certain expenses incurred in connection with the issue of
the Bonds.
The Subscription Agreement will provide that the Managers are entitled, under certain circumstances, to
terminate the Subscription Agreement. In such event, no Bonds will be delivered to investors. Furthermore,
Henkel Kommanditgesellschaft auf Aktien has agreed to indemnify the Managers against certain liabilities in
connection with the offer and sale of the Bonds.
The Lead Managers or their affiliates have provided from time to time, and expect to provide in the future,
investment services to the Issuer Group, for which the Managers or their affiliates have received or will receive
customary fees and commissions.
European Economic Area
In relation to each Member State of the European Economic Area which has implemented the Prospectus
Directive (each, a Relevant Member State), each Manager has represented and agreed that with effect from and
including the date on which the Prospectus Directive is implemented in that Member State (the Relevant
Implementation Date) it has not made and will not make an offer of Bonds to the public in that Relevant
Member State prior to the publication of a prospectus in relation to the Bonds which has been approved by the
competent authority in that Relevant Member State in accordance with the Prospectus Directive or, where
appropriate, published in another Relevant Member State and notified to the competent authority in that
Relevant Member State in accordance with Article 18 of the Prospectus Directive, except that it may, with effect
from and including the Relevant Implementation Date, make an offer of Bonds to the public in that Relevant
Member State at any time:
(a) to legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised
or regulated, whose corporate purpose is solely to invest in securities;
(b) to any legal entity which has two or more of (1) an average of at least 250 employees during the last fiscal
year; (2) a total balance sheet of more than A 43,000,000 and (3) an annual turnover of more than
A 50,000,000, as shown in its last annual or consolidated accounts; or
(c) in any other circumstances which do not require the publication by the Issuer of a prospectus pursuant to
Article 3 of the Prospectus Directive.
For the purposes of this provision, the expression an ‘‘offer of Bonds to the public’’ in relation to any Bonds in
any Relevant Member State means the communication in any form and by any means of sufficient information
on the terms of the offer and the Bonds to be offered so as to enable an investor to decide to purchase or
subscribe the Bonds, as the same may be varied in that Member State by any measure implementing the
Prospectus Directive in that Member State and the expression Prospectus Directive means Directive
2003/71/EC and includes any relevant implementing measure in each Relevant Member State.
United States of America and its Territories
The Bonds have not been and will not be registered under the Securities Act and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons except in accordance with
Regulation S under the Securities Act. Each Manager has represented and agreed that it has offered and sold the
Bonds, and will offer and sell the Bonds (i) as part of its distribution at any time and (ii) otherwise until 40 days
after the completion of the distribution of all the Bonds only in accordance with Rule 903 of the Regulation S
104
under the Securities Act. Neither the Managers, their affiliates nor any persons acting on its or their behalf have
engaged or will engage in any directed selling efforts with respect to the Bonds, and it and they have complied
and will comply with the offering restrictions requirements of Regulation S under the Securities Act. Each
Manager has also agreed that at or prior to confirmation of sale of Bonds, it will have sent to each distributor,
dealer or person receiving a selling concession, fee or other remuneration that purchases Bonds from it during
the restricted period a confirmation or notice to substantially the following effect:
‘‘The Bonds covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the
‘‘Securities Act’’) and may not be offered or sold within the United States or to, or for the account or benefit of,
U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the completion of the
distribution of the Bonds as determined and certified by each Manager, except in either case in accordance with
Regulation S under the Securities Act. Terms used above have the meaning given to them in Regulation S under
the Securities Act.’’
Terms used in the preceding paragraphs have the meaning given to them by Regulation S under the Securities
Act.
In addition, each Manager has represented and agreed that:
(a) except to the extent permitted under U. S. Treas. Reg. Section 1.163-5 (c)(2)(i)(D) (the TEFRA D Rules),
(i) it has not offered or sold, and during the restricted period will not offer or sell, directly or indirectly,
Bonds in bearer form to a person who is within the United States or its possessions or to a United States
person, and (ii) it has not delivered and will not deliver, directly or indirectly, within the United States or its
possessions definitive Bonds in bearer form that are sold during the restriction period;
(b) it has and throughout the restricted period will have in effect procedures reasonably designed to ensure that
its employees or agents who are directly engaged in selling Bonds in bearer form are aware that such Bonds
may not be offered or sold during the restricted period to a person who is within the United States or its
possessions or to a United States person, except as permitted by a TEFRA D Rules;
(c) if it was considered a United States person, that is acquiring the Bonds for purposes of resale in connection
with their original issuance and agrees that if it retains Bonds in bearer form for its own account, it will only
do so in accordance with the requirements of TEFRA D Rules; and (d) with respect to each affiliate that
acquires from it Bonds in bearer form for the purpose of offering or selling such Bonds during the restricted
period that it will either (i) repeat and confirm the representations and agreements contained in sub-clauses
(a), (b) and (c); or (ii) obtain from such affiliate for the benefit of the Issuer the representations and
agreements contained in sub-clauses (a), (b) and (c).
