Swiss Wrapper - HeidelbergCement Group

Transcription

SWISS ISSUANCE SUPPLEMENT
HEIDELBERGCEMENT FINANCE B.V.
(incorporated in The Netherlands)
as Issuer
€ 10,000,000,000
Programme for the issuance of Euro Medium Term Notes
Additional Information in connection with a possible public offer in Switzerland in
accordance with the Swiss Code of Obligations
The following information, provided in connection with the EUR 10,000,000,000 Euro
Medium Term Note Programme and the 5.625 per cent. Notes due 4 January 2018 (the
Notes) issued by HeidelbergCement Finance B.V. (the Issuer) and guaranteed by
HeidelbergCement AG (the Guarantor), forms part of and must be read in conjunction with
the Final Terms of the Notes dated 4 October 2007 and the base prospectus dated 13 April
2007 and all supplements thereto prepared by HeidelbergCement Finance B.V. with respect
to their EUR 10,000,000,000 Programme for the issuance of Euro Medium Term Notes (the
Base Prospectus).
1.
Restriction of transferability
The articles of association of the Issuer contain the following clause of restriction of
transferability:
"1. Any shareholder wishing to transfer one or more shares, shall first offer to sell
those shares to his co-shareholders in accordance with the provisions of this article.
The obligation to make this offer is not applicable if, either all shareholders have
given their written approval to the proposed transfer, which approval shall be valid for
a period of three months, or a shareholder is obligated by law to transfer his shares to
a prior shareholder.
2. The price at which the shares can be purchased by the other shareholders shall be
agreed between the offeror and his co-shareholders. Failing agreement between the
parties the price shall be set by an independent expert on request by the most willing
party to be appointed by the chairman of the Chamber of Commerce and Factories in
whose district the company has its official seat, unless the expert is appointed by the
parties by mutual consent. The expert referred to in the preceding sentence shall be
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authorized to inspect all books and records of the company and to obtain all such
information as will be useful for his setting the price.
3. If the co-shareholders together are interested in purchasing more shares than have
been offered, the offered shares shall be distributed among them as far as possible in
proportion to the shareholding of each interested party. However no interested party
shall thus acquire more shares than he has applied for.
4. The offeror remains entitled to withdraw his offer, provided he does so within one
month after he is informed to which interested parties he can sell all the shares
included in the offer and at what price.
5. If it is established that the co-shareholders do not accept the offer or that not all
shares included in the offer shall be purchased against payment in cash, the offeror
shall be free to transfer the shares within three months thereafter to whomsoever he
wishes.
6. The company itself as holder of one ore more shares shall be entitled to apply for
the offered shares only with the consent of the offeror.
7. In case of suspension of payments, bankruptcy or placement under curatorship of
a shareholder and in case of appointment of an administrator by the court over the
property of a shareholder or over his shares in the company or in case of death of a
shareholder who is an individual, the shares of the shareholder concerned shall be
put on offer in accordance with the foregoing provisions hereof, within three months
of the relevant event. If applications are made for all shares on offer, the offer may
not be withdrawn."
Transfers of the issued shares of the Guarantor are not subject to restrictions.
2.
Representation of the company
Two members of the management board can represent the Issuer.
The Guarantor is represented either by two members of the management board or
by one member of the management board together with a holder of procuration.
3.
Publication of notices of the company
Notices of the Guarantor to its shareholders are published in the German electronic
Federal Gazette (elektronischer Bundesanzeiger).
4.
Dividends
The Issuer only paid dividends to the Guarantor, being the sole shareholder of the
Issuer, in the following total amounts per year:
Year
Aggregate Dividends (EUR)
2002
2003
2004
2005
2006
1.300.000
nil.
2.000.000
1.000.000
1.100.000
2
The Guarantor has paid the following dividends per share during the previous five
years:
Year
Aggregate Dividends (EUR)
2002
stock dividend in the value of
approx. 1.15
1.15
0.55
1.15
1.25
2003
2004
2005
2006
5.
Incorporation by Reference
In addition to the documents set out on p. 45 ff. and p. 58 f. of the Base Prospectus,
the following are documents which have previously been published or are published
simultaneously with this Base Prospectus, and are incorporated in, and to form part
of, this Base Prospectus:
– consolidated interim financial statements of HeidelbergCement for the first half of
2007
– stand-alone financial statements of HeidelbergCement AG 2006
Copies of documents incorporated by reference in this Base Prospectus can be
obtained from the registered office of HeidelbergCement AG and the specified office
of the Principal Paying Agent for the time being. This Base Prospectus and the
documents
incorporated
by
reference
will
also
be
published
on
www.heidelbergcement.com.
6.
Resolution of programme and issues
The issuance of the Notes has been duly authorised by resolution concerning the
increase of the Euro Medium Term Note Programme from € 3,000,000,000 to €
10,000,000,000 of Board of Directors of the Issuer of 17 September 2007.
The issuance of the Notes has been duly authorised by resolution concerning the
increase of the Euro Medium Term Note Programme from € 3,000,000,000 to €
10,000,000,000 of Managing Board and Supervisory Board of the Guarantor of 17
September 2007.
________
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Annex 1
Prospectus dated 13 April 2007
Annex 2
First Supplement dated 27 September 2007
Annex 3
Second Supplement dated 3. October
2007-10-12
Annex 4
Final Terms and Conditions
4
Annex 1
Prospectus dated 13 April 2007
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Medium Term Note Programme Prospectus
13 April 2007
This document constitutes two base prospectuses: (i) the base prospectus of HEIDELBERGCEMENT AG in
respect of non-equity securities within the meaning of Art. 22 No. 6(4) of the Commission Regulation (EC)
No. 809/2004 of 29 April 2004 ("Non-Equity Securities"), and (ii) the base prospectus of
HEIDELBERGCEMENT FINANCE B. V. in respect of Non-Equity Securities (together, the "Medium Term
Note Programme Prospectus" or the "Prospectus").
HEIDELBERGCEMENT AG
(incorporated in the Federal Republic of Germany)
and
HEIDELBERGCEMENT FINANCE B. V.
(a private company with limited liability incorporated in The Netherlands)
(guaranteed by HeidelbergCement AG)
€ 3,000,000,000 Euro Medium Term Note Programme
(the "Programme")
Application has been made to the Luxembourg Commission de Surveillance du Secteur Financier (the
"CSSF"), in its capacity as competent authority under the Luxembourg Law relating to prospectuses for
securities (Loi relative aux prospectus pour valeurs mobilières), which implements the Directive 2003/71/EC
of the European Parliament and the Council of 4 November 2003, for approval of this Prospectus.
Application has been made to list notes to be issued under the Programme (the "Notes") on the official list
of the Luxembourg Stock Exchange and to trade Notes on the Regulated Market "Bourse de Luxembourg".
The Luxembourg Stock Exchange’s Regulated Market is a regulated market for the purposes of the Market
and the Financial Instruments Directive 2004/39/EC (the “Regulated Market”). Notes issued under the
Programme may also be listed on other or further stock exchanges or may not be listed at all. The
payments of all amounts due in respect of Notes issued by HeidelbergCement Finance B. V. will be
unconditionally and irrevocably guaranteed by HeidelbergCement AG.
Each Issuer has requested the CSSF to provide the competent authorities in the Federal Republic of
Germany, the Republic of Austria, the Repubic of Ireland, the United Kingdom of Great Britain and Northern
Ireland, and the Netherlands with a certificate of approval attesting that the Prospectus has been drawn up
in accordance with the Luxembourg Law relating to prospectuses for securities ("Notification"). Each Issuer
may request the CSSF to provide competent authorities in additional host Member States within the
European Economic Area with a Notification.
Prospective purchasers of the Notes should refer to the Risk Factors disclosed on page 25 to 32 of this
Prospectus.
Arranger
Deutsche Bank
Dealers
BNP PARIBAS
BayernLB
ABN AMRO
CALYON
Commerzbank Corporates &
Citigroup
Credit Agricole CIB
Markets
Deutsche Bank
Dresdner Kleinwort
Helaba
UniCredit Group (HVB)
ING Wholesale Banking
Landesbank Berlin AG
The Royal Bank of Scotland
Nordea
SEB Merchant Banking
WestLB AG
This Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and the website of HeidelbergCement AG (www.hzag.de). This Prospectus replaces the
Prospectus dated 13 April 2006. It is valid for a period of 12 months from its date of publication.
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RESPONSIBILITY STATEMENT
HeidelbergCement AG, with its registered office in Heidelberg, Federal Republic of Germany
("HeidelbergCement" or "HC" or "HC AG" or the "Company" or an "Issuer" or, in its capacity as guarantor,
the "Guarantor", together with its consolidated group companies, the "HeidelbergCement Group" or the
"HC Group" or the "Group") and HeidelbergCement Finance B. V., with its registered office in 'sHertogenbosch, The Netherlands ("HeidelbergCement Finance" or "HC Finance B. V." or an "Issuer" and
together with HeidelbergCement the "Issuers") are solely responsible for the information given in this
Prospectus.
Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the
information contained in this Prospectus is, to the best of its knowledge, in accordance with the facts and
contains no omission likely to affect its import.
NOTICE
This Prospectus should be read and understood in conjunction with any supplement hereto and with any
other document incorporated herein by reference. Full information on the Issuers and any tranche of Notes
is only available on the basis of the combination of this Prospectus and the relevant final terms (the "Final
Terms").
Each of the Issuers accepts responsibility for the information contained in this Prospectus and has
confirmed to the dealers set forth on the cover page (each a "Dealer" and together the "Dealers") that this
Prospectus contains all information with regard to HeidelbergCement, HeidelbergCement Finance and the
Notes which is necessary to enable investors to make an informed assessment of the assets and liabilities,
financial position, profit and losses and prospects of the Issuers and the rights attaching to the Notes which
is material in the context of the Programme, that the information contained in this Prospectus with respect to
HeidelbergCement, HeidelbergCement Finance and the Notes is accurate and complete in all material
respects and is not misleading, that the opinions and intentions expressed herein with respect to
HeidelbergCement, HeidelbergCement Finance and the Notes are honestly held, that there are no other
facts with respect to HeidelbergCement, HeidelbergCement Finance or the Notes the omission of which
would make this Prospectus as a whole or any of such information or the expression of any such opinions
or intentions misleading in any material respect and that the Issuers have made all reasonable enquiries to
ascertain all facts material for the purposes aforesaid.
Each of the Issuers and the Guarantor have undertaken with the Dealers to publish a supplement to this
Prospectus or to publish a new Prospectus if and when the information herein should become materially
inaccurate or incomplete or in the event of any significant new factor, material mistake or inaccuracy
relating to the information included in this Prospectus which is capable of affecting the assessment of the
Notes and, where approval by the CSSF of any such document is required, upon such approval having
been given.
No person has been authorised to give any information which is not contained in or not consistent with this
Prospectus or any other information supplied in connection with the Programme and, if given or made, such
information must not be relied upon as having been authorised by or on behalf of either Issuer or any of the
Dealers.
This Prospectus is valid for twelve months following its publication and it and any supplement hereto as well
as any Final Terms reflect the status as of their respective dates of issue. The offering, sale or delivery of
any Notes may not be taken as an implication that the information contained in such documents is accurate
and complete subsequent to their respective dates of issue or that there has been no adverse change in the
financial condition of the Issuers since such date or that any other information supplied in connection with
the Programme is accurate at any time subsequent to the date on which it is supplied or, if different, the
date indicated in the document containing the same.
To the extent permitted by the laws of any relevant jurisdiction, neither the Arranger nor any Dealer accepts
any responsibility for the accuracy and completeness of the information contained in this Prospectus or any
supplement hereof, or any other document incorporated by reference nor for the information contained in
any Final Terms.
The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of Notes in
certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final
7
Terms comes are required to inform themselves about and observe any such restrictions. For a description
of the restrictions applicable in the United States of America, the European Economic Area in general, the
United Kingdom, the Netherlands and Japan, see "Selling Restrictions" on page 143 to 146 of this
Prospectus. In particular, the Notes have not been and will not be registered under the United States
Securities Act of 1933, as amended, and are subject to tax law requirements of the United States of
America; subject to certain exceptions, Notes may not be offered, sold or delivered within the United States
of America or to U. S. persons.
The language of the Prospectus is English. Any part of the Prospectus in the German language constitutes
a translation. In respect of the issue of any Tranche of Notes under the Programme, the German text of the
Terms and Conditions may be controlling and binding if so specified in the Final Terms. Each of the Issuers
confirms that the in such case non-binding English text of the Terms and Conditions correctly and
adequately reflects the binding German language version of the Terms and Conditions. In respect of the
Guarantee of HeidelbergCement AG for the benefit of the holders of Notes issued by HeidelbergCement
Finance B. V. (the "Guarantee"), the German language version of the Guarantee is always controlling and
binding.
Neither this Prospectus nor any Final Terms may be used for the purpose 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 an offer or solicitation.
Neither this Prospectus nor any Final Terms constitute an offer or invitation by or on behalf of the
Issuer or the Dealers to any person to subscribe for or to purchase any Notes.
In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the
stabilising manager(s) (or persons acting on behalf of any stabilising manager(s)) in the applicable
Final Terms may over-allot Notes (provided that the aggregate principal amount of Notes allotted
does not exceed 105 per cent of the aggregate principal amount of the relevant Tranche) or effect
transactions with a view to supporting the price of the Notes at a level higher than that which might
otherwise prevail. However, there is no assurance that the stabilising manager(s) (or persons acting
on behalf of a stabilising manager) will undertake stabilisation action. Any stabilisation action may
begin on or after the date on which adequate public disclosure of the terms of the offer of the
relevant Tranche of Notes 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 and 60 days after the date of the allotment of the
relevant Tranche of Notes.
8
TABLE OF CONTENTS
Page
General Description of the Programme .................................................................................................... 7
Summary...................................................................................................................................................... 8
Summary regarding the Notes ...................................................................................................................... 8
Summary regarding HeidelbergCement AG ............................................................................................... 12
Summary regarding HeidelbergCement Finance B. V. ............................................................................... 12
Summary of Risk Factors regarding the Notes ........................................................................................... 12
Summary of Risk Factors regarding HeidelbergCement AG ...................................................................... 14
Summary of Risk Factors regarding HeidelbergCement Finance B. V. ...................................................... 14
German Translation of the Summary ...................................................................................................... 15
Risk Factors............................................................................................................................................... 25
Risk Factors regarding the Notes.................................................................................................................25
Risk Factors regarding HeidelbergCement AG............................................................................................29
Risk Factors regarding HeidelbergCement Finance B. V. ...........................................................................32
HeidelbergCement AG as Issuer and Guarantor.....................................................................................33
Statutory Auditors.........................................................................................................................................33
Selected Financial Information.....................................................................................................................33
Historical Financials ..............................................................................................................................33
History and development of HeidelbergCement AG ....................................................................................33
Business Overview.......................................................................................................................................33
Organisational Structure ..............................................................................................................................38
Trend Information.........................................................................................................................................39
Investments..................................................................................................................................................40
Administrative, Management and Supervisory Bodies.................................................................................41
Board Practices............................................................................................................................................42
Major Shareholders......................................................................................................................................42
Financial Information concerning the Assets and Liabilities, Financial Position and
Profits and Losses of HeidelbergCement AG ..............................................................................................42
Financial Statements.............................................................................................................................43
Auditing of Historical Annual Financial Information ...............................................................................47
Age of Latest Financial Information.......................................................................................................47
Significant Change in the Financial or Trading Position of HeidelbergCement AG...............................47
Legal and Arbitration Proceedings ........................................................................................................47
Asbestos Litigation ................................................................................................................................48
Regulatory Environment...............................................................................................................................48
Environment .................................................................................................................................................49
Additional Information ..................................................................................................................................50
Share Capital.........................................................................................................................................50
Articles of Association ...........................................................................................................................51
HeidelbergCement Finance B. V...............................................................................................................52
Statutory Auditors.........................................................................................................................................52
Selected Financial Information.....................................................................................................................52
Historical Financials..................................................................................................................................52
History and development of HeidelbergCement Finance B. V.....................................................................52
Business Overview.......................................................................................................................................52
Organisational Structure ..............................................................................................................................52
Trend Information........................................................................................................................................52
Administrative, Management and Supervisory Bodies.................................................................................52
Board Practices............................................................................................................................................53
Major Shareholders......................................................................................................................................53
9
Financial Information concerning the Assets and Liabilities, Financial Position and Profits and
Losses of HeidelbergCement Finance B. V. ................................................................................................54
Interim and other Financial Information.................................................................................................56
Legal and Arbitration Proceedings ........................................................................................................56
Significant Change in the Financial or Trading Position of HeidelbergCement Finance B. V. ..............56
Additional Information ..................................................................................................................................56
Share Capital.........................................................................................................................................56
Articles of Association ...........................................................................................................................56
Issue Procedures .......................................................................................................................................57
Terms and Conditions of the Notes – English Language Version ........................................................59
Terms and Conditions of the Notes – German Language Version
(Deutsche Fassung der Emissionsbedingungen)............................................................................78
Guarantee / Garantie..................................................................................................................................99
Form of Final Terms / Muster-Endgültige Bedingungen ......................................................................105
Taxation ....................................................................................................................................................122
Selling Restrictions..................................................................................................................................128
General Information .................................................................................................................................132
Interest of Natural and Legal Persons involved in the Issue/Offer ......................................................132
Use of Proceeds..................................................................................................................................132
Authorisation .......................................................................................................................................132
Post-issuance Information...................................................................................................................132
Listing and Admission to Trading ........................................................................................................132
Documents on Display ............................................................................................................................133
Documents incorporated by Reference .................................................................................................134
Addresses .................................................................................................................................................136
10
GENERAL DESCRIPTION OF THE PROGRAMME
Under the Programme HeidelbergCement AG and HeidelbergCement Finance B. V. may from time to time
issue Notes to one or more of the Dealers. The maximum aggregate principal amount of all Notes any time
outstanding under the Programme will not exceed € 3,000,000,000 (or its equivalent in any other currency).
The Issuers may increase the amount of the Programme in accordance with the terms of the Dealer
Agreement (as defined below) from time to time.
Notes issued by HeidelbergCement Finance B. V. will have the benefit of a Guarantee given by
HeidelbergCement AG. The Guarantee constitutes an unconditional, unsecured and unsubordinated
obligation of HeidelbergCement AG and ranks pari passu with all other unsecured and unsubordinated
obligations of HeidelbergCement AG.
The Notes may be issued on a continuing basis to one or more of the Dealers and any additional Dealer
appointed under the Programme from time to time by the Issuer(s), which appointment may be for a specific
issue or on an ongoing basis. Notes may be distributed by way of public offer or private placements and, in
each case, on a syndicated or non-syndicated basis. The method of distribution of each tranche of Notes
will be stated in the Final Terms.
The Notes will be issued in series (each, a "Series"). Each Series may comprise one or more tranches
issued on different dates. The specific terms of each tranche of Notes will be set forth in the Final Terms.
Notes will be issued in such denominations as may be agreed between the relevant Issuer and the relevant
Dealer(s) and as indicated in the Final Terms save that the minimum denomination of the Notes will be, if in
euro, € 1,000, or, if in any currency other than euro, an amount in such other currency equal to or
exceeding the equivalent of € 1,000 at the time of the issue of Notes.
Notes will be issued with a maturity of twelve months or more.
Notes may be issued at an issue price which is at par or at a discount to, or premium over, par, as stated in
the Final Terms.
Application has been made to list Notes on the official list of the Luxembourg Stock Exchange and to trade
Notes on the Regulated Market "Bourse de Luxembourg". The Programme provides that Notes may be
listed on other or further stock exchanges, as may be agreed between the relevant Issuer and the relevant
Dealer(s) in relation to each issue. Notes may further be issued under the Programme which will not be
listed on any stock exchange.
Notes will be accepted for clearing through one or more Clearing Systems as specified in the Final Terms.
These systems will include those operated by Clearstream Banking AG, Frankfurt am Main (CBF),
Clearstream Banking, société anonyme, Luxembourg (CBL) and Euroclear Bank S. A./N. V., as operator of
the Euroclear System (Euroclear).
Deutsche Bank Aktiengesellschaft will act as fiscal agent and Deutsche Bank Luxembourg S. A. will act as
paying agent.
11
SUMMARY
The following constitutes the summary (the "Summary") of the essential characteristics and risks
associated with each Issuer, the Guarantor and the Notes to be issued under the Programme. This
Summary should be read as an introduction to this Prospectus. Any decision by an investor to invest in the
Notes should be based on consideration of this Prospectus as a whole, including the documents
incorporated by reference, any supplements thereto and the Final Terms. Where a claim relating to the
information contained in this Prospectus, the documents incorporated by reference, any supplements
thereto and the Final Terms is brought before a court, the plaintiff investor might, under the national
legislation of such court, have to bear the costs of translating the Prospectus, the documents incorporated
by reference, any supplements thereto and the Final Terms before the legal proceedings are initiated. Civil
liability attaches to the Issuers who have tabled this Summary including any translation thereof, and have
applied or will apply for its notification, but only if this Summary is misleading, inaccurate or inconsistent
when read together with the other parts of this Prospectus.
The following summary does not purport to be complete and is taken from, and is qualified in its entirety by,
the remainder of this Prospectus and, in relation to the terms and conditions of any particular Tranche of
Notes, the Final Terms.
Summary regarding the Notes
Specified Currencies:
Subject to any applicable legal or regulatory restrictions and requirements of
relevant central banks, Notes may be issued in Euro or any other currency
agreed by the relevant Issuer and the relevant Dealer(s).
Denomination of Notes:
Notes will be issued in such denominations as may be agreed between the
relevant Issuer and the relevant Dealer save that the minimum denomination
of the Notes will be, if in euro, € 1,000, if in any currency other than euro, an
amount in such other currency equal to or exceeding the equivalent of
€ 1,000 at the time of the issue of the Notes.
Maturities:
Notes will have such maturities as may be agreed between the relevant
Issuer and the relevant Dealer and as indicated in the applicable Final
Terms, subject to such minimum or maximum maturities as may be allowed
or required from time to time by the relevant central bank (or equivalent
body) or any laws or regulations applicable to the Issuer or the relevant
Specified Currency. Notes will be issued with the maturity of twelve months
or more.
Form of Notes:
Notes may be issued in bearer form only.
Description of Notes:
Notes may be either interest bearing at fixed or variable rates or non-interest
bearing, with principal repayable at a fixed amount or by reference to a
formula as may be agreed between the relevant Issuer and the relevant
Dealer(s) as specified in the applicable Final Terms.
Fixed Rate Notes:
Fixed Rate Notes bear a fixed interest income throughout the entire term of
the Notes. Fixed interest will be payable on such basis as may be agreed
between the relevant Issuer and the relevant Dealer as specified in the Final
Terms..
Floating Rate Notes:
Floating Rate Notes will bear interest at a rate determined (and as adjusted
for any applicable margin):
– on the basis of a reference rate appearing on the agreed screen page of
a commercial quotation service, or
– on the same basis as the floating rate under a notional interest rate swap
transaction in the relevant specified currency governed by an agreement
incorporating the 2000 ISDA Definitions (as published by the
International Swap and Derivatives Association, Inc., and as amended
12
and updated as at the date on which the first tranche of the Notes of the
relevant Series is issued),
– on such basis as indicated in the Final Terms.
The Margin (if any) relating to such floating rate will be indicated in the Final
Terms for each Series of Floating Rate Notes. Interest periods for Floating
Rate Notes will be one, two, three, six or twelve months or such other
period(s) as may be agreed between the relevant Issuer and the relevant
Dealer, as indicated in the Final Terms.
Structured Floating Rate
Notes:
Floating Rate Notes may include multipliers or other leverage factors, or
caps or floors, or any combination of those features or other similar related
features.
Zero Coupon Notes:
Zero Coupon Notes will be offered and sold at a discount to their nominal
amount or on an accumulated interest basis, in each case without periodic
payments of interest.
Dual Currency Notes:
Dual Currency Notes are Notes where payment of principal and payment of
interest can be made in different currencies. Payments (whether in respect
of principal or interest and whether at maturity or otherwise) in respect of
Dual Currency Notes will be made in such currencies, and based on such
rates of exchange, as the relevant Issuer and the relevant Dealer may
agree, as indicated in the Final Terms.
Instalment Notes:
Instalment Notes are Notes, where payment of principal is made in
instalments. Instalments will be made as the relevant Issuer and the relevant
Dealer(s) may agree, as indicated in the Final Terms.
Index Linked Notes:
Index Linked Notes may be issued as Index Linked Interest Notes or Index
Linked Redemption Notes or a combination of both.
Index Linked Interest
Notes:
Payments of interest in respect of Index Linked Interest Notes will be made
by reference to a single index or other factors (including changes in the price
of securities and commodities or movements in exchange rates) and/or such
formula as may be specified by the relevant Issuer and the relevant Dealer,
as indicated in the Final Terms.
Index Linked Redemption
Notes:
Payments of principal in respect of Index Linked Redemption Notes will be
calculated by reference to a single index or other factors (including changes
in the price of securities and commodities or movements in exchange rates)
and/or such formula as may be specified by the relevant Issuer and the
relevant Dealer(s), as indicated in the Final Terms. Each nominal amount of
Notes equal to the lowest specified denomination specified in the Final
Terms will be redeemed by payment of the redemption amount specified in
or as determined pursuant to provisions in the Final Terms.
Other provisions in
relation to Floating Rate
Notes and Index Linked
Interest Notes:
Floating Rate Notes and Index Linked Interest Notes may also have a
maximum interest rate ("Cap"), a minimum interest rate ("Floor") or both.
Other Notes:
Notes may be of any other type which the relevant Issuer and the relevant
Dealer may agree. The terms governing any such Notes will be specified in
the Final Terms.
Redemption:
The Final Terms will indicate either that the Notes of such Tranche cannot
be redeemed prior to their stated maturity (other than in specified
instalments, if applicable, or for taxation reasons or following an Event of
Default) or that such Notes will be redeemable at the option of the Issuer
and/or the Holders of the Notes upon giving notice within the notice period (if
any) indicated in the Final Terms to the Holders of the Notes or the Issuer,
Interest on Floating Rate Notes and Index Linked Interest Notes in respect
of each interest period, as selected prior to issue by the relevant Issuer, the
Guarantor (if HeidelbergCement Finance is the Issuer) and the relevant
Dealer, will be payable on such Interest Payment Dates specified in, or
determined pursuant to, the Final Terms and will be calculated as indicated
in the Final Terms.
13
as the case may be, on a date or dates specified prior to such stated
maturity and at a price or prices and on such terms as indicated in the Final
Terms.
Any Notes, the proceeds of which are to be accepted by the relevant Issuer
in the United Kingdom, which must be redeemed before the first anniversary
of their date of issue shall (a) have a redemption value of not less than
£ 100,000 (or an amount of equivalent value denominated wholly or partly in
a currency other than Sterling), and (b) provide that no part of any such Note
may be transferred unless the redemption value of that part is not less than
£ 100,000 (or such an equivalent amount).
Taxation:
Payments of principal and interest in respect of the Notes shall be made
without withholding or deduction for or on account of any present or future
taxes, duties or governmental charges of any nature whatsoever imposed,
levied or collected by or on behalf of the Federal Republic of Germany, or, in
the case of Notes issued by HeidelbergCement Finance, by or on behalf of
The Netherlands or by or on behalf of any political subdivision or authority
therein having power to tax, unless such withholding or deduction is required
by law. In such event, the Issuer will, subject to the exceptions set out in the
Terms and Conditions, pay such additional amounts as shall be necessary
in order that the net amounts received by the Holders of the Notes after such
withholding or deduction shall equal the respective amounts of principal and
interest which would otherwise have been receivable in respect of the Notes
in the absence of such withholding or deduction.
Early Redemption for
Taxation Reasons:
Early redemption for taxation reasons will be permitted if as a result of any
change in, or amendment to the laws or regulations (including any
amendment to, or change in, an official interpretation or application of such
laws or regulations), of the Federal Republic of Germany and, in case of
Notes issued by HeidelbergCement Finance, the Netherlands or any political
subdivision or taxing authority thereto or therein affecting taxation or the
obligation to pay duties of any kind, the Issuer or, in case of Notes issued by
HeidelbergCement Finance, the Guarantor, is required to pay additional
amounts on the Notes.
Status of the Notes:
The Notes will constitute unsecured and unsubordinated obligations of the
relevant Issuer and will rank pari passu among themselves and pari passu
with all other unsecured and unsubordinated obligations of the respective
Issuer, unless such obligations are accorded priority under mandatory
provisions of statutory law.
Negative Pledge of the
Issuer:
The terms of the Notes will contain a negative pledge provision. Likewise,
the Guarantee applicable to Notes includes a negative pledge of
HeidelbergCement AG.
Guarantee:
The Notes issued by HeidelbergCement Finance will have the benefit of the
Guarantee given by HeidelbergCement AG. The Guarantee constitutes an
unconditional,
unsecured
and
unsubordinated
obligation
of
HeidelbergCement AG and ranks pari passu with all other unsecured and
unsubordinated obligations of HeidelbergCement AG.
Events of Default and
Cross Default:
The Notes will provide for Events of Default entitling the Holders of the
Notes to demand immediate redemption of the Notes.
The Terms and Conditions of the Notes will contain a cross-default in
relation to Capital Market Indebtedness exceeding EUR 25,000,000.
Listing and Trading:
Application has been made to list notes to be issued under the Programme
(the "Notes") on the official list of the Luxembourg Stock Exchange and to
trade Notes on the Regulated Market "Bourse de Luxembourg". The
Programme provides that Notes may also be listed on other or further stock
exchanges or not be listed at all.
Governing Law:
German Law.
Place of Jurisdiction and
Non-exclusive place of jurisdiction for any legal proceedings arising under
14
Process Agent:
the Notes and the Guarantee is Frankfurt am Main. HeidelbergCement
Finance has appointed HeidelbergCement AG to act as its agent for service
of process in any proceedings arising out of the Notes brought, or to be
brought, in any court in the Federal Republic of Germany.
15
Summary regarding HeidelbergCement AG
HeidelbergCement is one of the world's leading manufacturers of construction materials with operations in
approximately 50 countries, and has its registered seat and head office at Berliner Strasse 6, 69120
Heidelberg, Germany.
HeidelbergCement AG, founded in 1873 as an "offene Handelsgesellschaft", was incorporated in 1889 as a
German public limited company (Aktiengesellschaft) under the name of "Portland-Cementwerk Heidelberg
AG, vorm. Schifferdecker & Söhne". In 1938 HeidelbergCement AG changed its name to "PortlandZementwerke Heidelberg Aktiengesellschaft" and in 1978 it took the name of "Heidelberger Zement
Aktiengesellschaft". In 2002, the Company was renamed "HeidelbergCement AG".
HeidelbergCement concentrates on the production and sale of cement, concrete and building material
products and is a leading European producer of dry mortar and lightweight aggregates. For the year ended
31 December 2006, the Group achieved a consolidated turnover of € 9,234 million and an operating income
before depreciation of € 1,975 million. The Group employed around 46,000 people in 2006.
The global business activities of the Group include the following Group areas: Europe-Central Asia, North
America and Asia-Africa-Mediterranean Basin, with business activities in the business lines cement,
concrete and building materials. In addition HeidelbergCement's Group Services business unit covers
international trade in cement and clinker and procurement of fossil fuels, while the maxit Group business
unit combines many of the European building materials activities.
The subscribed share capital of HeidelbergCement AG amounts to € 346,973,967 and is divided into
115,657,989 bearer shares with a proportional amount of share capital of € 3.00 each. All shares have been
issued and are fully paid.
According to the information available to the Company, the main holders of HeidelbergCement AG's share
capital are Spohn Cement GmbH with 66.00 %, Senator h.c. Dr. med. h.c. Adolf Merckle with 11.32 %
(thereof 11.09 % via VEM Vermögensverwaltung GmbH) and SCHWENK Beteiligungen GmbH & Co. KG
with 7.5 %. The free float amounts to 15.18 % of the share capital.
Summary regarding HeidelbergCement Finance B. V.
HeidelbergCement Finance with its business address at Sint Teunislaan 1, 5231 BS's-Hertogenbosch, The
Netherlands, is a wholly-owned subsidiary of HeidelbergCement.
The objects of HeidelbergCement Finance are:
•
to perform all kinds of finance activities, including to borrow, to lend and to raise funds, including the
issue of bonds, promissory notes or other securities of indebtedness, as well as to enter into
agreements relating thereto;
•
to participate in, to manage, to incorporate and to finance enterprises and companies;
•
to perform all activities that may be related or conducive to the above, all this in the widest sense of the
word.
16
Summary of Risk Factors regarding the Notes
Liquidity Risk
There can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop,
that it will continue. In an illiquid market, an investor might not be able to sell his Notes at any time at fair
market prices. The possibility to sell the Notes might additionally be restricted by country specific reasons.
Market Price Risk
The holder of Notes is exposed to the risk of an unfavourable development of market prices of its Note
which materialises if the holders sell the Notes prior to the final maturity of such Notes.
Risk of Early Redemption
If the relevant Issuer has the right to redeem the Notes prior to maturity or if the Notes are redeemed prior
to maturity due to the occurrence of an event set out in the Terms and Conditions of the Notes, a holder of
such Notes is exposed to the risk that due to early redemption his investment will have a lower than
expected yield.
Currency Risk/Dual Currency Notes
A holder of a Note denominated in a foreign currency and a holder of a dual currency Note is exposed to
the risk of changes in currency exchange rates which may affect the yield of such Notes.
Fixed Rate Notes and Step-up and Step-down Fixed Rate Notes
A holder of Fixed Rate Notes and Step-up and Step-down Fixed Rate Notes is exposed to the risk that the
price of such Note falls as a result of changes in the market interest rate.
Floating Rate Notes
A holder of Floating Rate Notes is exposed to the risk of fluctuating interest rate levels und uncertain
interest income. Fluctuating interest rate levels make it impossible to determine the profitability of Floating
Rate Notes. Floating Rate Notes may include multipliers or other leverage factors, or caps or floors, or any
combination of those features or other similar related features. The market value of such structured Floating
Rate Notes tends to be more volatile than the market value of conventional Floating Rate Notes.
Zero Coupon Notes
A holder of Zero Coupon Notes is exposed to the risk that the price of such Note falls as a result of changes
in the market interest rate. Prices of Zero Coupon Notes are more volatile than prices of Fixed Rate Notes
and are likely to respond to a greater degree to market interest rate changes than interest bearing notes
with a similar maturity.
Index Linked Notes
A holder of Index Linked Notes is exposed to the risk of fluctuating interest rate levels and uncertainty with
respect to interest income and may even receive no interest at all. The yield of an Index Linked Interest
Note may even be negative. A holder of Index Linked Redemption Notes is exposed to uncertainty with
respect to the redemption amount. The yield of an Index Linked Redemption Note may be negative and an
investor may lose the value of its entire investment or part of it. Uncertainty with respect to interest and
repayment amount makes it impossible to determine the yield of Index Linked Notes in advance. The more
volatile the relevant index is, the greater is the uncertainty in respect of interest income and redemption
amount.
Structured Notes
An investment in Note(s) the premium and/or the interest on or principal of which is determined by
reference to one or more values of currencies, commodities, interest rates or other indices or formulae,
17
either directly or inversely, may entail significant risks not associated with similar investments in a
conventional debt security, including the risks that the resulting interest rate will be less than that payable
on a conventional debt security at the same time and/or that an investor could lose all or a substantial
portion of the principal of his Notes.
Risks in connection with Caps
The yield of Notes with a cap can be considerably lower than that of similar structured Notes without a cap.
Risk of Potential Conflicts of Interest in case of an Underlying
It cannot be completely ruled out that decisions made by the relevant Issuer and/or the Dealer(s) made in
other independent business areas may have a negative impact on the value of an underlying.
18
Summary of Risk Factors regarding HeidelbergCement AG
The development of the construction industry is closely linked to the general economic situation and
significantly influences the building materials industry. Negative global trends in the construction industry or
in key regional markets could have a negative impact on HeidelbergCement's liquidity, financial condition
and result of operations.
Overcapacities and a reduction in the utilization of HC's plants in regional markets might be possible and
could have an impact on the overall operating profitability of HC.
HC has activities in growing and developing countries in Eastern Europe, Africa and Asia, which can
experience political instability, civil unrest or violence as well as corruption and often have legal systems in
which the protection of rights and the enforceability of contractual claims are not guaranteed.
Significant increases or fluctuations in energy prices and fuel costs could have a material adverse effect on
HC's liquidity, financial condition and results of operations.
The financial risks of primary relevance for HC are currency risks, interest rate risks, refinancing risks and
credit risks.
Some of HC's locations are exposed to increased risks of earthquakes and other natural disasters for which
HC has not acquired full insurance coverage.
The German Federal Cartel Office ("FCO") levied antitrust fines against HC and its subsidiaries Anneliese
Zementwerke AG (meanwhile merged into HC) and TEUTONIA Zementwerk AG (newly acquired by HC in
2005) in an aggregate amount of € 286.5 million. In addition, Cartel Damage Claims SA ("CDC"), a Belgian
company, which asserts potential claims on behalf of 29 potentially damaged customers, has filed a lawsuit
against the six alleged main participants of the cement cartel in Germany, amounting to a total of
approximately € 160 million (incl. interest). HC is defending itself against the fines and the damage claim
before the competent courts, but can offer no assurance regarding the outcome of these proceedings.
HC operates cement plants and other industrial facilities worldwide, which may create environmental risks,
including risk imposed by emissions, ground water and soil contamination.
HC operates a number of companies together with other shareholders, which might have different business
interests than HC.
Summary of Risk Factors regarding HeidelbergCement Finance B.V.
HC Finance B. V.'s operations depend on the ability of HC and other member's of HC Group to meet their
payment obligations under loans provided to them by HC Finance B. V.
All debt securities of HC Finance B. V. are wholly and unconditionally guaranteed by HC AG in respect of
principle and interest payments. For the risk factors regarding HC AG, as guarantor and debtor to HC
Finance B. V., please see this separate section above.
19
GERMAN TRANSLATION OF THE SUMMARY
Der folgende Abschnitt stellt die Zusammenfassung der wesentlichen Merkmale und Risiken der
Emittentinnen, der Garantin und der Schuldverschreibungen, die unter dem Programm begeben werden,
dar. Die Zusammenfassung ist als Einleitung zum Prospekt zu verstehen. Der Anleger sollte jede
Entscheidung zur Anlage in die betreffenden Wertpapiere auf die Prüfung des gesamten Prospekts,
einschließlich der durch Verweis einbezogenen Dokumente, etwaige Nachträge und der Endgültigen
Bedingungen stützen. Für den Fall, dass vor einem Gericht Ansprüche aufgrund der in einem Prospekt,
durch Verweis einbezogenen Dokumenten, etwaigen Nachträgen sowie den jeweiligen Endgültigen
Bedingungen enthaltenen Informationen geltend gemacht werden, könnte der als Kläger auftretende
Anleger in Anwendung der einzelstaatlichen Rechtsvorschriften des jeweiligen Gerichts die Kosten für die
Übersetzung des Prospekts, der durch Verweis einbezogenen Dokumente, etwaiger Nachträge und der
Endgültigen Bedingungen vor Prozessbeginn zu tragen haben. Die Emittentinnen, die die
Zusammenfassung einschließlich einer Übersetzung davon vorgelegt und deren Meldung beantragt haben,
können haftbar gemacht werden, jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig
oder widersprüchlich ist, wenn sie zusammen mit anderen Teilen des Prospekts gelesen wird.