Terms used in the preceding paragraph have the meanings given to them by the U. S. Internal Revenue Code and
regulations thereunder, including the TEFRA D Rules.
United Kingdom of Great Britain and Northern Ireland
Each Manager has represented and agreed that:
(a) it has only communicated or caused to be communicated and will only communicate or cause to be
communicated an invitation or inducement to engage in investment activity (within the meaning of
Section 21 of the Financial Services and Market Act 2000 (FSMA) received by it in connection with the
issue or sale of the Bonds in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer;
and
(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done
by it in relation to the Bonds in, from or otherwise involving the United Kingdom.
Grand Duchy of Luxembourg
In relation to Luxembourg, which has implemented the Directive 2003/71/EC of the European Parliament and
of the Council of 4th November, 2003 on the prospectus to be published when securities are offered to the
public or admitted to trading (the Prospectus Directive) on July 16, 2005 (the Relevant Implementation Date)
by the Luxembourg act dated July 10, 2005 relating to prospectuses for securities (the Prospectus Act 2005),
105
each Manager has represented and agreed that it has not made and will not make an offer of Bonds to the public
in Luxembourg, except that it may make an offer of Bonds to the public in Luxembourg at any time:
(a) to legal entities which are authorised or regulated to operate in the financial markets (including credit
institutions, investment firms, other authorised or regulated financial institutions, insurance companies,
undertakings for collective investment and their management companies, pension and retirement funds
and their management companies, commodity dealers as well as entities not so authorised or regulated
whose corporate purpose is solely to invest in securities);
(b) to national and regional governments, central banks, international and supranational institutions (such as
the International Monetary Fund, the European Central Bank, the European Investment Bank and other
similar international organisations);
(c) to any legal entities which have two or more of (i) an average number of employees during the financial
year of at least 250, (ii) a total balance sheet of more than A 43,000,000 and (iii) an annual net turnover of
more than A 50,000,000, as shown in their last annual or consolidated accounts;
(d) to certain natural persons or small and medium-sized enterprises (as defined in the Prospectus Act 2005)
recorded in the register of natural persons and small or medium-sized enterprises considered as qualified
investors as held by the CSSF; and
(f)
in any other circumstances which do not require the publication by the Issuer of a prospectus pursuant to
article 5 of the Prospectus Act 2005.
For the purposes of this provision, the expression an ‘‘offer of Bonds to the public’’ in relation to any Bonds in
Luxembourg means the communication in any form by any means of sufficient information on the terms of the
offer and the Bonds to be offered so as to enable an investor to decide to purchase or subscribe to these Bonds, as
the same may be varied in Luxembourg by any measure implementing the Prospectus Directive in Luxembourg.
France
Each Manager has represented and agreed that it has only made and will only make an offer of Bonds to the
public (appel public à l’épargne) in France in the period beginning when the Prospectus dated 4 November,
2005 in relation to those Bonds has been approved by the Federal Financial Supervisory Authority
(Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany, on the date of notification of such approval to
the Autorité des marchés financiers (AMF), all in accordance with articles L.412-1 and L.621-8 of the French
Code monétaire et financier and the Règlement général of the AMF, and ending at the latest on the date which is
12 months after the date of the approval of the Prospectus.
Japan
The Bonds have not been and will not be registered under the Securities and Exchange Law of Japan (the
Securities and Exchange Law) and accordingly, each Manager has agreed that it will not offer or sell any Bonds,
directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means
any person resident in Japan, including any corporation or other entity organised under the laws of Japan), or to
others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an
exemption from the registration requirements of, and otherwise in compliance with, the Securities and
Exchange Law and any other applicable laws, regulations and ministerial guidelines of Japan.
General
In addition to the specific restrictions set out above, the Managers agree that they will observe all applicable
provisions of law in each jurisdiction in or from which it may offer Bonds or distribute any offering material.
106
Responsibility Statement
Henkel Kommanditgesellschaft auf Aktien with its registered office in Düsseldorf, Germany, as well as UBS
Limited, London, BNP Paribas and Deutsche Bank AG, London Branch with their registered offices in London,
United Kingdom (the Responsible Persons), accept responsibility for the information contained in this
Prospectus (the Prospectus) and hereby declares pursuant to Annex IV, 1.2 and Annex V, 1.2 of the Commission
regulation (EC) No. 809/2004 of 29 April 2004 that, having taken all reasonable care to ensure that such is the
case, the information contained in this Prospectus for which it is responsible is, to the best of their knowledge, in
accordance with the facts and contains no omission likely to affect its import. The Responsible Persons further
declare in accordance with § 5(4) German Securities Prospectus Act (Wertpapierprospektgesetz) that to the best
of their knowledge the information conformed in this Prospectus is correct and that no material circumstances
have been omitted.