Die nachstehende Zusammenfassung ist keine vollständige Darstellung, sondern gehört zum Prospekt und
ist im Zusammenhang mit dem Prospekt insgesamt sowie, in Bezug auf die Emissionsbedingungen
einzelner Tranchen von Schuldverschreibungen, mit den Endgültigen Bedingungen zu lesen.
Zusammenfassung die Schuldverschreibungen betreffend
Festgelegte Währungen:
Vorbehaltlich der Einhaltung aller geltenden gesetzlichen oder
behördlichen Beschränkungen sowie Anforderungen der betreffenden
Zentralbanken können die Schuldverschreibungen in Euro oder jeder
anderen Währung, die zwischen die betreffenden Emittentin und den
jeweiligen Plazeur vereinbart wird, begeben werden.
Stückelungen der
Schuldverschreibungen:
Die Schuldverschreibungen werden in den Stückelungen begeben, die
zwischen der betreffenden Emittentin und den jeweiligen Plazeur
vereinbart werden, mit der Maßgabe, dass die Mindeststückelung der
Schuldverschreibungen € 1.000 betragen wird, bzw., falls die
Schuldverschreibungen auf eine andere Währung lauten, einen Betrag in
dieser anderen Währung, der zur Zeit der Begebung der
Schuldverschreibungen dem Gegenwert von € 1.000 entspricht oder
diesen übersteigt.
Laufzeiten:
Die Laufzeiten der Schuldverschreibungen werden jeweils zwischen der
betreffenden Emittentin und dem jeweiligen Plazeur vereinbart und in den
endgültigen Bedingungen angegeben, allerdings vorbehaltlich der
Mindestlaufzeiten, die jeweils seitens der betreffenden Zentralbanken
(oder entsprechenden Behörden) oder gemäß den auf die betreffenden
Emittentin oder die relevante Währung anwendbaren Gesetzen und
Vorschriften zulässig oder erforderlich sind. Die Mindestlaufzeit der
Schuldverschreibungen wird zwölf Monate sein.
Form der
Die Schuldverschreibungen werden ausschließlich als Inhaberpapiere
begeben.
Beschreibung der
Schuldverschreibungen können entweder verzinslich zu festen oder
variablen Zinssätzen oder unverzinslich sein, mit Kapitalrückzahlung zu
einem festen Betrag oder unter Bezugnahme einer Formel, wie zwischen
der betreffenden Emittentin und dem jeweiligen Plazeur vereinbart und in
den endgültigen Bedingungen angegeben.
Festverzinsliche
Festverzinsliche Schuldverschreibungen verbriefen einen festen
Zinsertrag über die gesamte Laufzeit der Schuldverschreibungen. Der
Festzins wird auf der Basis, die zwischen der betreffenden Emittentin und
dem jeweiligen Plazeur vereinbart und in den endgültigen Bedingungen
20
angegeben wird, fällig.
Variabel verzinsliche
Variabel verzinsliche Schuldverschreibungen werden mit einem Zinssatz
verzinst (und angepasst um eine ggf. anwendbare Marge):
– der auf einem Referenzzinssatz, der auf einer vereinbarten
Bildschirmseite eines Kursdienstes angezeigt wird, basiert oder
– der dem variablen Zinssatz einer angenommenen Zins-SwapTransaction in der betreffenden festgelegten Währung entspricht, die
durch einen Vertrag geregelt wird, welcher die 2000 ISDA Definitionen
einbezieht (die von der International Swaps and Derivatives
Association, Inc. veröffentlicht wurden, und zwar in der zum Datum der
ersten Tranche der Schuldverschreibungen der betreffenden Serie
geltenden ggf. geänderten Fassung),
– auf Grundlage der in den endgültigen Bedingungen angegebenen
Basis.
Eine etwaige Marge bezogen auf einen solchen variablen Zinssatz wird für
jede Serie von variabel verzinslichen Schuldverschreibungen in den
endgültigen Bedingungen angegeben. Die Zinsperioden für variabel
verzinsliche Schuldverschreibungen umfassen einen, zwei, drei, sechs
oder zwölf Monat(e) bzw. einen oder mehrere andere zwischen der
betreffenden Emittentin und dem jeweiligen Plazeur vereinbarte
Zeiträume, wie in den endgültigen Bedingungen festgelegt.
Strukturierte variabel
verzinsliche
Variabel verzinsliche Schuldverschreibungen können mit Multiplikatoren
oder anderen Hebelfaktoren sowie mit Zinsober- und Zinsuntergrenzen
oder einer Kombination dieser Merkmale oder mit ähnlichen Merkmalen
ausgestattet sein.
NullkuponSchuldverschreibungen:
Nullkupon-Schuldverschreibungen werden mit einem Abschlag auf ihren
Kapitalbetrag angeboten und verkauft oder auf Basis akkumulierter
Zinsen, in jedem Fall ohne periodische Zinszahlungen.
DoppelwährungsSchuldverschreibungen:
Doppelwährungs-Schuldverschreibungen sind Schuldverschreibungen,
bei denen die Kapitalzahlung und/oder die Zinszahlung in
unterschiedlichen Währungen erfolgen kann. Zahlungen (ob in Bezug auf
Kapital oder Zinsen, sei es zum Rückzahlungstag oder zu einem anderen
Zeitpunkt) auf Doppelwährungs-Schuldverschreibungen erfolgen in der
Währung und auf der Grundlage der Wechselkurse, die zwischen der
betreffenden Emittentin und dem jeweiligen Plazeur vereinbart werden,
wie in den endgültigen Bedingungen angegeben.
RatenSchuldverschreibungen:
Raten-Schuldverschreibungen sind Schuldverschreibungen, bei denen die
Kapitalzahlung in Raten erfolgt. Die Zahlung von Raten erfolgt wie
zwischen der betreffenden Emittentin und dem jeweiligen Plazeur
vereinbart (und in den endgültigen Bedingungen angegeben).
Indexierte
Indexierte
Schuldverschreibungen
können
in
Form
von
mit
indexabhängiger
Verzinsung
oder
Schuldverschreibungen mit indexabhängiger Rückzahlung oder als
Kombination dieser beiden Formen ausgegeben werden.
Schuldverschreibungen mit
indexabhängiger
Verzinsung:
Zinszahlungen auf Schuldverschreibungen mit indexabhängiger
Verzinsung erfolgen auf Basis eines einzelnen Indizes oder anderer
Faktoren (einschließlich Kurs- bzw. Preisänderungen von Wertpapieren
und Waren oder Wechselkursbewegungen) und/oder auf Basis einer von
der betreffenden Emittentin und dem jeweiligen Plazeur festgelegten
Formel (wie in den endgültigen Bedingungen angegeben).
21
indexabhängiger
Rückzahlung
Kapitalzahlungen
in
Bezug
auf
mit
indexabhängiger Rückzahlung werden auf Basis eines einzelnen Indizes
oder anderer Faktoren (einschließlich Kurs- bzw. Preisänderungen von
Wertpapieren und Waren oder Wechselkursbewegungen) und/oder auf
Basis einer von der betreffenden Emittentin und dem jeweiligen Plazeur
festgelegten Formel berechnet (wie in den endgültigen Bedingungen
angegeben).
Die
Rückzahlung
jedes
Nennbetrages
einer
Schuldverschreibung in Höhe der niedrigsten in den endgültigen
Bedingungen festgelegten Stückelung, erfolgt in Höhe des
Rückzahlungsbetrages, der in den endgültigen Bedingungen angegeben
ist oder gemäß den darin enthaltenen Bestimmungen ermittelt wird.
Andere Bestimmungen in
Bezug auf variabel
verzinsliche
Schuldverschreibungen und
indexabhängiger
Verzinsung
Für
Variabel
verzinsliche
und
Schuldverschreibungen mit indexabhängiger Verzinsung kann ein
Höchstzinssatz ("Cap"), ein Mindestzinssatz ("Floor") oder beides
festgelegt sein.
Sonstige
Schuldverschreibungen können in jeder anderen von der betreffenden
Emittentin und dem jeweiligen Plazeur jeweils festgelegten
Wertpapierform begeben werden. Die jeweiligen Bedingungen dieser
Schuldverschreibungen sind in den endgültigen Bedingungen festgelegt.
Rückzahlung
In den endgültigen Bedingungen ist entweder festgelegt, dass die
Schuldverschreibungen vor Ablauf ihrer festgelegten Laufzeit nicht
rückzahlbar sind (es sein denn aus steuerlichen Gründen, bzw. nur bei
Eintritt
eines
Kündigungsereignisses),
oder
dass
die
Schuldverschreibungen nach Wahl der betreffenden Emittentin und/oder
der Gläubiger unter Einhaltung einer in den Endgültigen Bedingungen
festgelegten Frist gegenüber den Gläubigern bzw. der Emittentin kündbar
(rückzahlbar) sind, und zwar zu dem(n) Zeitpunkt(en) vor der
angegebenen Fälligkeit und zu dem(n) Preis(en), wie diese jeweils in den
Endgültigen Bedingungen festgelegt sind.
Zinsen
auf
variabel
verzinsliche
und
Schuldverschreibungen mit indexabhängiger Verzinsung sind in Bezug auf
jede vor Ausgabe der Schuldverschreibungen jeweils zwischen der
betreffenden Emittentin, die Garantin (falls HeidelbergCement Finance die
Emittentin ist) und dem jeweiligen Plazeur bestimmten Zinsperiode an den
Zinszahlungstagen fällig, die in den endgültigen Bedingungen angegeben
oder gemäß den endgültigen Bedingungen bestimmt werden, und sind so
zu berechnen, wie in den endgültigen Bedingungen vorgesehen.
Schuldverschreibungen, deren Erlöse von der betreffenden Emittentin im
Vereinigten Königreich angenommen werden und die vor Ablauf des
ersten Jahres nach ihrer Begebung zurückgezahlt werden müssen,
werden (a) eine Mindeststückelung von £ 100.000 (bzw. einen diesem
Wert entsprechenden Betrag ganz oder teilweise in einer anderen
Währung) haben und (b) vorsehen, dass solche Schuldverschreibungen
bzw. ein Anteil an einer solchen Schuldverschreibung nicht übertragen
werden darf, es sei denn, der Rückzahlungsbetrag für diesen Anteil
beträgt mindestens £ 100.000 (bzw. den entsprechenden Betrag in einer
anderen Währung).
Besteuerung
Auf die Schuldverschreibungen zu zahlenden Beträge an Kapital und
Zinsen sind ohne Einbehalt oder Abzug von oder aufgrund von
gegenwärtigen oder zukünftigen Steuern oder sonstigen Abgaben gleich
welcher Art zu leisten, die von oder für Rechnung der Bundesrepublik
Deutschland oder (im Falle von Schudverschreibungen, die durch
HeidelbergCement Finance begebenen werden) von oder für Rechnung
der Niederlanden oder einer politischen Untergliederung oder
Steuerbehörde dieser Länder auferlegt oder erhoben werden, es sei denn,
dass ein solcher Einbehalt oder Abzug gesetzlich vorgeschrieben ist. In
einem solchen Fall wird die Emittentin unter Berücksichtigung der in den
22
Emissionsbedingungen vorgesehenen Ausnahmen zusätzliche Beträge in
der Höhe leisten, die erforderlich ist, damit die von den Gläubigern unter
Berücksichtigung eines solchen Einbehalts oder Abzugs erhaltenen
Beträge den Beträgen entsprechen, die die Gläubiger ohne einen solchen
Einbehalt oder Abzug erhalten hätten.
Vorzeitige Rückzahlung aus
Steuergründen
Die vorzeitige Rückzahlung der Schuldverschreibungen aus steuerlichen
Gründen ist zulässig, falls die Emittentin (oder, im Fall von
Schuldverschreibungen, die von HeildelbergCement Finance begeben
werden, die Garantin) infolge einer Änderung oder Ergänzung der
Gesetze oder Vorschriften mit steuerrechtlichen Konsequenzen
(einschließlich einer Änderung der offiziellen Auslegung dieser Gesetze
oder Vorschriften) der Bundesrepublik Deutschland und (im Falle von
Schuldverschreibungen, die von HeidelbergCement Finance begeben
werden) der Niederlanden oder einer politischen Untergliederung oder
Steuerbehörde dieser Länder, zur Zahlung zusätzlicher Beträge auf die
Schuldverschreibungen verpflichtet ist.
Status der
Die Schuldverschreibungen begründen nicht besicherte, nicht
nachrangige Verbindlichkeiten der betreffenden Emittentin, die
untereinander und mit allen anderen nicht besicherten und nicht
nachrangigen Verbindlichkeiten der betreffenden Emittentin gleichrangig
sind, dar, es sei denn, dass zwingendes Recht diesen Verbindlichkeiten
eine vorrangige Stellung einräumt.
Negativverpflichtung der
Emittentin
Die Schuldverschreibungen werden eine Negativverpflichtung vorsehen.
Die
Garantie
wird
ebenfalls
eine
Negativverpflichtung
von
HeidelbergCement AG enthalten.
Garantie
Schuldverschreibungen, die von HeidelbergCement Finance begeben
werden, werden von HeidelbergCement AG garantiert. Die Garantie
begründet eine unbedingte, nicht besicherte und nicht nachrangige
Verbindlichkeit von HeidelbergCement AG, die mit allen anderen jeweils
bestehenden, nicht besicherten und nicht nachrangigen Verbindlichkeiten
von HeidelbergCement AG gleichrangig ist.
Kündigungsgründe und
Drittverzug
Für die Schuldverschreibungen werden Kündigungsgründe, die die
Gläubiger
berechtigen,
unverzügliche
Rückzahlung
der
Schuldverschreibungen zu verlangen, definiert.
Die Emissionsbedingungen der Schuldverschreibungen werden eine
Drittverzugsklausel vorsehen bezüglich Kapitalmarktverbindlichkeiten von
EUR 25.000.000 oder einem höheren Betrag.
Börsenzulassung und
Börsenhandel
Die Schuldverschreibungen sind zum Handel am regulierten Markt der
Luxembourger Börse zugelassen und auf der offiziellen Liste der
Luxembourger Börse notiert. Das Programm sieht vor, dass
Schuldverschreibungen begeben werden, die an eine andere
Wertpapierbörse oder an weiteren Wertpapierbörsen zugelassen werden
können bzw. die an keiner Wertpapierbörse zugelassen werden.
Geltendes Recht
Deutsches Recht.
Gerichtsstand und
Zustellungsbevollmächtigter
Nicht ausschließlicher Gerichtsstand für alle gerichtlichen Verfahren im
Zusammenhang mit den Schuldverschreibungen und der Garantie ist
Frankfurt am Main. HeidelbergCement Finance hat HeidelbergCement AG
als Zustellungsbevollmächtigte für etwaige Verfahren vor deutschen
Gerichten im Zusammenhang mit den Schuldverschreibungen bestellt.
23
Zusammenfassung HeidelbergCement AG betreffend
HeidelbergCement ist einer der weltweit führenden Hersteller von Baustoffen mit Aktivitäten in rund 50
Ländern, mit Geschäftssitz und Hauptverwaltung in Berliner Straße 6, 69120 Heidelberg, Deutschland.
Die HeidelbergCement AG wurde im Jahr 1873 als "Offene Handelsgesellschaft" gegründet und wurde im
Jahr 1889 als deutsche Aktiengesellschaft unter dem Namen "Portland-Cementwerk Heidelberg AG, vorm.
Schifferdecker & Söhne". eingetragen. Im Jahr 1938 änderte die HeidelbergCement AG ihren Namen in
"Portland-Zementwerke Heidelberg Aktiengesellschaft" und 1978 in "Heidelberger Zement
Aktiengesellschaft". Seit 2002 firmiert die Gesellschaft unter dem Namen "HeidelbergCement AG".
HeidelbergCement konzentriert sich auf die Herstellung und den Verkauf von Zement, Beton und
Baustoffen und ist ein führender europäischer Hersteller von Trockenmörtel und Leichtzuschlagstoffen. Die
Gruppe erzielte in dem am 31. Dezember 2006 endenden Geschäftsjahr einen konsolidierten Umsatz in
Höhe von € 9.234 Mio., sowie einen operativen Cashflow in Höhe von € 1.975 Mio. Im Jahr 2006
beschäftigte die Gruppe rund 46.000 Mitarbeiter.
Die geschäftlichen Aktivitäten der Gruppe auf globaler Ebene sind in die Konzerngebiete EuropaZentralasien, Nordamerika, Asien-Afrika-Mittelmeerraum unterteilt und umfassen die Geschäftsbereiche
Zement, Beton und Baustoffe. Darüber hinaus ist die Geschäftseinheit Konzernservice im internationalen
Handel mit Zement und Klinker und in der Beschaffung von fossilen Brennstoffen tätig, während in der
Geschäftseinheit maxit Group die europäischen Baustoffaktivitäten zusammengefasst sind.
Das gezeichnete Kapital der HeidelbergCement AG beläuft sich auf € 346.973.967 und ist in 115.657.989
Inhaberaktien unterteilt mit einem anteiligen Betrag am Grundkapital von jeweils € 3,00. Alle Aktien sind
ausgegeben und voll eingezahlt.
Gemäß den der Gesellschaft vorliegenden Informationen sind die Hauptaktionäre der HeidelbergCement
AG die Spohn Cement GmbH mit 66,00 %, Senator h.c. Dr. med. h.c. Adolf Merckle mit 11,32 % (davon
11,09 % über VEM Vermögensverwaltung GmbH) sowie die SCHWENK Beteiligungen GmbH & Co. KG mit
7,5 %. Im Streubesitz befinden sich 15,18 % der Aktien.
24
Zusammenfassung HeidelbergCement Finance B. V. betreffend
HeidelbergCement Finance mit Geschäftsadresse Sint Teunislaan 1, 5231 BS 's-Hertogenbosch,
Niederlande, ist eine 100 %ige Tochtergesellschaft der HeidelbergCement AG.
Die Geschäftstätigkeit von HeidelbergCement Finance umfasst:
•
Die Durchführung aller Arten von Finanzgeschäften, einschließlich Aufnahme und Vergabe von
Darlehen und Geldbeschaffung, Ausgabe von Anleihen und Schuldscheinen oder sonstigen
Schuldverschreibungen sowie Abschluss von diesbezüglichen Verträgen.
•
Beteiligung an der Verwaltung, der Gründung und Finanzierung von Unternehmen.
•
Durchführung alle Aktivitäten, die den vorstehenden Aktivitäten förderlich sein könnten. Dies alles im
weitesten Sinne des Wortes.
25
Zusammenfassung die Risikofaktoren der Schuldverschreibungen betreffend
Liquiditätsrisiko
Es besteht keine Gewissheit, dass ein liquider Sekundärmarkt für Schuldverschreibungen entstehen wird,
oder sofern er entsteht, dass er fortbestehen wird. In einem illiquiden Markt könnte es sein, dass ein
Anleger seine Schuldverschreibungen nicht jederzeit zu angemessenen Marktpreisen veräußern kann. Die
Möglichkeit, Schuldverschreibungen zu veräußern, könnte darüber hinaus aus landesspezifischen Gründen
eingeschränkt sein.
Marktpreisrisiko
Der Gläubiger von Schuldverschreibungen ist dem Risiko nachteiliger Entwicklungen der Marktpreise seiner
Schuldverschreibungen ausgesetzt, welches sich verwirklichen kann, wenn der Gläubiger seine
Schuldverschreibungen vor Endfälligkeit veräußert.
Risiko der vorzeitigen Rückzahlung
Sofern der betreffenden Emittentin das Recht eingeräumt wird, die Schuldverschreibungen vor Fälligkeit
zurückzuzahlen oder sofern die Schuldverschreibungen vor Fälligkeit aufgrund des Eintritts eines
Ereignisses, welches in den Emissionsbedingungen dargelegt ist, zurückgezahlt werden, ist der Gläubiger
solcher Schuldverschreibungen dem Risiko ausgesetzt, dass infolge der vorzeitigen Rückzahlung seine
Kapitalanlage eine geringere Rendite als erwartet aufweisen wird.
Währungsrisiko/Doppelwährungs-Schuldverschreibungen
Der Gläubiger von Schuldverschreibungen, die auf eine fremde Währung lauten und der Gläubiger von
Doppelwährungs-Schuldverschreibungen sind dem Risiko von Wechselkursschwankungen ausgesetzt,
welche die Rendite solcher Schuldverschreibungen beeinflussen können.
Festverzinsliche Schuldverschreibungen und Step-up und Step-down festverzinsliche
Der Gläubiger von festverzinslichen Schuldverschreibungen und von step-up und step-down
festverzinsliche Schuldverschreibungen ist dem Risiko ausgesetzt, dass der Kurs solcher
Schuldverschreibungen infolge von Veränderungen des aktuellen Marktzinssatzes fällt.
Variabel verzinsliche Schuldverschreibungen
Der Gläubiger von variabel verzinslichen Schuldverschreibungen ist dem Risiko eines schwankenden
Zinsniveaus und ungewisser Zinserträge ausgesetzt. Ein schwankendes Zinsniveau macht es unmöglich,
die Rendite von variabel verzinslichen Schuldverschreibungen im Voraus zu bestimmen. Variabel
verzinsliche Schuldverschreibungen können mit Multiplikatoren oder anderen Hebelfaktoren sowie mit
Zinsober- und Zinsuntergrenzen oder einer Kombination dieser Merkmale oder mit ähnlichen Merkmalen
ausgestattet sein. Der Kurs solcher Schuldverschreibungen neigt zu größerer Volatilität als der von
herkömmlichen Schuldverschreibungen.
Nullkupon-Schuldverschreibungen
Der Gläubiger von Nullkupon-Schuldverschreibungen ist dem Risiko ausgesetzt, dass der Kurs einer
solchen Schuldverschreibung infolge von Veränderungen des Marktzinssatzes fällt. Kurse von NullkuponSchuldverschreibungen sind volatiler als Kurse von festverzinslichen Schuldverschreibungen und reagieren
in höherem Maße auf Veränderungen des Marktzinssatzes als verzinsliche Schuldverschreibungen mit
einer ähnlichen Laufzeit.
Indexierte Schuldverschreibungen
Der Gläubiger einer Schuldverschreibung mit indexabhängiger Verzinsung ist dem Risiko eines
schwankenden Zinsniveaus und Ungewissheit in Bezug auf den Zinsertrag ausgesetzt und wird
möglicherweise überhaupt keine Verzinsung erhalten. Die Rendite einer Schuldverschreibung mit
26
indexabhängiger Verzinsung kann negativ sein. Der Gläubiger einer in Schuldverschreibung mit
indexabhängiger Rückzahlung ist Ungewissheit in Bezug auf den Rückzahlungsbetrag ausgesetzt. Die
Rendite einer in Bezug auf den Rückzahlungsbetrag indexierten Schuldverschreibung kann negativ sein
und ein Anleger kann den Wert seiner Anlage ganz oder teilweise verlieren. Ungewissheit in Bezug auf den
Zins- und den Rückzahlungsbetrag machen es unmöglich, die Rendite einer indexierten
Schuldverschreibung im Voraus zu bestimmen. Je volatiler der betreffende Index ist, desto größer ist die
Ungewissheit in Bezug auf Zinsertrag und Rückzahlungsbetrag.
Strukturierte Schuldverschreibungen
Eine Kapitalanlage in Schuldverschreibungen, bei denen der Aufschlag und/oder der Zins und/oder der
Rückzahlungsbetrag unter Bezugnahme einer oder mehrerer Währungen, Rohstoffe, Zinssätze oder
anderer Indizes oder Formeln, entweder unmittelbar oder umgekehrt, bestimmt wird, kann bedeutsame
Risiken mit sich bringen, die nicht mit ähnlichen Kapitalanlagen in einen herkömmlichen Schuldtitel
verbunden sind, einschließlich des Risikos, dass der resultierende Zinssatz geringer sein wird als der zur
gleichen Zeit auf einen herkömmlichen Schuldtitel zahlbare Zinssatz und/oder dass ein Anleger sein
eingesetztes Kapital ganz oder zu einem erheblichen Teil verliert.
Risiken im Zusammenhang mit Caps (Obergrenzen)
Die Rendite einer Schuldverschreibung die mit einem Cap ausgestattet ist, kann wesentlich niedriger
ausfallen als bei ähnlich strukturierten Schuldverschreibungen ohne Cap.
Risiko möglicher Interessenkonflikte im Falle eines Basiswerts
Es kann nicht ausgeschlossen werden, dass Entscheidungen der Emittentin und/oder des Plazeurs/der
Plazeure, die in anderen unabhängigen Geschäftsbereichen getroffen werden, eine negative Auswirkung
auf den Wert des Basiswertes haben.
27
Zusammenfassung die Risikofaktoren von HeidelbergCement AG betreffend
Die Entwicklung der Bauwirtschaft ist eng mit der allgemeinen Wirtschaftslage verknüpft und hat
wesentlichen Einfluss auf die Baustoffindustrie. Negative globale Trends auf dem Bausektor oder in
wichtigen regionalen Märkten können nachteilige Auswirkungen auf die Liquidität, die Finanzlage und das
operative Ergebnis von HeidelbergCement haben.
Überkapazitäten und ein Rückgang in der Auslastung der HC-Werke in regionalen Märkten können möglich
sein und können Auswirkungen auf die betriebliche Rentabilität von HC haben.
HC ist in Schwellen- und Entwicklungsländern in Osteuropa, Afrika und Asien tätig, in denen politische
Instabilität, Bürgerunruhen und Gewalttätigkeit sowie Korruption möglich sind und die häufig
Rechtssysteme haben, in denen der Schutz von Rechten und die Durchsetzbarkeit vertraglicher
Forderungen nicht garantiert ist.
Wesentliche Steigerungen oder Fluktuationen in den Energie- und Brennstoffpreisen haben erhebliche
nachteilige Auswirkungen auf die Liquidität, die Finanzlage und das operative Ergebnis von HC.
Die vorrangigen finanziellen Risiken, mit denen HC konfrontiert ist, sind Währungsrisiken, Zinsrisiken,
Refinanzierungsrisiken und Kreditrisiken.
Einige der HC-Standorte sind erhöhten Risiken durch Erdbeben und sonstige Naturkatastrophen
ausgesetzt, die nicht in vollem Umfang versicherbar sind.
Das deutsche Kartellamt hat gegenüber HC und ihre Tochtergesellschaften Anneliese Zementwerke AG
(zwischenzeitlich mit HC fusioniert) und TEUTONIA Zementwerk AG (im Jahr 2005 von HC übernommen)
Kartellstrafen in Höhe von insgesamt € 286.5 Mio. auferlegt. Darüber hinaus hat Cartel Damage Claims SA
("CDC"), eine belgische Gesellschaft, potenzielle Ansprüche im Namen von 29 potenziell geschädigten
Kunden geltend gemacht und eine Klage gegen sechs beschuldigte angebliche Hauptbeteiligte des
Zementkartells in Deutschland eingereicht, die sich auf einen Gesamtbetrag von ca. € 160 Mio.
(einschließlich Zinsen) beläuft. HC verteidigt sich gegen diese Geldbußen und die
Schadenersatzforderungen vor zuständigen Gerichten, kann jedoch keine Zusicherungen im Hinblick auf
den Ausgang dieser Verfahren abgeben.
HC betreibt Zementwerke und sonstige industrielle Einrichtungen weltweit, die Umweltrisiken bergen
können, einschließlich Risiken im Hinblick auf Emissionen, Grundwasser- und Bodenkontaminierung.
HC betreibt eine Reihe von Unternehmen zusammen mit anderen Gesellschaftern, die andere geschäftliche
Interessen als HC haben können.
28
Zusammenfassung die Risikofaktoren von HeidelbergCement Finance B. V.
betreffend
Die Geschäftstätigkeit der HC Finance B. V. hängt von der Fähigkeit von HC und anderen
Konzernunternehmen ab, ihre Zahlungsverpflichtungen aus Darlehen zu erfüllen, die ihnen von HC Finance
B. V. gewährt wurden.
Die gesamten Schuldscheine und Schuldverschreibungen sind in vollem Umfang durch die HC AG
garantiert im Hinblick auf Darlehensbeträge und Zinszahlungen. Die Risikofaktoren der HC AG als
Garantiegeber und Schuldner von HC Finance B. V. sind im vorstehenden Absatz beschrieben.
29
RISK FACTORS
Risk Factors regarding the Notes
The following is a disclosure of the principal risk factors which are material to the Notes issued under the
Programme in order to assess the market risk associated with the Notes. Prospective investors should
consider these risk factors before deciding to purchase Notes issued under the Programme.
Prospective investors should consider all information provided in this Prospectus and consult with their own
professional advisers (including their financial, accounting, legal and tax advisers) if they consider it
necessary. In addition, investors should be aware that the risks described may combine and thus intensify
one another.
Under the circumstances described below and, as the case may be, in the Final Terms, prospective
investors may lose the value of their entire investment or part of it. In respect of Notes which require in view
of their specific structure a specific description of risk factors, the following statements are not exhaustive;
risk factors in addition to those mentioned below will be described in the Final Terms relating to such Notes.
Notes may not be a suitable Investment for all Investors
Each potential investor in Notes must determine the suitability of that investment in light of its own
circumstances. In particular, each potential investor should:
(i)
have sufficient knowledge and experience to make a meaningful evaluation of the relevant Notes,
the merits and risks of investing in the relevant Notes and the information contained or incorporated
by reference in this Prospectus or any applicable supplement;
(ii)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation and the investment(s) it is considering, an investment in the Notes and
the impact the Notes will have on its overall investment portfolio;
(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the
relevant Notes, including where principal or interest is payable in one or more currencies, or where
the currency for principal or interest payments is different from the potential investor’s currency;
(iv) understand thoroughly the terms of the relevant Notes and be familiar with the behaviour of any
relevant indices and financial markets; and
(v)
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear the
applicable risks.
Some Notes are complex financial instruments. Sophisticated institutional investors generally do not
purchase complex financial instruments as stand-alone investments. They purchase complex financial
instruments as a way to reduce risk or enhance yield with an understood, measured, appropriate addition of
risk to their overall portfolio. A potential investor should not invest in Notes which are complex financial
instruments unless it has the expertise (either alone or with a financial adviser) to evaluate how the Notes
will perform under changing conditions, the resulting effects on the value of the Notes and the impact this
investment will have on the potential investor’s overall investment portfolio.
Liquidity Risk
Application has been made to list Notes on the official list of the Luxembourg Stock exchange and to trade
Notes on the Regulated Market "Bourse de Luxembourg". In addition, the Programme provides that Notes
may be listed on other or further stock exchanges or may not be listed at all. Regardless of whether the
Notes are listed or not, there can be no assurance that a liquid secondary market for the Notes will develop
or, if it does develop, that it will continue. The fact that the Notes may be listed does not necessarily lead to
greater liquidity as compared to unlisted Notes. If the Notes are not listed on any stock exchange, pricing
information for such Notes may, however, be more difficult to obtain which may affect the liquidity of the
Notes adversely. In an illiquid market, an investor might not be able to sell his Notes at any time at fair
market prices. The possibility to sell the Notes might additionally be restricted by country specific reasons.
30
Market Price Risk
The development of market prices of the Notes depends on various factors, such as changes of market
interest rate levels, the policy of central banks, overall economic developments, inflation rates or the lack of
or excess demand for the relevant type of Note. The holder of a Note is therefore exposed to the risk of an
unfavourable development of market prices of its Note which materialises if the holder sells the Notes prior
to the final maturity of such Notes. If the holder decides to hold the Notes until final maturity the Notes will
be redeemed at the amount set out in the Final Terms.
Risk of Early Redemption
The applicable Final Terms will indicate whether an Issuer may have the right to call the Notes prior to
maturity (optional call right) on one or several dates determined beforehand or whether the Notes will be
subject to early redemption upon the occurrence of an event specified in the applicable Final Terms (early
redemption event). In addition, each Issuer will always have the right to redeem the Notes if the relevant
Issuer is required to pay additional amounts (gross-up payments) on the Notes for reasons of taxation as
set out in the Terms and Conditions. If the relevant Issuer redeems the Notes prior to maturity or the Notes
are subject to early redemption due to an early redemption event, a holder of such Notes is exposed to the
risk that due to such early redemption his investment will have a lower than expected yield. The Issuer can
be expected to exercise his optional call right if the yield on comparable Notes in the capital market has
fallen which means that the investor may only be able to reinvest the redemption proceeds in comparable
Notes with a lower yield. On the other hand, the Issuer can be expected not to exercise his optional call
right if the yield on comparable Notes in the capital market has increased. In this event an investor will not
be able to reinvest the redemption proceeds in comparable Notes with a higher yield. It should be noted,
however, that the relevant Issuer may exercise any optional call right irrespective of market interest rates on
a call date.
Currency Risk/Dual Currency Notes
A holder of a Note denominated in a foreign currency and a holder of Dual Currency Notes is exposed to
the risk of changes in currency exchange rates which may affect the yield of such Notes. Changes in
currency exchange rates result from various factors such as macro-economic factors, speculative
transactions and interventions by central banks.
A change in the value of any foreign currency against the euro, for example, will result in a corresponding
change in the euro value of a Note denominated in a currency other than euro and a corresponding change
in the euro value of interest and principal payments made in a currency other than in euro in accordance
with the terms of such Note. If the underlying exchange rate falls and the value of the euro correspondingly
rises, the price of the Note and the value of interest and principal payments made thereunder, expressed in
euro, falls.
In addition, government and monetary authorities may impose (as some have done in the past) exchange
controls that could adversely affect an applicable currency exchange rate. As a result, investors may
receive less interest or principal than expected, or no interest or principal.
Fixed Rate Notes and Step-up and Step-down Fixed Rate Notes
A holder of Fixed Rate Notes and Step-up and Step-down Fixed Rate Notes is exposed to the risk that the
price of such Note falls as a result of changes in the market interest rate. While the nominal interest rate of
a Fixed Rate Note as specified in the Final Terms is fixed during the life of such Note, 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 a Fixed Rate Note also changes, but in the opposite direction. If the market
interest rate increases, the price of a Fixed Rate Note typically falls, until the yield of such Note is
approximately equal to the market interest rate. If the market interest rate falls, the price of a Fixed Rate
Note typically increases, until the yield of such Note is approximately equal to the market interest rate. If the
holder of a Fixed Rate Note holds such Note until maturity, changes in the market interest rate are without
relevance to such holder as the Note will be redeemed at a specified redemption amount, usually the
principal amount of such Note.
Floating Rate Notes
Floating Rate Notes tend to be volatile investments. A holder of a Floating Rate Note is exposed to the risk
of fluctuating interest rate levels und uncertain interest income. Fluctuating interest rate levels make it
impossible to determine the profitability of Floating Rate Notes in advance. If Floating Rate Notes are
31
structured to include multipliers or other leverage factors, or caps or floors, or any combination of those
features or other similar related features, the market value may be more volatile than those for Floating
Rate Notes that do not include these features. If the amount of interest payable is determined in conjunction
with a multiplier greater than one or by reference to some other leverage factor, the effect of changes in the
interest rates on interest payable will be increased. The effect of a cap is that the amount of interest will
never rise above and beyond the predetermined cap, so that the holder will not be able to benefit from any
actual favourable development beyond the cap. The yield could therefore be considerably lower than that of
similar Floating Rate Notes without a cap.
Neither the current nor the historical value of the relevant floating rate should be taken as an indication of
the future development of such floating rate during the term of any Notes.
Zero Coupon Notes
Zero Coupon Notes do not pay current interest but are issued at a discount from their nominal value.
Instead of periodical interest payments, the difference between the redemption price and the issue price
constitutes interest income until maturity and reflects the market interest rate. A holder of a Zero Coupon
Note is exposed to the risk that the price of such Note falls as a result of changes in the market interest
rate. Prices of Zero Coupon Notes are more volatile than prices of Fixed Rate Notes and are likely to
respond to a greater degree to market interest rate changes than interest bearing notes with a similar
maturity.
Index Linked Notes
Index Linked Notes may either be issued as Index Linked Interest Notes where payments of interest will be
made by reference to a single index or other factors (including changes in the price of securities and
commodities or movements in exchange rates) and/or such formula as may be specified by the Issuer and
the relevant Dealer(s) (as indicated in the applicable Final Terms) or as Index Linked Redemption Notes
where payment of principal will be calculated by reference to a single index or other factors (including
changes in the price of securities and commodities or movements in exchange rates) and/or such formula
as may be specified by the Issuer and the relevant Dealer (as indicated in the applicable Final Terms) or
may be issued as a combination of Index Linked Interest Notes and Index Linked Redemption Notes.
If payment of interest is linked to a particular index, a holder of an Index Linked Interest Note is particularly
exposed to the risk of fluctuating interest rate levels and uncertain interest income or may even receive no
interest at all which may have the effect that the yield of an Index Linked Interest Note is negative. If
payment of principal is linked to a particular index, a holder of Index Linked Redemption Notes is
particularly exposed to the risk that the redemption amount is uncertain. Depending on the calculation of the
redemption amount, the yield of an Index Linked Redemption Note may be negative and an investor might
lose the value of its entire investment or parts of it. None of the Issuers has control over a number of
matters, including economic, financial and political events that are important in determining the existence,
magnitude and longevity of these risks and their results.
Investors should be aware that the market price of Index Linked Notes may be very volatile (depending on
the volatility of the relevant index). Neither the current nor the historical value of the relevant index should
be taken as an indication of the future performance of such index during the term of any Note.
General Risks in Respect of Structured Notes
In general, an investment in Notes the premium and/or the interest on and/or the principal of which is
determined by reference to one or more values of currencies, commodities, interest rates or other indices or
formulae, either directly or inversely, may entail significant risks not associated with similar investments in a
conventional debt security. Such risks include the risks that the holder of such Note will receive no interest
at all, or that the resulting interest rate will be less than that payable on a conventional debt security at the
same time and/or that the holder of such Note could lose all or a substantial portion of the principal of his
Notes. In addition, investors should be aware that the market price of such Notes may be very volatile
(depending on the volatility of the relevant currency, commodity, interest rate, index or formula). Neither the
current nor the historical value of the relevant currencies, commodities, interest rates or other indices or
formulae should be taken as an indication of future performance of such currencies, commodities, interest
rates or other indices or formulae during the term of any Note.
32
Risk of potential Conflicts of Interest
In case of Notes linked to an underlying (e.g., but not limited to, an index, a currency, a commodity, single
shares or a basket), each of the Issuer, the Dealer(s) or any of their respective affiliates may from time to
time engage in transactions relating to such underlying for their own accounts or for the accounts of third
parties and may issue other financial products in respect of such underlying. Such activities could create
conflicts of interest and may have a negative impact on the underlying value.
Certain of the Dealers and their affiliates have engaged, and may in the future engage, in investment
banking and/or commercial banking transactions and may perform services for the Issuer and its affiliates in
the ordinary course of business.