The Issuer further confirms that (i) this Prospectus contains all information with respect to the Issuer and its
subsidiaries and affiliates taken as a whole (the Issuer Group) and to the Bonds which is material in the context
of the issue and offering of the Bonds, including all information which, according to the particular nature of the
Issuer and of the Bonds is necessary to enable investors and their investment advisers to make an informed
assessment of the assets and liabilities, financial position, profits and losses, and prospects of the Issuer and the
Issuer Group and of the rights attached to the Bonds; (ii) the statements contained in this Prospectus relating to
the Issuer, the Issuer Group and the Bonds are in every material particular true and accurate and not misleading;
(iii) there are no other facts in relation to the Issuer, the Issuer Group or the Bonds the omission of which would,
in the context of the issue and offering of the Bonds, make any statement in the Prospectus misleading in any
material respect and (iv) reasonable enquiries have been made by the Issuer to ascertain such facts and to verify
the accuracy of all such information and statements.
107
General Information
(1) The creation and issue of the Bonds has been authorised by resolutions of the Management Board of the
Issuer dated October 24, 2005.
(2) For so long as any Bond is outstanding, copies of the following documents may be obtained free of charge
or inspected during normal business hours at the specified office of each Paying Agent and as long as the
Bonds are listed on the regulated market of the Luxembourg Stock Exchange the documents set out under
(c) and (e) below will be available on the website of the Luxembourg Stock Exchange (www.bourse.lu):
(a) the Agency Agreement;
(b) the Articles of Association (Satzung) of the Issuer;
(c) the Prospectus;
(d) the confirmation of the authorisation of the issue of the Bonds by the Issuer; and
(e) documents incorporated by reference.
(3) The Luxembourg Stock Exchange will list the Bonds on the regulated market from November 25, 2005.
(4) Electronic copies of this Prospectus and the documents incorporated by reference are available from the
website of the Issuer (www.ir.henkel.com).
(5) For as long as any of the Bonds are listed on the regulated market of the Luxembourg Stock Exchange, the
Luxembourg Stock Exchange will be informed by the Issuer of all notifications regarding payments and all
notices to the bondholders regarding the Bonds will be published in a leading newspaper having general
circulation in Luxembourg (which is expected to be d’Wort).
(6) The Issuer has appointed Deutsche Bank Aktiengesellschaft as Principal Paying Agent and Deutsche Bank
Luxembourg S.A. as the initial Luxembourg Paying Agent. For so long as any Bonds are listed on the
regulated market of the Luxembourg Stock Exchange, the Issuer will maintain a paying agent in the city of
Luxembourg.
(7) The Temporary Global Bond and the Permanent Global Bond will each bear the following legend:
‘‘Any United States person who holds this obligation will be subject to limitations under the United States
income tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the Internal Revenue
Code, as amended.’’
(8) The Bonds have been accepted for clearance by Clearstream Banking, société anonyme, Luxembourg and
Euroclear Bank N.V./S. A., as operator of the Euroclear System. The Common Code for the Bonds is
023443422, the ISIN is XS 0234434222 and the German Securities Code (WKN) is A0JBUR.
108
General Information
(9) Moody’s Investor Services (Moody’s) has rated the Bonds Baa1(1) and Standard & Poor’s Ratings Services,
a division of The McGraw-Hill Companies, Inc. (S&P) has rated the Bonds BBBⳮ(2).
(1) Moody’s defines Baa as follows:
Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain
speculative characteristics. Moody’s appends modifiers 1, 2 and 3 to each generic rating classification from Aa to Caa. The modifier 1
indicates that the obligation ranks in the higher end of its generic rating category, the modifier 2 indicates a mid-range ranking; and the
modifier 3 indicates a ranking in the lower end of that generic rating category.
(2) S&P defines BBB as follows:
An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances
are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. The ratings from AA
to CCC may be modified by the addition of a plus (+) or minus (ⳮ) sign to show relative standing within the major rating categories.
Düsseldorf, November 4, 2005
UBS Limited
BNP Paribas
109
ISSUER
Henkelstr. 67
40589 Düsseldorf
Germany
LEAD MANAGERS
UBS Limited
1 Finsbury Avenue
London EC2M 2PP
United Kingdom
(Structuring Advisor)
BNP Paribas
10 Harewood Avenue
London NWI 6AA
United Kingdom
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
PRINCIPAL PAYING AGENT
LUXEMBOURG PAYING AGENT
Große Gallusstraße 10-14
60272 Frankfurt am Main
Germany
Deutsche Bank Luxembourg S.A.
2, Boulevard Konrad Adenauer
L-1115 Luxembourg
LEGAL ADVISERS
To the Lead Managers
as to German law
Allen & Overy LLP
Taunustor 2
60311 Frankfurt am Main
Germany
AUDITORS
To the Issuer
KPMG Deutsche Treuhand Gesellschaft Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Am Bonneshof 35
40474 Düsseldorf
Germany
Merrill Corporation
05LON3006

Important notice - Henkel

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