Risk Factors regarding HeidelbergCement AG
The following is a description of risk factors which are material in respect of the Notes and the financial
situation of HeidelbergCement AG and which may affect HeidelbergCement AG's ability to fulfill its
obligations under the Notes which prospective investors should consider before deciding to purchase the
Notes. 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. The following statements are complete, although
not exhaustive: 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.
1. Market environment and cyclicality
The development of the construction industry is closely linked to the general economic situation and
significantly influences the building materials industry. Within each regional market, the construction
industry is cyclical and dependent upon the residential and commercial construction markets, public
investments and spending on infrastructure projects. HeidelbergCement operates in diversified geographic
markets in order to mitigate the influences of cyclical market movements in the construction industry in any
particular market. But negative global trends in the construction industry or in key regional markets could
have a negative impact on HeidelbergCement's liquidity, financial condition and result of operations.
Moreover the construction industry is dependent on the weather conditions and lower demand for building
materials occurs in periods of cold weather and heavy rain, which also leads to a volatile yearly
development of the quarterly financial figures of HC. A single result of a financial quarter might therefore not
present a reliable basis for the expectations of a full financial year of HC.
2. Competition and market capacity
Within each market it is an important task to strike the right balance between production capacity and longterm demand. A cyclical weakness of the construction industry or a significant decrease in demand might
lead to overcapacities and a reduction in the utilization of HC's plants in the respective regional markets. As
a result reduced sales volumes and/or a decrease in prices might be possible which could have an impact
on the overall operating profitability of HC.
3. Presence in developing countries
HC has activities in growing and developing countries in Eastern Europe, Africa and Asia. These countries
can experience political instability, civil unrest or violence as well as corruption and often have legal
systems in which the protection of rights and the enforceability of contractual claims are not guaranteed.
Furthermore, in these regions, HC is exposed to increased risks of inflation and exchange rate fluctuations.
Finally, in some of the developing countries in which HC operates, there are limitations on international
monetary transactions, import or export restrictions and, occasionally, a potential risk of expropriation. The
realization of one or several of the above mentioned risks in any one significant country or in several
developing countries may have material adverse effects on HC's liquidity, financial condition and results or
operations.
33
4. Energy and fuel costs
For an energy intensive group, such as HC, the development of fuel and electricity prices represents a
significant risk. The Group tries to protect itself against the risk of energy and fuel price inflation through the
use of long-term supply contracts for a part of its energy needs and by switching many of its cement plants
to alternative fuel sources, such as used tires. So far it has usually been possible to pass on higher energy
and fuel prices to customers. However, this might not always be the case in the future. Significant increases
or fluctuations in energy prices and fuel costs could have a material adverse effect on HC's liquidity,
financial condition and results of operations.
5. Financial risks
The financial risks of primary relevance for HC are currency risks, interest rate risks, refinancing risks and
credit risks.
Currency risks arising as a result of processing transactions in foreign currency (transaction risks) are
hedged using appropriate financial instruments. Currency risks arising from converting the annual accounts
of foreign individual companies or subgroups (translation risks) are generally not hedged, and changes in
currency exchange rates might benefit or adversely affect HC's revenues as well as operating results which
are currently significantly based on the results of HC´s activities on the US market.
Interest rate risks are maintained within the parameters set by the Group's Chief Financial Officer. A wide
selection of financing instruments secures access to money and capital markets and ensures that
refinancing risks are minimised, but the functioning of these financial instruments might be influenced by
adverse global developments.
Some of HC's indebtedness imposes covenants not available to the Holders of the Notes, and Holders of
Notes are subordinated to a limited portion of HC's outstanding debt.
6. HC operations may create environmental risk
HC operates cement plants and other industrial facilities worldwide, which may create environmental risks,
which include risk imposed by emissions like dust, noise and harmful gases and, especially regarding older
sites, ground water and soil contamination.
Substantial quantities of carbon dioxide are released in cement production and compliance with regulations
governing such emissions might lead to further significant expenses, as regulations tend to develop more
restrictive then before. In 2005, the EU member states implemented a trading scheme for carbon dioxide
emission rights, which set out the legal framework for the first emission rights trading period (2005-2007),
which by now did not lead to significant expenses for HC. Based on the current notified draft national
allocation plans for the second emission rights trading period (2008-2012) and based on HC’s current
calculation of its carbon dioxide emissions in this period, HC cannot exclude but does not expect to be
significantly harmed by the implementation of the national allocation plans for the second trading period.
Significant new regulations regarding environmental issues, new discoveries of contamination or an
unfavourable new allocation scheme for the emissions rights trading system could have a material adverse
effect on HC's liquidity, financial condition and results of operations.
7. Antitrust fines and relating damage claims
a) German cartel case and antitrust proceedings
In 2003, the German Federal Cartel Office ("FCO") levied antitrust fines against HC and its subsidiaries
Anneliese Zementwerke AG (in 2005 merged into HC) and TEUTONIA Zementwerk AG (newly acquired by
HC in 2005) in an aggregate amount of € 286.5 million. The fines are based on alleged quota agreements
over several years in the cement markets of Southern Germany, North Rhine-Westphalia and Lower
Saxony and certain other antitrust violations. HC, Anneliese Zementwerke AG and TEUTONIA Zementwerk
AG filed appeals in due time. The fines were determined on the basis of assumed incremental earnings
resulting from the alleged cartel. After further investigations, the FCO informed HC in February 2006 that it
will not change the fines set forth in 2003 as outlined above. However, as result of the appeals in January
2007 the file was submitted to the Higher Regional Court (Oberlandesgericht), which is not bound by the
result of the investigations of the FCO. As a result of its own findings it may levy a different and even a
higher fine. HC and TEUTONIA Zementwerk AG are not obliged to pay the antitrust fines until a binding
final court decision will be issued. HC can offer no assurance regarding the outcome of the appeals as
outlined above. In addition, certain subsidiaries of HC are subject to investigations by antitrust and
34
competition authorities in various countries, including Belgium, the Netherlands, Hungary, Poland and
Turkey, which are at different stages including court proceedings. HC cannot accurately predict the
outcome of pending proceedings or investigations, and, because of the oligopolistic competition structure of
many cement markets and the homogeneity and freight sensitivity of cement, concrete and aggregates, HC
or certain of its subsidiaries and affiliates may in the future be subject of investigations by antitrust
authorities.
b) Additional civil law damage claims
In addition, Cartel Damage Claims SA ("CDC"), a Belgian company, which asserts potential claims on
behalf of 29 potentially damaged customers, has filed a lawsuit against the six alleged main participants of
the cement cartel in Germany as described in more details under lit. a), including HC. The claimed amount
totals to approximately € 160 million (incl. interest), the precise amount to be fixed by the competent court.
In case the courts decide in favour of CDC, CDC can claim the full amount by any of the defendants as joint
and several debtors ("Gesamtschuldner"), which then has the burden and risk to claim for (partial) recourse
by other proven participants of the cartel. HC can not fully rule out, that this lawsuit might be successful to
some extent. HC could also face further civil lawsuits for damages suffered by customers due to alleged
excessive cement prices in Germany or other countries as a result of antitrust infringements.
In light of the German cartel case (see lit. a) above) and the respective damage claim (see lit. b) above) HC
has established provisions which HC´s managing board considers as currently to be appropriate for any
potential liabilities in this connection.
8. Earthquakes and other natural disasters
HC's locations in California, Indonesia and Turkey are exposed to increased risks of earthquakes and other
natural disasters for which HC has not acquired full insurance coverage.
9. HC has important operations where it is not the (only) controlling shareholder
HC operates a number of companies together with other shareholders, which might have different business
interests than HC. Different to companies, where HC has sole control, there might be situations, where
decisions are taken against HC´s business interests or where decisions in the business interest of HC can
not be taken or only with certain delay.
35
Risk Factors regarding HeidelbergCement Finance B. V.
The following is a description of risk factors which are material in respect of the Notes and the financial
situation of HeidelbergCement Finance B. V. and which may affect HeidelbergCement Finance B. V.'s
ability to fulfil its obligations under the Notes which prospective investors should consider before deciding to
purchase the Notes. 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. The following statements are
complete, although not exhaustive: 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.
HC Finance B. V.'s operations depend on the ability of HC and other member's of HC Group to meet their
payment obligations under loans provided to them by HC Finance B. V.
All debt securities of HC Finance B. V. are wholly and unconditionally guaranteed by HC AG in respect of
principle and interest payments. This guarantee is enforceable under the laws of the Federal Republic of
Germany. For the risk factors regarding HC AG, as guarantor and debtor to HC Finance B. V., please see
the respective separate section above.
36
DESCRIPTION OF HEIDELBERGCEMENT AG
Statutory Auditors
The auditors of HeidelbergCement are Ernst & Young AG Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft, Mittlerer Pfad 15, 70499 Stuttgart, Germany ("E&Y"). They have audited the
consolidated and unconsolidated financial statements of HeidelbergCement for the years ended 31
December 2006 and 2005 and issued an unqualified auditor's report in each case. E&Y is a member of the
chamber of public accountants (Wirtschaftsprüferkammer).
Selected Financial Information
Historical Financials
The following tables set out in summary contain certain balance sheet, profit and loss and cash flow
information relating to HeidelbergCement AG for the years ended 31 December 2006 and 31 December
2005. These financial statements have been prepared on the basis of International Financial Reporting
Standards ("IFRS") as adopted by the European Union (EU).
History and development of HeidelbergCement AG
HeidelbergCement AG, founded in 1873 as an "offene Handelsgesellschaft", was incorporated in 1889 as a
German public limited company (Aktiengesellschaft) under the name of "Portland-Cementwerk Heidelberg
AG, vorm. Schifferdecker & Söhne". In 1938 HeidelbergCement AG changed its name to "PortlandZementwerke Heidelberg Aktiengesellschaft" and in 1978 it took the name of "Heidelberger Zement
Aktiengesellschaft". The Annual General Meeting held on 7 May 2002 decided to rename the company
"HeidelbergCement AG". The change became legally effective on 20 June 2002 upon registration of this
resolution in the commercial register. HeidelbergCement AG is registered under number HRB 330082 with
the commercial register of the local court of Mannheim.
HeidelbergCement AG has its registered seat and head office at Berliner Strasse 6, 69120 Heidelberg,
Germany. The telephone number of HeidelbergCement AG is: +49 (0) 6221 481 0.
In accordance with its Articles of Association the purpose of HeidelbergCement AG is the manufacture and
sale of all kinds of construction materials and other products of the construction materials industry, related
and other industry sectors as well as the acquisition and operation of quarries, the planning, erection,
acquisition and operation of plants serving the above-mentioned purposes, the planning, erection and
operation of such plants for third parties and the provision of consultancy services to such parties.
Within these parameters, HeidelbergCement AG is empowered to effect all business and transactions
which appear to be necessary or useful to achieve its purpose, especially the acquisition and sale of real
estate and the establishment of domestic and foreign branches. HeidelbergCement AG is also empowered
to acquire participations in like, similar and other enterprises.
Business Overview
HeidelbergCement AG and its subsidiaries (the "Group" or "HeidelbergCement") is one of the world's
leading manufacturers of construction materials with operations in approximately 50 countries.
HeidelbergCement's business activity concentrates on the production and sale of cement, concrete and
building material products. The Company's strategic focus is on cement and cement related materials.
Other activities such as the production of concrete and aggregates are promoted to the extent that they
support the core business. Cement and concrete are important activities in all of HeidelbergCement's Group
areas. In addition, HeidelbergCement is a leading European producer of dry mortar and lightweight
aggregates. The parent company of the Group is HeidelbergCement AG. It was founded in 1873 and its
headquarters are located in Heidelberg, Germany. For the year ended 31 December 2006, the Group
achieved a consolidated turnover of € 9,234 million and an operating income before depreciation of € 1,975
million. The Group employed around 46,000 people in 2006.
In 2005, HeidelbergCement initiated extensive measures to reduce costs and increase efficiency, with the
focus on Germany and Europe. HeidelbergCement's aim is to attain cost leadership. The "win" project
centres on the introduction of the new, integrated Group organisation with flat hierarchies at Group and
country levels. The leadership principles adopted in connection with this project focus on the ability to put
37
ideas into practice, speed and proximity to operating activities. The restructuring measures should be fully
implemented by the end of 2007.
As part of the restructuring and organisational reshuffle, HeidelbergCement has streamlined the Group
structure and modified the reporting format. From 2006, HeidelbergCement reports on the basis of the
following Group areas: Europe-Central Asia, which comprises the former regions Central Europe West and
East as well as Western and Northern Europe, North America, Asia-Africa-Mediterranean Basin (the
Mediterranean Basin includes the Group’s activities in Turkey and the United Arab Emirates), maxit Group
and Group Services, which combines our trading activities.
Uniform key performance indicators have been introduced across the Group for cement, sand and gravel
and ready-mixed concrete. Immediate, transparent comparison of the individual operating units allows to
determine potential areas for improvement. This consistent benchmarking has already led to noticeable
increases in productivity.
Group areas
Europe-Central Asia
HeidelbergCement operates in 23 countries in the Europe-Central Asia Group area: Belgium, France,
Netherlands, United Kingdom, Austria, Germany, Switzerland, Denmark, Estonia, Latvia, Lithuania, Norway,
Russia, Sweden, Bosnia-Herzigovina, Croatia, Czech Republic, Hungary, Kazakhstan, Poland, Romania,
Slovakia, Ukraine. In most of those countries HeidelbergCement is the market leader in the cement
business with a total of 48 cement and grinding plants. In addition, ready-mixed concrete and - in some
countries - precast concrete parts, concrete paving stones and concrete blocks are manufactured.
Cement. In 2006, Europe-Central Asia's cement business line generated 50.4 % of HeidelbergCement's
total turnover in the cement business line.
The cement and grinding plants have a total production capacity of 48 million tonnes.
In 2006, the cement demand developed very positively, in line with the construction industry. Domestic
demand rose everywhere. The cement and clinker sales volumes of HeidelbergCement rose by 20 % to
39.8 million tonnes (previous year: 33.2). New consolidations in Kazakhstan, Ukraine and Denmark also
contributed to the high growth of sales volumes. The operational increase amounted to 11.2 %. Poland and
Romania recorded the strongest rise in sales volumes. Double-digit increases in quantities were also
achieved by the plants in Germany, Estonia, Bosnia, Hungary, Russia and Sweden.
The growing markets of Central Asia and Russia, where considerable excess demand exists in some areas,
were in the centre of HeidelbergCement´s investments. In 2006, HeidelbergCement made the market entry
in Georgia with majority participations in Kartuli Cementi and Saqcementi, the largest cement manufacturer
in the Caucasus region. In Western Kazakhstan, it is planned to construct a new 2-million-tonne plant by the
Caspian Sea. In Russia, where HeidelbergCement has acquired the majority share in the company Gurovo
Beton and the Volsk cement plant, HeidelbergCement is intending to build two cement plants each with a
capacity of 2 million tonnes in the regions of Tula, south of Moscow, and Saratov. The Cesla cement plant
near Saint Petersburg is also planning to extend its capacity to 2 million tonnes.
Concrete. HeidelbergCement produces ready-mixed concrete in most countries in Europe. The total
number of production facilities for ready-mixed concrete, aggregates and precast concrete amounts to
1,321.
In 2006, the concrete business line in Europe-Central Asia generated 55.9 % of HeidelbergCement’s total
turnover in this specific business line.
As part of the Group’s strategy of vertical integration, the ready-mixed concrete activities will be extended in
Russia and Central Asia. HeidelbergCement currently operates two production sites in the Saint Petersburg
area of Russia and in the Ukraine; further facilites are to be commissioned in the near future.
In 2006, the total ready-mixed concrete sales volumes rose by 15.4 % to 19.9 million cubic metres (previous
year: 17.2). The strongest growth was recorded in Poland. More than half of the sales volumes were
achieved in Germany. In order to further improve the capacity utilisation, HeidelbergCement sold more than
40 locations in 2006, mainly in eastern Germany, that were not situated in the supply radius of own cement
plants. The growth in sales volumes in the Group area resulted partly from the commissioning of new plants
in Romania, Hungary, the Czech Republic, Bosnia-Herzegovina, Norway and Denmark, and the expansion
38
of the consolidation scope, e.g. in Belgium and the Netherlands. In 2006, HeidelbergCement founded a joint
venture in Slovakia with the country’s largest construction company, which operates nine production sites.
Aggregates in the form of sand and gravel are manufactured in a number of European countries. The total
sales volumes rose by 20.9 % to 75.1 million tonnes (previous year: 62.1). An important task is securing of
the raw materials supply for the future. In Belgium, HeidelbergCement received a mining concession for a
new 167-hectare quarry, where 600,000 tonnes will be extracted annually. First quarries commenced
operation also in Ukraine.
North America
The North American Group area includes the United States and Canada. HeidelbergCement operates its
cement and concrete (ready-mixed concrete, concrete products and aggregates) business lines in this area.
Cement. In North America, HeidelbergCement operates its cement business primarily through Lehigh
Cement Company in Allentown, Pennsylvania (United States) and Lehigh Cement Limited in Calgary,
Alberta (Canada). In Texas, HeidelbergCement has a 50 % participation in Texas-Lehigh Cement Company
in Buda, Texas, a joint venture with Eagle Materials Inc. By acquiring the remaining 50 % of Glens Falls
Lehigh Cement Company from Dyckerhoff/Buzzi in early 2005, HeidelbergCement was able to strengthen
its position as market leader in the Northeast of the US. The North American business region contributed
26.3 % to HeidelbergCement's total turnover for 2006 in the cement business line.
In addition to producing grey cement, two production sites in the United States (Waco, Texas and York,
Pennsylvania) produce white cement through a joint venture called Lehigh White Cement Company that
HeidelbergCement established together with its venture partners Aalborg Cement Company Inc. and the
Mexican cement manufacturer Cemex S. A. de C. V. (HeidelbergCement holds 51 % of the shares in
Lehigh White Cement Company and Aalborg and Cemex each hold 24.5 %).
Demand for cement in a number of HeidelbergCement's markets exceeds its capacity in such markets. As a
consequence, HeidelbergCement satisfies this domestic demand through imports from its plants in other
Group areas, primarily from Group plants in Scandinavia and Turkey. In order to facilitate these imports,
HeidelbergCement operates several terminals on U. S. shores for the cement and clinker trade, mainly in
New York and Florida. Cement sales in 2006 totalled approximately 15.0 million tonnes of cement and
clinker, up from 14.7 million tonnes the year before. The annual cement capacity of HeidelbergCement's
North American cement and grinding plants amounts to approximately 11 million tonnes.
Concrete. HeidelbergCement operates ready-mixed concrete facilities in six U. S. states and three
Canadian provinces. In addition, the Company produces concrete products (masonry blocks and pipes) and
the North American Group area possesses numerous gravel and sand plants for mining and reprocessing
aggregates. In 2006, North America contributed 41.3 % to HeidelbergCement's total turnover in the
concrete business line.
In the North American Group area, HeidelbergCement operates its concrete business through its
subsidiaries Sherman Industries, Inc. in Birmingham, Alabama, and Continental Florida Materials in Fort
Lauderdale, Florida. In 2006, HeidelbergCement further expanded its network in North America and
increased production capacities by purchasing additional production sites in the State of Alabama and the
province of Alberta. HeidelbergCement's ready-mixed concrete plants in the North America Group area sold
approximately 9 million cubic metres of ready-mixed concrete in 2006.
In the aggregates sector, the Company's sales volume of sand and gravel amounted to approximately 28.9
million tonnes in 2006.
Asia-Africa-Mediterranean Basin
The combined Group area Asia-Africa-Mediterranean Basin covers operations in Benin, the Republic of the
Congo, Gabon, Ghana, Liberia, Niger, Nigeria, Sierra Leone, Tanzania and Togo on the African continent,
in Bangladesh, Brunei, China, India, Indonesia and a management contract in the United Arab Emirates in
Asia and the Group's Turkish operations. In 2006, the Asia-Africa-Mediterranean Basin contributed 23.3 %
to HeidelbergCement's total turnover in the cement business line.
Asia
The Fully Consolidated Participation in Indocement: PT Indocement Tunggal Prakarsa Tbk. ("Indocement")
is the second-largest Indonesian cement manufacturer, headquartered in Jakarta. In June 2005, the
Company increased its share in Indocement to 65.14 %; this transaction was financed by the issue of new
39
HeidelbergCement shares as part of a capital increase against contributions in kind. The remaining shares
in Indocement are held by an institutional investor, PT Mekar Perkasa, and public shareholders. Since the
previously mandatory restriction on the appropriation of profits has been lifted, HeidelbergCement has
started to consolidate Indocement in the Group annual accounts as of 1 January 2004.
In 2006, Indocement was able to reduce its liabilities significantly to € 197 million (previous year: 333).
Indocement operates three cement plants (Citeureup and Cirebon on Java as well as Tarjun on
Kalimantan). The Citeureup plant, which is located in the vicinity of the Indonesian capital Jakarta, has
9 rotary kilns and, with an annual capacity of 10.6 million tonnes, is one of the largest cement plants in the
world and the largest cement plant in Indonesia. The Indocement plants sold approximately 13.2 million
tonnes of cement and clinker in 2006; export deliveries made up around 24 % of the total sales volumes.
The Proportionately Consolidated Participation in China Century Cement: In the People's Republic of China,
HeidelbergCement has a 50 % participation in China Century Cement Limited ("CCC") in Guangzhou in
Guangdong Province (southern China). The remainder is indirectly held by Yue Xiu Group, which is
indirectly owned by the Guangzhou municipal government. CCC produces exclusively high grade cement in
modern, environmentally sound kiln lines (in contrast to the shaft kiln technology, still predominant in China,
that entails a relatively high level of pollution). CCC operates three cement plants at Zhujiang, Guangzhou
and Huadu. In July 2005, the new plant in the provincial capital Guangzhou with an annual capacity of 2.3
million tonnes started production as planned; a plant situated in the urban area of Guangzhou was then
closed. After commissioning the new plant at Guangzhou, CCC has a cement capacity of 4.7 million tonnes
per annum.
By founding another joint venture in the central Chinese province of Shaanxi, HeidelbergCement has
established a second foothold in the growing Chinese market. The joint venture formed at the end of 2005
comprises an existing cement plant with a capacity of 1.8 million tonnes in the Fufeng district and the new
construction of a cement plant near the provincial capital Xian. HeidelbergCement's joint-venture partner is
Tangshan Jidong Cement, one of the top five cement producers in China. The joint venture has been
proportionately consolidated since the beginning of 2006. Good progress was made with the construction of
the new Jingyang cement plant near the provincial capital Xi’an.
Overall, the Group’s consolidated sales volumes in China almost doubled in 2006, reaching 3.4 million
tonnes (previous year: 1.8).
The latest involvement in China has extended HeidelbergCement’s geographical presence to the northern
region of the country, which is experiencing strong growth: In October 2006, HeidelbergCement signed an
agreement to acquire a majority participation of 80 % in the cement manufacturer Liaoning Gongyuan
Cement. After the closing of this acquisition HeidelbergCement will be represented in three important
regional markets in China with a total capacity of more than 10 million tonnes.
Market Entry in India: By entering the Indian market, HeidelbergCement has consistently continued its
strategy of making targeted investments in growth regions. India is the second largest cement market in the
world, with cement consumption exceeding 140 million tonnes in 2006. The Group took the first step in
establishing a long-term market position by founding a 50:50 joint venture on the west coast of of India in
March 2006. The cement grinding plant Indorama Cement supplies the cities of Mumbai and Pune. In
August, HeidelbergCement acquired a majority participation in the cement manufacturer Mysore Cements.
This company operates two cement plants and a grinding plant in central and southern India. Indorama
Cement was consolidated on 1 April 2006 and Mysore Cements on 1 September 2006. This provides the
Group with a total production capacity of 3.5 million tonnes.
Other Participations in Asia: In Bangladesh, HeidelbergCement holds a stake of 60.7 % in
HeidelbergCement Bangladesh Ltd.; the remaining 39.3 % of the shares are traded on the Dhaka and
Chittagong stock exchanges. HeidelbergCement Bangladesh operates two grinding plants at Dhaka and
Chittagong with an overall cement capacity of 1.5 million tonnes per annum. In addition, HeidelbergCement
operates a wholly-owned grinding plant in the Sultanate of Brunei (Butra HeidelbergCement Sdn. Bhd. in
Muara).
In 2006, the Gruop's cement and clinker sales volume in Asia totalled 18.8 million tonnes of cement and
clinker, up to 14.8 tonnes in 2005.
Concrete. In 2006, the Group’s deliveries of ready-mixed concrete in Indonesia and China fell by 29 % in
comparison with the previous year to 1.1 million cubic metres. This is attributable on the one hand to the
declining demand in Indonesia – construction activity has decreased noticeably in the Jakarta area and
West Java – and, on the other hand, to the sale of HeidelbergCement’s ready-mixed concrete activities in
Guangzhou in 2005.
40
Africa
In Africa, HeidelbergCement is focused on the cement business line and operates four cement and nine
grinding plants and two terminals for importing cement and clinker. Most of the facilities are grinding plants
which utilize clinker delivered from Group plants in Northern Europe and Turkey. In Africa, sales of cement
and clinker through the consolidated participations reached a total of over 4.2 million tonnes in 2006.
HeidelbergCement is the market leader in its main market Ghana. Its sole competitor is West African
Cement Limited. In 2005, HeidelbergCement increased its participation in Tanzania Portland Cement
Company by 12.9 % to 63.3 % and in 2006 by a further 6.0 % to 69.3 %. By commissioning a new cement
mill in Sierra Leone, HeidelbergCement has adapted production levels to the increasing cement
consumption of the country.
Mediterranean Basin
Cement. HeidelbergCement operates its cement business in the Turkish market through a 39.7 %
participation in Akçansa Çimento Sanayi ve Ticaret A. S. ("Akçansa") in Istanbul. Haci Ömer Sabanci
Holding A. S. also holds a share of 39.7 % in Akçansa. The remaining free-float shares are traded on the
Istanbul stock exchange. Akçansa operates two cement plants at Çanakkale (Aegean coast) and
Büyükçekmece (near Istanbul). It also has a 51 % share in Karcimsa çimento Sanayi ve Ticaret A. S. in
Karabük (Turkey), a joint venture with Kardemir Steel Cy, which operates the Karcimsa grinding plant for
slag cement in the Black Sea region. The operations in Turkey provide HeidelbergCement with access to
international cement trading. Approximately one third of the volume produced in Akçansa's Turkish cement
plants is exported (primarily to the United States and Africa). As a result, Akçansa operates three cement
trading terminals in Turkey (Ambarly, Karamursel and Aliaga).
Akçansa's cement and grinding plants have a cement capacity of around 6 million tonnes per annum. In
2006, cement and clinker sales volumes amounted to 4.8 million tonnes (including exports); 39.7 % of these
sales (1.9 million tonnes) were proportionally consolidated in HeidelbergCement's consolidated financial
statements for 2006.
Measures to expand the capacity of the Çanakkale cement plant should be completed by the end of 2007;
this will increase Akcansa’s clinker capacity to 5.7 million tonnes and the cement grinding capacity to 9
million tonnes.
In the United Arab Emirates, HeidelbergCement has management contracts with a cement plant in Ras alKhaimah and a sales company with a share of 40 %. At the end of 2006, the largest cement kiln in the world
was commissioned, with a daily capacity of 10,000 tonnes.
Concrete. In the concrete business line, HeidelbergCement operates in Turkeyregions through the readymixed concrete operations of Betonsa, the ready-mixed concrete operation line of Aksansa. Betonsa
operates 24 ready-mixed concrete plants in the Marmara and Aegean regions. In addition,
HeidelbergCement operates three plants for the production of aggregates in Turkey.
In 2006, Betonsa's sales volume was approximately 2.9 million cubic metres of ready-mixed concrete,
39.7 % of which were proportionally consolidated in the Group's annual accounts for 2006.
maxit Group
The maxit Group combines HeidelbergCement's activities in the areas of dry mortar, expanded clay and
plant engineering. HeidelbergCement formed the maxit Group business unit in 2001 to combine the
Scandinavian, German and Dutch-Belgian building materials businesses of the Optiroc Group AB in
Sollentuna (Sweden), maxit Deutschland GmbH in Breisach, and Beamix Holding B.V. in Eindhoven
(Netherlands). In 2002, Marmoran AG in Volketswil (Switzerland) was also included in this business unit.
maxit Group operates a total of 107 plants and numerous sales offices in 30 countries, mainly in Europe.
maxit Group's main sales channels are builders' merchants as well as building contractors and architects.
maxit Group restructured its operations in recent years with the aim to establish the entire product range in
all markets where the maxit Group is active. It also extended its activities by building plants in growth
markets: In Lithuania, a new concrete block plant started production in spring 2004. In Russia, maxit Group
expanded its market position with the commissioning of the newly built dry mortar plant close to Arzamas
near Nizhny Novgorod at the end of 2005. An important step in the Chinese market was the opening of a
new dry mortar plant in the Peking area in October 2005.
By purchasing the Danish company Dansk Leca in 2006, which primarily produces lightweight aggregates,
leightweight blocks and concrete blocks, maxit Group is securing further opportunities for future growth.
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maxit Group is the market leader in Europe, achieving turnover of € 1,237 million in 2006.
Group Services
The Group Services business unit comprises the activities of HC Trading and HC Fuels. HC Trading B. V. in
's-Hertogenbosch (The Netherlands) is the "International Trading Arm" of the Group with offices in Istanbul,
Oslo, Brussels, Algiers, Fort Lauderdale, Singapore, and Dubai. HC Trading coordinates the international
trade in cement and clinker within the HeidelbergCement Group as well as between HeidelbergCement and
third parties. HC Trading offers to its customers related logistics services, such as the management of
floating terminals for the import and distribution of traded cement, and ranks among the largest cement
trading companies in the world. Its primary business objective is to maximize capacity utilisation of the
Group's cement plants. International trade in cement and clinker within the Group occurs mainly between
cement facilities in coastal areas in the exporting countries of Turkey, Sweden and Norway and terminals in
importing countries such as the United States, countries in sub-Saharan Africa, Asia and Mediterranean
countries.
The operations of the Group Services business unit also includes the worldwide procurement of fossil fuels
for HeidelbergCement through HC Fuels Ltd. in London (UK). HC Fuels is also entrusted with the task of
trading CO2 emissions rights on behalf of the Group companies in Europe.
Organisational Structure
HeidelbergCement AG is the parent company of the HeidelbergCement Group. In addition to
HeidelbergCement AG, the Group 2006 annual accounts include 465 subsidiaries that have been fully or
proportionately consolidated, of which 81 are German and 384 are foreign.
Research and Development
HeidelbergCement's investments in research and development totaled approximately € 45 million in 2006
and approximately € 43 million in 2005. The research and development activities of HeidelbergCement
focus on the following areas:
– Easy workability & process automation through special products: improved flowing behavior, fast drying
and low shrinking are characteristics of newly developed flowing screeds.
42
– Durability & broad application possibilities: especially in highway construction and other projects life
cycle and maintenance cost play a major part. Such projects benefit from the durability of concrete as
construction material, which is further improved in continuous R&D work.
– Additional functionalities & special products: examples are self-cleaning concrete + plaster taking
advantage of photocatalytic effects, self-leveling floors and translucent concrete.
– Sustainable product development: the production of clinker, the base product for cement, is the main
source of CO2 emissions in the cement production process. For several years, HeidelbergCement has
therefore pursued the goal of reducing the proportion of clinker in cement and replacing it with substitute
products such as blast furnace slag and fly ash.
Sites and Real Estate
HeidelbergCement operates a total of 71 cement plants and 28 grinding plants worldwide. The cement
produced in these plants is handled for transport at 120 terminals worldwide. As part of its concrete
production process, HeidelbergCement operates 847 ready-mixed concrete plants and 72 concrete
products plants worldwide. Furthermore, there are 235 aggregate plants in which sand and gravel are
extracted and processed as concrete aggregates. HeidelbergCement also operates a smaller number of
lime plants (2 sites) and sand-lime brick plants (18 locations). maxit Group operates a further 107 sites.
Overall, HeidelbergCement maintains over 1,500 sites worldwide in which it operates its various activities.
HeidelbergCement owns the large majority of the real estate of its most important sites worldwide. This
includes almost all of the cement and grinding plants across the world (including the sites in Germany), the
most important sites for the quarrying of raw materials for the production of cement, concrete and building
materials and HeidelbergCement's headquarters in Heidelberg. A large majority of the real property of the
sites for the production of concrete and building materials, including the corresponding sites for the
quarrying of raw materials, is owned by HeidelbergCement. Some of the sites, however, are operated on
leased real estate.
Trend Information
Save as disclosed hereafter, there has been no material adverse change in the prospects of
HeidelbergCement AG since the date of the last audited financial statements.
Economic Environment
The assessment of the global economic environment is favourable for the current year and for 2008. This is
primarily due to an acceleration of the upturn at the end of 2006, the easing of the situation on the oil
markets and the fact that the weakening of growth in the US is only temporary. In Germany, the growth
forecast for 2007 has been increased to up to 2%; in 2008, the economic growth could prove to be even
higher. Throughout the euro zone, a steady increase in the gross domestic product is expected once again.
Development in the emerging countries should continue in years 2007/2008 with hardly any reduction in the
dynamics.
The fact that the economic environment is more positive than originally expected creates a number of
opportunities; however, risks arising from global imbalances, fluctuations in the dollar exchange rate and
the volatility of oil prices must still be considered.
The favourable situation in the economy as a whole produced above-average benefits for the building
materials markets. In the US, despite the weakness of the housing markets, HeidelbergCement expects
largely stable cement consumption on a high level..
Turnover and Results
The expansion of HeidelbergCement’s position in growing markets and the anticipated favourable
development of the mature European markets will lead to a further noticeable improvement in turnover and
results in 2007 and 2008. Once again, HeidelbergCement expects significant contributions from EuropeCentral Asia. HeidelbergCement’s expectations for North America, where record figures were achieved in
2006, are somewhat conservative. The Asia-Africa-Mediterranean Basin Group area should benefit from the
recovery of the Indonesian cement market and the continuing dynamics of China. In India,
HeidelbergCement is now operating in an additional market experiencing lively growth. HeidelbergCement
also expects welcome increases for maxit Group.
43
Despite the volatility of energy prices, HeidelbergCement anticipates stable development in the costs of
fuel, electricity and natural gas. Thanks to an efficient quality and supplier management, HeidelbergCement
is able to use a higher proportion of Asian suppliers for technical equipment and facilities. In addition,
HeidelbergCement expects some impetus as a result of the consistent exploitation of its internal
optimisation potential.
Investments
In the next two to three years, HeidelbergCement’s cement capacities in growing markets will be increased
on the one hand by means of new construction projects in the Russian regions of Tula and Saratov, in
Western Kazakhstan and in the Chinese province of Shaanxi. On the other hand, HeidelbergCement will
extend existing capacities in the Saint Petersburg area as well as in Georgia, Turkey, Indonesia and China.
HeidelbergCement aims to achieve a strong market position in the long term by expanding its vertical
integration measures in the concrete and aggregates business lines.
Expected financing
In 2007 and 2008, HeidelbergCement will once again use the capital markets in a flexible way. As of 31
December 2006, the syndicated loan of EUR 600 million and extensive bilateral credit lines were undrawn.
The EUR 1 billion Euro Commercial Paper Programme is also available to HeidelbergCement. In addition,
HeidelbergCement has access to the capital markets when required via the EUR 3 billion European
Medium Term Note (EMTN) programme. Thanks to the good results and financial situation,
HeidelbergCement can refinance cost-effectively on the money and capital markets and take advantage of
potential opportunities.
Sustainability
One of the focal areas of HeidelbergCement’s measures in 2007/2008 will be the consistent reduction of
environmental pollution. Among other aspects, this involves improving the energy efficiency in the
production sites and increasing the use of alternative fuels. These efforts will make a noticeable contribution
to HeidelbergCement’s goal of reducing specific net CO2 emissions by 15 % by 2010 compared with 1990.
HeidelbergCement is also focusing on systematically expanding the occupational health and safety
measures. HeidelbergCement intends to undertake targeted campaigns to tackle specific accident areas
each year and initiate measures that will lead to significant improvements in the medium term.
Research and Development
Reducing the consumption of natural resources and improving the durability of concrete will continue to
have an important place in HeidelbergCement’s research and development activities in the coming years. In
addition, HeidelbergCement is planning further projects to optimise the strength and processing
characteristics of concrete. HeidelbergCement will also continue to work on developing new properties and
applications for cement-based building materials, in order to increase their versatility and range of uses.
Employees
In 2007/2008, the introduction of an integrated talent management concept, focusing on university and
college marketing and the recruitment of very highly trained graduates, will be one of the critical tasks. In a
pilot project, HeidelbergCement will use an employee survey as a strategic management tool for the first
time. In particular, HeidelbergCement hopes to gain an understanding of the employees’ commitment. The
measures resulting from the analysis of this survey and their implementation will be key factors to
HeidelbergCement’s success. The increased standardisation of the training content used in
HeidelbergCement’s seminars for top and senior management ensures that the same methods and
practices, e.g. in relation to investment planning, are used across the Group.
Administrative, Management and Supervisory Bodies
Managing Board (Vorstand)
The current members of the Managing Board are:
Dr. Bernd Scheifele, Heidelberg, Chairman
Helmut S. Erhard, Allentown, Pennsylvania/USA
Daniel Gauthier, Brussels/Belgium
44
Andreas Kern, Heidelberg
Dr. Lorenz Näger, Heidelberg
None of the members of the Managing Board have significant business interests outside
HeidelbergCement.
Supervisory Board (Aufsichtsrat)
The current members of the Supervisory Board are:
Fritz-Jürgen Heckmann, Stuttgart, Chairman
Attorney
Heinz Schirmer, Schelklingen, Deputy Chairman (*)
Chairman of the Council of Employees, Schelklingen plant, HeidelbergCement AG, and until 1 June 2006,
Chairman of the General Council of Employees, HeidelbergCement AG
Theo Beermann, Ennigerloh (*)
Deputy Chairman of the Council of Employees, Ennigerloh plant, HeidelbergCement AG
Heinz-Josef Eichhorn, Frankfurt/Main (*)
Head of the Executive Committee Section Building Materials Industry, IG Bauen-Agrar-Umwelt
Josef Heumann, Burglengenfeld (*)
Chairman of the Council of Employees, Burglengenfeld plant, HeidelbergCement AG
Gerhard Hirth, Ulm
Managing Director, SCHWENK group of companies
Rolf Hülstrunk, Mainz
Former Chairman of the Managing Board, HeidelbergCement AG
Heinz Kimmel, Sulzheim (*)
Chairman of the Council of Employees, Sulzheim plant, Südharzer Gipswerk GmbH
Max Dietrich Kley, Heidelberg
Attorney
Hans Georg Kraut, Schelklingen (*)
Director of the Schelklingen plant, HeidelbergCement AG
Senator h.c. Dr. med. h. c. Adolf Merckle, Blaubeuren
Attorney
Ludwig Merckle, Ulm
Managing Director, VEM Vermögensverwaltung GmbH
Tobias Merckle, Leonberg
Managing Director prisma – Initiative für Jugendhilfe und Kriminalprävention e. V.
Eduard Schleicher, Ulm
Partner with unlimited liability, SCHWENK group of companies
Heinz Schmitt, Heidelberg (*)
Chairman of the Council of Employees in the headquarters of HeidelbergCement AG
Karl-Heinz Strobl, Frankfurt/Main (*)
Member of the Federal Executive Committee, IG Bauen-Agrar-Umwelt
___________
(*) Employee representatives
The business address of each of the above is Berliner Strasse 6, 69120 Heidelberg, Germany. To the best
of HeidelbergCement AG's knowledge there are no potential conflicts of interest in between the obligations
of the persons towards HeidelbergCement and their own interests or other obligations. The members of the
board mentioned above accept memberships on the Supervisory Board of other corporations within the
limits prescribed by applicable laws.
45
Board Practices
The General Meetings of HeidelbergCement AG are held at the seat of the company, at the location of a
domestic plant of HeidelbergCement AG or of a subsidiary or at the place of any German stock exchange.
The Annual General Meeting of the shareholders of HeidelbergCement AG is held at the latest in August of
any calendar year.
The financial year of HeidelbergCement AG is the calendar year.
Corporate Governance
Corporate governance deals with the legal and factual framework regarding the management and
supervision of companies. HeidelbergCement is obligated under German law to declare compliance or noncompliance with the German Corporate Governance Code (Deutscher Corporate Governance Kodex) at
least once a year and presented the "Corporate Governance Principles of HeidelbergCement" in December
2002. They were adapted to the latest amendments of the German Corporate Governance Code on 21
March 2007. The relevant declaration prescribed by section 161 of the German Stock Exchange Act
(Aktiengesetz – AktG) is published by annual announcement on HeidelbergCement's website
www.heidelbergcement.com, in which any deviations from the recommendations in the German Corporate
Governance Code are clearlyindicated.
Major Shareholders
According to the notifications available to the Company in accordance with the German Securities Trading
Act (Wertpapierhandelsgesetz – WpHG), the main holders of HeidelbergCement AG's share capital are
Spohn Cement GmbH with 66.00 %, Senator h.c. Dr. med. h.c. Adolf Merckle with 11.32 % (thereof
11.09 % via VEM Vermögensverwaltung GmbH) and SCHWENK Beteiligungen GmbH & Co. KG with
7.5 %. The free float amounts to 15.18 % of the share capital.
Financial Information concerning the Assets and Liabilities, Financial Position and Profits and
Losses of HeidelbergCement AG
Historical Financial Information
The audited consolidated financial statements of HeidelbergCement AG for the fiscal year ending
31 December 2005 and the auditors' report thereon, together contained in HeidelbergCement's Annual
Report 2005 on pages 68–136, are incorporated by reference into this Prospectus.
The audited consolidated financial statements of HeidelbergCement AG for the fiscal year ending
31 December 2006 and the auditors' report thereon, together contained in HeidelbergCement's Annual
Report 2006 on pages 66–128, are incorporated by reference into this Prospectus.
46
Financial Statements
HeidelbergCement Group
Group balance sheet
Assets
EUR '000s
Long-term assets
Intangible assets
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings, tools and equipment
Payments on account and assets under construction
Financial fixed assets
Shares in associated companies
Shares in other participations
Loans to participations
Other loans
Note
31 Dec. 2005
25
26
2,454,657
1)
2,802,535
2,039,467
2,982,037
190,109
283,107
1)
2,048,053
2,916,338
197,138
379,799
5,494,720
1)
27
28
29
30
Fixed assets
Deferred taxes
Other long-term receivables
Short-term assets
Stocks
Raw materials and consumables
Work in progress
Finished goods and goods for resale
Payments on account
1)
5,541,328
759,950
334,531
17,722
45,279
1,157,482
9,106,859
170,490
77,618
9,354,967
850,561
234,493
32,052
45,416
1,162,522
9,506,385
132,829
75,932
9,715,146
491,348
90,454
275,153
12,686
869,641
504,088
91,095
283,881
16,970
896,034
185,955
920,971
193,320
45,067
1,345,313
64,744
299,986
2,579,684
100,818
1,024,255
291,497
56,516
1,473,086
19,261
214,919
2,603,300
11,934,651
12,318,446
31
Receivables and other assets
Short-term financial receivables
Trade receivables
Other short-term operating receivables
Current income tax assets
32
Short-term investments and similar rights
Cash at bank and in hand
33
33
Balance sheet total
31 Dec. 2006
47
Liabilities
EUR '000s
Shareholders' equity and minority interests
Subscribed share capital
Capital reserves
Revenue reserves
Currency translation
Company shares
Capital entitled to shareholders
Minority interests
Long-term provisions and liabilities
Provisions
Provisions for pensions
Deferred taxes
Other long-term provisions
Liabilities
Debenture loans
Bank loans
Other long-term financial liabilities
Note
34
35
36
37
38
39
40
41
Trade payables
Current income taxes payables
Other short-term operating liabilities
Balance sheet total
31 Dec. 2006
296,065
2,512,679
1,999,286
-174,938
-2,936
4,630,156
427,709
5,057,865
346,974
2,462,144
2,845,682
-303,455
-2,934
5,348,411
479,511
5,827,922
736,010
493,409
493,509
1,722,928
1)
1)
1)
678,906
506,583
459,597
1,645,086
42
1,473,966
878,530
391,842
2,744,338
8,144
2,752,482
4,475,410
Other long-term operating liabilities
Short-term provisions and liabilities
Provisions
Liabilities
Debenture loans (current portion)
Bank loans (current portion)
Other short-term financial liabilities
31 Dec.
2005
38
42
116,271
643,900
521,523
1,165,423
568,731
72,248
478,703
2,285,105
2,401,376
11,934,651
1)
1)
1)
748,207
694,061
475,307(2)
1,917,575
13,327
1,930,902
3,575,988
143,762
672,400
437,943
392,869(2)
1,503,212
657,362
72,646
537,554
2,770,774
2,914,536
12,318,446
1) The retrospective adjustments due to the application of IFRS 3.62 and the rejections note of the IASB regarding the
accounting treatment for the puttable minorities would increase in 2005 intangible assets to EUR '000s 2,497,392, tangible fixed
assets to EUR '000s 5,530,937, revenue reserves to EUR '000s 2,015,063, minority interests to EUR '000s 429,913, provisions
for deferred taxes to EUR '000s 503,020, long-term financial liabilities to EUR '000s 2,773,823, other short-term financial
liabilities to EUR '000s 559,376 and reduce short-term provisions to EUR '000s 108,437. More details can be found in the notes
to the Group balance sheet.
2) Includes puttable minorities with an amount of EUR '000s 105,974.
48
Group profit and loss account
EUR '000s
Turnover
Notes
2005
2006
1
7,802,572
9,233,751
12,057
1,204
7,815,833
19,625
1,368
9,254,744
Change in stocks and work in progress
Own work capitalised
Operating revenues
Other operating income
Material costs
Employees and personnel costs
2
3
4
194,174
-3,018,040
-1,450,175
204,611
-3,632,971
-1,501,995
Other operating expenses
Operating income before depreciation (OIBD)
5
-2,035,767
1,506,025
-2,349,852
1,974,537
Depreciation of tangible fixed assets
Amortisation of intangible assets
Operating income
6
6
-486,089
-10,034
1,009,902
Additional ordinary result
Results from associated companies 1)
Results from other participations
Earnings before interest and income taxes
(EBIT)
7
8
8
-116,791
149,515
-10,109
24,818
187,417
-7,484
1,032,517
1,664,973
Interest and similar income
9
24,941
59,909
Interest and similar expenses
Exchange rates gains and losses
Financial result on puttable minorities
Profit before tax
9
9
9
-294,899
8,945
-286,428
5,062
-4,768
1,438,748
Taxes on income
Profit for the financial year
2)
2)
2)
771,504
10
Minority interests
Group share in profit
-503,714
-10,601
1,460,222
-300,415
471,089
2)
-412,448
1,026,300
-56,588
414,501
2)
-75,629
950,671
Amount for dividend payment
43
132,938
144,508
Earnings per share in EUR (IAS 33)
11
3.74
8.22
1) Net result from associated companies
112,427
154,014
2) The retrospective adjustments due to the application of IFRS 3.62 and the rejections note of the IASB regarding the
accounting treatment for the puttable minorities would increase the amortisation of intangible assets in 2005 to EUR '000s 10,350 and the depreciation of tangible fixed assets to EUR '000s -488,927, the financial result (expenses) on puttable
minorities to EUR '000s -3,504 and reduce the taxes on income to EUR '000s -299,599 as well as the minority interests to
EUR '000s -52,140. More details can be found in the notes to the Group profit and loss accounts.
49
Cash flow statement
EUR '000s
Operating income before depreciation (OIBD)
Additional ordinary result before depreciation
Dividends received
Interest paid
Taxes paid
Elimination of non-cash items
Cash flow
Changes in operating assets
Changes in operating liabilities
Cash flow from operating activities
Intangible assets
Tangible fixed assets
Financial fixed assets
Investments (cash outflow)
Proceeds from fixed asset disposals
Cash from changes in consolidation scope
Cash flow from investing activities
Capital increase
Dividend payments - HeidelbergCement AG
Dividend payments - minority shareholders
Proceeds from bond issuance and loans
Repayment of bonds and loans
Cash flow from financing activities
Net change in cash and cash equivalents
Effect of exchange rate changes
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December (*)
12
13
14
15
16
17
18
19
20
21
22
23
24
1,506,025
-44,317
28,749
-295,971
-223,482
76,222
1,047,226
1,974,537
48,476
29,792
-209,089
-358,857
52,811
1,537,670
-197,739
-54,469
795,018
-245,776
-33,068
1,258,826
-20,869
-527,256
-386,216
-934,341
166,629
20,460
-747,252
-4,876
-557,327
-370,596
-932,799
194,452
72,904
-665,443
291,732
-55,491
-34,785
192,206
-481,253
-87,591
374
-132,938
-35,062
575,364
-1,175,633
-767,895
-39,825
51,632
-174,512
76,535
305,009
316,816
316,816
218,839
(*) In the balance sheet, the item "Securities and similar rights" also lists the market value of hedging transactions and the
"available for sale financial assets" amounting to EUR 15.3 million (previous year: 47.9)
50
Auditing of Historical Annual Financial Information
The auditors of HeidelbergCement are Ernst & Young AG Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft, Mittlerer Pfad 15, 70499 Stuttgart, Germany. They have audited the
consolidated and unconsolidated financial statements of HeidelbergCement for the years ended 31
December 2006 and 2005 and issued an unqualified auditor's report in each case.
Age of Latest Financial Information
The latest financial statements of HeidelbergCement AG were prepared for the year ending 31 December,
2006. No further interim or other financial information have been published.
Significant Change in the Financial or Trading Position of HeidelbergCement AG
Save as disclosed herein there has been no significant change in the financial or trading position of
HeidelbergCement AG since its last published annual report dated 31 December 2006.
Legal and Arbitration Proceedings
Companies of the HeidelbergCement Group are involved in legal, regulatory and arbitration proceedings in
Germany and in a number of other foreign jurisdictions, including the United States, which arise in the
ordinary course of their businesses. It is not possible to predict the outcome of any pending or threatened
proceeding. Save as disclosed herein, neither the Issuers nor the Guarantor nor any consolidated
subsidiary of the Guarantor is, or has during the last two fiscal years been, engaged in any litigation or
arbitration proceedings which may have or have had during such period a significant effect on the financial
position of the Issuers or the Guarantor, nor, as far as the Issuer or the Guarantor is aware, are any such
litigation or arbitration proceedings pending or threatened.
Antitrust Proceedings
In 2003 the German Federal Cartel Office ("FCO") levied antitrust fines against the Company and its
subsidiaries Anneliese Zementwerke AG (in 2005 merged into the Company), TEUTONIA Zementwerk AG
(newly acquired in 2005) and five former managing board members of these companies in an aggregate
amount of € 286.5 million, of which € 251.5 million were levied against the Company, € 26 million against
Anneliese Zementwerke AG and € 8 million against TEUTONIA Zementwerk AG. The fines are based on
alleged quota agreements over several years primarily in the cement market of Southern Germany, NorthRhine Westphalia and Loxer Saxony and certain other antitrust violations.
The amounts of the fines were determined on the basis of assumed incremental earnings resulting from an
alleged cartel. The Company has admitted several antitrust violations but denies the majority of the
accusations, including the allegation of a cartel in southern Germany and all incremental earnings resulting
therefrom. The Company and its subsidiaries (including the managing board members concerned) have
appealed the fines. After further investigations the FCO informed the Company and TEUTONIA
Zementwerk AG in February 2006, that it found its first calculation of the assumed incremental earnings
confirmed, so that it will not change the fines set in 2003 as outlined above. The FCO did not inform the
Company of any results of this further investigation relating to Anneliese Zementwerke AG and
HeidelbergCement does not know what conclusions the FCO has drawn as a result in this regard and the
fact, that Anneliese Zementwerke AG has been merged into HeidelbergCement AG. The file was submitted
to the Higher Regional Court (Oberlandesgericht) in Düsseldorf, in January 2007, which is not bound by the
result of the investigations of the Federal Cartel Office but has full discretion with regard to the investigation
of, and the judgment on, the underlying facts. As a result of its findings it may levy a different or even a
higher fine. The judgment of the Higher Regional Court (Oberlandesgericht) can be appealed to the Federal
Court of Justice (Bundesgerichtshof). The Company is not obliged to pay the antitrust fine until a legally
binding final decision has been issued. In light of the FCO investigations as described HeidelbergCement
has established provisions which the Company's managing board considers currently to be an appropriate
risk provision for any potential liabilities in connection with these antitrust proceedings.
Certain other subsidiaries of HeidelbergCement are subject to investigations by antitrust and competition
authorities in various countries, including Belgium, the Netherlands, Hungary, Poland and Turkey, which are
at different stages including court proceedings. The potential outcome of such proceedings including the
possible amount of a definite fine is difficult to predict, but to the extent that these investigations have led to
51
a fine in the last three years, they have not had material financial consequences for HeidelbergCement.
However, HeidelbergCement cannot accurately predict the outcome of pending proceedings or
investigations, and, because of the oligopolistic competition structure of many cement markets and the
homogeneity and freight sensitivity of cement, concrete and aggregates, the Company or certain of its
subsidiaries and affiliates may in the future be the subject of investigations by antitrust authorities.
Lawsuits for Damages Suffered by Customers
In addition to the above-mentioned antitrust proceedings, Cartel Damage Claims SA ("CDC"), a Belgian
company, which asserts potential claims on behalf of 29 potentially damaged customers, has filed a lawsuit
against the six alleged main participants of the alleged cement cartel in Germany, including inter alia
HeidelbergCement AG. The claim amounts to approximately € 160 million (incl. interest), the precise
amount to be fixed by the competent court. In case the courts decide in favour of CDC, it can obtain the full
amount by one defendant (as "Gesamtschuldner"), which then has the burden and risk to claim for (partial)
recourse by other proven participants of the cartel. HeidelbergCement can not rule out, that this lawsuit
might be successful to some extent. HeidelbergCement could also face further civil lawsuits for damages
suffered by customers due to alleged excessive cement prices in Germany or other countries as a result of
antitrust infringements.
Asbestos Litigation
Members of the HeidelbergCement Group, together with a large number of other non-affiliated companies
are named as defendants in 26 lawsuits in North America in connection with asbestos claims. Most of these
claims are being defended together with the relevant insurance companies. Although the Company does
not currently anticipate to incur significant financial losses as a result of these proceedings, as with all
litigation, there can be no assurance that the outcome of such proceedings will not be worse than expected.
Regulatory Environment
HeidelbergCement and its subsidiaries are subject to laws and regulations applicable in the jurisdictions in
which they are active. As a general rule business activities that could harm the environment, such as air
emissions or mining of raw materials, are subject to regulations. In particular, issues regarding emissions,
construction regulations, waste and water law, nature protection law and regulations on the use of
explosives are applicable to HeidelbergCement's business activities.
European Union. In member states of the European Union, certain principles of the regulatory environment
for the production of cement are set forth in European directives and regulations. These rules determine
thresholds for certain air emissions, such as sulphur dioxide, nitrogen dioxide, nitrogen oxide, carbon
monoxide, heavy metals and suspended dust, and regulate the use of waste as secondary fuel.
This regulatory framework applies to many countries in HeidelbergCement's Group Area Europe – Central
Asia, whereby those countries in this Group Area that are now members in the European Union have
already started to adapt their regulatory structures, to different degrees, to the requirements of European
Union law.
In June 2003, the European Parliament adopted the Emission Trading Directive. By introduction of a trading
system for emission rights, the EU will considerably reduce the output of greenhouse gas. The member
states had to incorporate the EU directive into their national law by the end of 2003.
The principle of the trading system is as follows: If the carbon dioxide emissions of a company exceed a
cap, the company will have to purchase the necessary carbon dioxide emission quantity rights from another
company that has not exhausted its full quota.
The participation in such trading is mandatory for all industries with high energy consumption levels,
including the cement and lime industry, since 1 January 2005. The plants of HeidelbergCement which take
part in this EU emission trading scheme received their allocation of carbon dioxide emission quantity rights
in all countries. Although some plants did not receive sufficient rights to cover their carbon dioxide
emissions arising out of their current production the group´s overall position shows a surplus of carbon
dioxide emission quantity rights in the first trading period (2005–2007).
Additionally the member states already notified their draft national allocation plans for the second trading
period (2008–2012), but the essential details for the cement and lime industry are not yet finally regulated.
Calculations based on these draft national allocation plans show that, although a significant number of
plants might not receive sufficient rights to cover their full carbon dioxide emissions arising out of their
estimated production, the Group’s overall position will most probably show a small surplus of carbon dioxide
52
emission quantity rights also in the second trading period. HeidelbergCement continues to actively follow
these national proceedings to protect its interest.
Independent of the introduction of an emission trading system, HeidelbergCement internally set a target to
reduce its specific net carbon dioxide emissions (carbon dioxide emissions measured in kilograms per ton
cement produced) by 15 % at all production sites by 2010 worldwide across the Group (relative to the base
year 1990). From 1990 to 2006, HeidelbergCement has already reduced its net carbon dioxide emissions
from 765 kg/t cement in 1990 to 667 kg/t in 2006 throughout the Group.
United States. In the United States, the cement industry is subject to federal, state and local regulations
regarding the emission of toxic substances, the disposal of hazardous waste and the protection of human
health and the environment.
The Company is not aware of any substantial risks or problems relating to the various regulatory
requirements for its business activities in any of the individual states in which it operates.
Environment
The manufacturing of the products of HeidelbergCement on the various sites (cement plants, grinding
plants, ready-mixed concrete facilities, precast concrete plants, aggregate facilities, lime plants, sand-lime
bricks and dry mortar plants as well as manufacturing plants used in the construction chemistry sector) may
trigger environmental risks which are typical for the industry in which it operates. Each individual
manufacturing and production process is subject to different risks. The main issues are:
Soil and Groundwater Contamination
Several of the Group's sites are affected by soil and groundwater contamination, caused partly by
HeidelbergCement's predecessors and partly by HeidelbergCement itself. Contamination also originates
from landfills, some of which are situated on or adjacent to the production sites, or were in the past. The
Company suspects that further contamination of soil and groundwater exists on various sites. This
assumption is based on the storage of hazardous substances above-ground or under-ground (for example
storage of heating fuel oil, lubricating oil or fuel at company filling stations), the former use of the site or
parts thereof as landfills and the backfilling of quarries with filter dusts. In some cases, HeidelbergCement is
obligated to perform clean-up operations.
Emissions (Air, Noise and Odours)
At some of the plants operated by HeidelbergCement, emissions of harmful substances into the air
exceeded permissible thresholds. Applicable noise thresholds have also been exceeded in few cases.
However, these emissions as well as emissions of noxious odours may require investments in the
subsequent improvement of the respective plants such as installing or upgrading of filters and implementing
noise abatement measures.
Water and Waste Water
Water is used in the cement production process only to a minor extent, primarily for the cooling of
machines. In the production of concrete and building materials, however, water is an important component
of the final products. Therefore, large quantities of water must be available for the production of these
materials. In a few cases, the required permits for the abstraction of groundwater have not been granted or
have already expired and an application for the extension of such permits is usually pending. We believe
that our business activities will not be substantially affected thereby.
Waste water is either discharged directly (usually after pre-treatments) into public waters or indirectly into
the public sewage system. In individual cases, damage to the sewer pipes has been detected which
required repair or replacement measures. However, the investments with respect thereto are not expected
to be significant.
Handling and Storage of Hazardous Substances (in Particular Asbestos, PCB)
Hazardous substances are used regularly at the sites of HeidelbergCement including explosive materials,
which are used for the exploitation of raw materials in quarries, and other environmentally harmful
substances such as fuel, heating fuel oil and lubricating oil, which are required for the operation of the
plants. These substances are usually stored in above-ground or under-ground tanks. On some sites, filling
stations are or were operated as well. The relevant provisions with respect to the conservation of the
53
environment concerning the handling and storage of hazardous substances are substantially complied with
on the sites of HeidelbergCement.
In exceptional cases, transformers containing PCBs, a form of extremely toxic and carcinogenous
chlorinated hydrocarbons, are still in use. However, the Company anticipates replacing most of these
transformers within the next few years.
On certain HeidelbergCement sites, asbestos was used in production processes and in the construction of
buildings as a building material until 1982, including in the production of fibre cement containing asbestos. A
liability risk may exist if, and to the extent that, personal injuries, such as cancer or asbestosis, were
sustained as a result of the Company's actions. At present, asbestos used at the sites is usually bound in
other materials, such as asbestos-containing cement boards used for heat insulation. The replacement of
bound-asbestos is usually not required under environmental laws. If a building is refurbished or demolished,
however, precautions for the protection of employees must be taken and the material must be properly
disposed of. If, and to the extent that, non-bound asbestos has been revealed at sites of
HeidelbergCement, the necessary clean-up measures have been initiated.
Recultivation
Raw materials used in the production of clinker are predominantly excavated from adjacent quarries. After
the complete or partial termination of mining activities, it is usually necessary to backfill, recultivate and/or
re-naturate the respective quarry. The costs for the recultivation are regularly covered by provisions in the
balance sheet. Liabilities resulting from recultivation work have been provided for in the amount of € 147.5
million in the consolidated balance sheet of HeidelbergCement for the financial year 2006. The Company
believes that the current amount of such provisions is sufficient.
Summary
According to the Company's most recently available estimates prepared in spring 2003, the costs that can
be attributed to environmental risks (excluding the costs of recultivation) amount to a total of between
€ 124.9 million and € 168.8 million. The Company believes these amounts have not changed materially.
Approximately one third of the costs are attributable to soil and groundwater contamination. These costs
have been accounted for by provisions for use in exceptional cases only. The other estimated expenses
can be assigned to other environmental risks, in particular to upgrading measures to prevent environmental
risks.
Additional Information
Share Capital
The subscribed share capital of HeidelbergCement AG amounts to € 346,973,967 and is divided into
115,657,989 bearer shares with a proportional amount of share capital of € 3.00 each. All shares have been
issued and are fully paid.
The authorised share capital of HeidelbergCement AG, which is held in addition to its subscribed share
capital, can currently be stated as follows:
– Authorised Capital I: The Managing Board is authorised to increase, with the consent of the Supervisory
Board, the company's registered share capital by a total amount of up to € 74,000,000 by issuing new
no-par value bearer shares in return for cash contributions on one or more occasions until 22 May 2011.
The shareholders shall have subscription rights. However, the Managing Board is authorised:
-to exclude the subscription rights of shareholders with respect to fractional amounts and
- to exclude the subscription right completely or partially for an amount of up to € 29,600,000 or, if this
value is lower, of 10% of the available share capital at the time of exercise of the authorisation, in order
to issue new shares at an issue price that is not substantially lower than the stock market price of the old
shares; the limit for the amount should take into account those shares otherwise issued or sold during
the term of this authorisation in application of § 186, section 3, sentence 4 of the German Stock
Corporation Act.
The Managing Board shall decide, with the consent of the Supervisory Board, on the remaining contents
of the rights attached to the shares and the terms of the share issue.
– Authorised Capital II: The Managing Board is authorised to increase, with the consent of the Supervisory
Board, the company's share capital by a total amount of up to € 74,000,000 by issuing new no-par value
54
bearer shares in return for contributions in kind on one or more occasions until 22 May 2011. The
Managing Board is authorised, with the consent of the Supervisory Board, to exclude the subscription
rights of shareholders and establish all other details of the capital increase as well as the terms and
conditions of the share issue.
In addition, HeidelbergCement AG has the possibility to issue participation rights. The authorisation to issue
participation rights can be stated as follows:
– The Annual General Meeting of HeidelbergCement AG held on 6 May 2004 has authorised the
Managing Board, subject to the consent of the Supervisory Board, to issue participation rights without
conversion rights or option rights for shares of HeidelbergCement AG on one or more occasions until 5
May 2009. The total par value of participation rights issued by HeidelbergCement AG shall not exceed
€ 150,000,000.00. The shareholders shall have statutory subscription rights with respect to any
participation rights issued by HeidelbergCement AG. The Managing Board is authorised to exclude, with
the consent of the Supervisory Board, the subscription rights of shareholders in order to offer
participation rights to individual investors for subscription, provided that the issue price is not
substantially lower than the hypothetical market price of the participation rights as calculated in
accordance with generally accepted financial mathematics principles, and provided that such
participation rights are structured similar to bonds. The Managing Board further is authorised to exclude,
with the consent of the Supervisory Board, subscription rights of shareholders in order to offer
participation rights – also if they are not structured similar to bonds – to individual investors for
subscription, provided that the aggregate issue price of participation rights so issued does not exceed
the amount of € 75,000,000.00 and that the issue price shall not be substantially lower than the
hypothetical market price of the participation rights as calculated in accordance with generally accepted
financial mathematics principles.
Articles of Association
According to Section 2 of the Articles of Association of HeidelbergCement AG, the company's objects are
the production and sale of building materials of all kinds and of other products from the stone and quarry
industry and from related or other industry sectors; the acquisition and operation of mines; the planning,
construction, acquisition and operation of facilities for such purposes; and the planning, construction and
operation of such facilities for or the provision of advisory services to third parties.
Within these parameters, the Company may engage in any transactions or take any steps which appear
necessary or useful to attain the Company's objects, including in particular the purchase and sale of plots of
land, and the establishment of domestic and foreign branch offices. Moreover, the Company may acquire
interests in the same, similar or other enterprises.
55
DESCRIPTION OF HEIDELBERGCEMENT FINANCE B. V.
Statutory Auditors
The auditors of HeidelbergCement Finance are Ernst & Young Accountants, Europalaan 28c, 5232 BC 'sHertogenbosch, The Netherlands ("E&Y Netherlands"). They have audited the financial statements of
HeidelbergCement Finance for the years ended 31 December 2006 and 2005 and issued an unqualified
auditor's report in each case. E&Y Netherlands are members of the Royal NIVRA (Koninklijk Nederlands
Instituut van Registeraccountants).
Selected Financial Information
Historical Financials
The following tables set out in summary contain certain balance sheet, profit and loss and cash flow
information relating to HeidelbergCement Finance for the years ended 31 December 2006 and 31
December 2005. These financial statements have been prepared on the basis of Dutch GAAP.
History and development of HeidelbergCement Finance B. V.
HeidelbergCement Finance was founded in Amsterdam under the law of The Netherlands on 11 October
1991 as a limited company (besloten vennootschap met beperkte aansprakelijkheid) for an indefinite term.
HeidelbergCement Finance is registered under the number 33232885 in the Commercial Register of the
Chamber of Commerce for Oost-Brabant (Kamer van Koophandel en Fabrieken voor Oost-Brabant). Its
Articles of Association were last amended on 11 June 2002.
The statutory seat and place of business of HeidelbergCement Finance is Sint Teunislaan 1, 5231 BS 'sHertogenbosch, The Netherlands. The telephone number of HeidelbergCement Finance is:
+31 (0) 7364 01209.
Business Overview
The principal activity of HeidelbergCement Finance is that of a finance company for the HeidelbergCement
Group.
Organisational Structure
HeidelbergCement Finance is a wholly owned subsidiary of HeidelbergCement AG.
Trend Information
There has been no material adverse change in the prospects of HeidelbergCement Finance since the date
of the last audited financial statements (31 December 2006). No developments are currently foreseen to
have a material effect on HeidelbergCement Finance's prospects.
Administrative and Management Bodies
The current members of the Management Board are:
Dr. Lorenz Näger, Mannheim, Germany
Wilhelmina Johanna Maria Baten, Rosmalen, The Netherlands
Mathijs Coenraad Maria Cremers, Nijmegen, The Netherlands
Ivo Gerardus Catharina Pleijers, Vught, The Netherlands
Henner Böttcher, Wetzlar, Germany
The above named members of the Management Board do not perform any principal activities outside the
Group which are significant to the Group.
The business address of all above named members of the Management Board is Sint Teunislaan 1, 5231
BS 's-Hertogenbosch, The Netherlands. The members of the board mentioned above accept memberships
on the Supervisory Board of other corporations within the limits prescribed by applicable laws.
56
Board Practices
The Annual General Meeting of HeidelbergCement Finance must be held within six months after the end of
the preceding financial year. The financial year is the calendar year.
Major Shareholders
HeidelbergCement Finance is a directly held 100 % subsidiary of HeidelbergCement.
57
Financial Information concerning the Assets and Liabilities, Financial Position
and Profits and Losses of HeidelbergCement Finance B.V.
Balance Sheet(1)
31.12.2005 31.12.2006
EUR '000s
Assets
Fixed Assets
Loans to group entities ............................................................................................ 2.046.792 1.098.701
Capitalised bond issue expenses ............................................................................
13.677
9.072
2.060.469 1.107.773
Current assets
Loans to group entities ............................................................................................
50.113
672.150
Capitalised bond issue expenses ............................................................................
0
134
Other amounts due from group entities ...................................................................
220.124
169.896
Taxation...................................................................................................................
240
283
Cash at bank ...........................................................................................................
0
4
270.477
842.467
Balance sheet total ................................................................................................... 2.330.946 1.950.240
SHAREHOLDER'S EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Issued share capital ....................................................................................................
Share premium reserve
General reserve ..........................................................................................................
18
18
0
1.316
3.440
1.801
3.458
3.135
LONG TERM LIABILITIES
Bonds and notes...................................................................................................... 2.013.782 1.079.098
Loans from third parties...........................................................................................
3.811
3.811
Deferred income from third parties ..........................................................................
1.062
187
Deferred income from group entities .......................................................................
10.976
7.926
Other financial liabilities third parties .......................................................................
9.704
0
Other financial liabilities group entities ....................................................................
19.312
0
2.058.647 1.091.022
SHORT TERM LIABILITIES
Bonds and notes......................................................................................................
45.000
672.400
Loans from third parties...........................................................................................
5.113
0
Interest due to third parties......................................................................................
84.987
65.869
Loans from group entities ........................................................................................
131.989
113.670
Interest due to group entities ...................................................................................
1.501
1.467
Other financial liabilities third parties
0
23
Other financial liabilities group entities ....................................................................
0
2.396
Cash at bank ...........................................................................................................
1
0
Other creditors.........................................................................................................
250
258
268.841
856.083
Balance sheet total ................................................................................................... 2.330.946 1.950.240
________________
(1) Prepared on the basis of Dutch GAAP.
58
Profit and Loss Account(1)
January – December 2006
2005
2006
178.838
166.340
Turnover
Interest and similar income...............................................................................
Cost of Turnover ................................................................................................
Interest and similar expenses...........................................................................
– 177.055 – 166.381
Gross Profit ........................................................................................................
1.783
-41
General and Administrative expenses .............................................................
– 367
– 316
Result before taxation .......................................................................................
1.416
-357
Corporate income tax ........................................................................................
– 446
– 282
Result after taxation...........................................................................................
970
-639
_______________
(1) Prepared on the basis of Dutch GAAP.
Cash Flow Statement
2005
2006
EURm
Cashflow ..............................................................................................................
10
5
Changes in working capital ..................................................................................
0
0
Net cash from operating activities ...................................................................
10
5
Investments (cash outflow) ..................................................................................
– 309
– 318
Other inflows of cash and cash equivalents.........................................................
0
0
Net cash used in investing activities ...............................................................
– 309
– 318
Capital increase ...................................................................................................
0
1
Dividend payments...............................................................................................
-2
–1
Long-term borrowings ..........................................................................................
301
313
Net cash from financing activities....................................................................
299
313
Changes in cash and cash equivalents ...........................................................
0
0
59
Interim and other Financial Information
HeidelbergCement Finance does not publish any interim financial reports.
Legal and Arbitration Proceedings
As of the date of this Prospectus HeidelbergCement Finance is not involved in any governmental, legal or
arbitration proceedings nor is HeidelbergCement Finance aware of any such proceedings pending or being
threatened, the results of which have had during the previous 12 months, or which could, at present or in
future, have a significant effect on its financial position or profitability.
Significant Change in the Financial or Trading Position of HeidelbergCement Finance B. V.
There has been no significant change in the financial or trading position of HeidelbergCement Finance
since 31 December 2006.
Additional Information
Share Capital
The authorised share capital of HeidelbergCement Finance amounts to € 91,000 and is divided into 910
ordinary shares with a nominal value of € 100 each, of which 182 shares have been issued and fully paid.
The total issued and paid up share capital of HeidelbergCement Finance amounts to € 18,200.
Articles of Association
According to its Articles of Association, the objects of HeidelbergCement Finance are:
•
to perform all kinds of finance activities, including to borrow, to lend and to raise funds, including the
issue of bonds, promissory notes or other securities of indebtedness, as well as to enter into
agreements relating thereto;
•
to participate in, to manage, to incorporate and to finance enterprises and companies;
•
to perform all activities that may be related or conducive to the above, all this in the widest sense of the
word.
60
ISSUE PROCEDURES
General
The relevant Issuer and the relevant Dealer will agree on the terms and conditions applicable to each
particular tranche of Notes (the "Conditions"), which will be constituted by the Terms and Conditions as
completed, modified, supplemented or replaced by the provisions of the Final Terms (the "Final Terms") as
provided below. The Final Terms relating to each tranche of Notes will specify:
– whether the Conditions are to be Long-Form Conditions or Integrated Conditions (each as described
below); and
– whether the Conditions will be in the English language or the German language or both (and, if both,
whether the English language version or the German language version is controlling).
As to the controlling language of the respective Conditions, the Issuers anticipate that, in general, subject to
any stock exchange or legal requirements applicable from time to time, and unless otherwise agreed
between the relevant Issuer and the relevant Dealer:
– in the case of Notes sold and distributed on a syndicated basis, German will be the controlling language;
– in the case of Notes publicly offered, in whole or in part, in the Federal Republic of Germany, or
distributed, in whole or in part, to non-professional investors in the Federal Republic of Germany,
German will be the controlling language. If, in the event of such public offer or distribution to nonprofessional investors, however, English is chosen as the binding language, a German language
translation of the Conditions will be available from the principal offices of the Fiscal Agent and the
relevant Issuer, as specified on the back cover of this Prospectus.
As to whether Long-Form Conditions or Integrated Conditions will apply, the Issuers anticipate that:
– Long-Form Conditions will generally be used for Notes sold on a non-syndicated basis and which are
not publicly offered.
– Integrated Conditions will generally be used for Notes sold and distributed on a syndicated basis.
Integrated Conditions will be required where the Notes are to be publicly offered, in whole or in part, or
to be distributed, in whole or in part, to non-professional investors.
Long-Form Conditions
If the Final Terms specify that Long-Form Conditions are to apply to the Notes, the provisions of the
applicable Final Terms and the Terms and Conditions, taken together, shall constitute the Conditions. Such
Conditions will be constituted as follows:
– the blanks in the provisions of the Terms and Conditions which are applicable to the Notes will be
deemed to be completed by the information contained in the Final Terms as if such information were
inserted in the blanks of such provisions;
– the Terms and Conditions will be modified, supplemented or replaced by the text of any provisions of the
Final Terms modifying, supplementing or replacing, in whole or in part, the provisions of the Terms and
Conditions;
– alternative or optional provisions of the Terms and Conditions as to which the corresponding provisions
of the Final Terms are not completed or are deleted will be deemed to be deleted from the Conditions;
and
– all instructions and explanatory notes set out in square brackets in the Terms and Conditions and any
footnotes and explanatory text in the Final Terms will be deemed to be deleted from the Conditions.
Where Long-Form Conditions apply, each Global Note representing the Notes of the relevant Tranche will
have the Final Terms and the Terms and Conditions attached. If Definitive Notes are delivered in respect of
the Notes of such Tranche, they will have endorsed thereon either (i) the Final Terms and the Terms and
Conditions in full, (ii) the Final Terms and the Terms and Conditions in a form simplified by the deletion of
non-applicable provisions, or (iii) Integrated Conditions, as the Issuer may determine.
61
Integrated Conditions
If the Final Terms specify that Integrated Conditions are to apply to the Notes, the Conditions in respect of
such Notes will be constituted as follows:
– all of the blanks in all applicable provisions of the Terms and Conditions will be completed according to
the information contained in the Final Terms and all non-applicable provisions of the Terms and
Conditions (including the instructions and explanatory notes set out in square brackets) will be deleted;
and/or
– the Terms and Conditions will be otherwise modified, supplemented or replaced, in whole or in part,
according to the information set forth in the Final Terms.
Where Integrated Conditions apply, the Integrated Conditions alone will constitute the Conditions. The
Integrated Conditions will be attached to each Global Note representing Notes of the relevant Tranche and
will be endorsed on any Definitive Notes exchanged for any such Global Note(s).
62
TERMS AND CONDITIONS OF THE NOTES
ENGLISH LANGUAGE VERSION
This Series of Notes is issued pursuant to an Amended and Restated Agency Agreement (such Agreement
as amended and/or supplemented and/or restated from time to time, the "Agency Agreement"), dated 13
April 2007, and made between HeidelbergCement AG ("HeidelbergCement"), HeidelbergCement Finance
B. V. ("HeidelbergCement Finance"), Deutsche Bank Aktiengesellschaft as fiscal agent (the "Fiscal Agent",
which expression shall include any successor agent) and the other paying agents named therein (together
with the Fiscal Agent, the "Paying Agents", which expression shall include any successor or additional
paying agents). Copies of the Agency Agreement may be obtained free of charge at the specified office of
the Fiscal Agent, at the specified office of any Paying Agent and at the head office of either Issuer. [in the
case of Notes issued by HeidelbergCement Finance: The Notes have the benefit of an unconditional
and irrevocable guarantee (the "Guarantee") by HeidelbergCement AG (the "Guarantor").]
[in the case of Long-Form Conditions insert: The provisions of these Terms and Conditions apply to the
Notes as completed, modified, supplemented or replaced, in whole or in part, by the terms of the Final
Terms which is attached hereto (the "Final Terms"). The blanks in the provisions of these Terms and
Conditions which are applicable to the Notes shall be deemed to be completed by the information contained
in the Final Terms as if such information were inserted in the blanks of such provisions; any provisions of
the Final Terms modifying, supplementing or replacing, in whole or in part, the provisions of these Terms
and Conditions shall be deemed to so modify, supplement or replace the provisions of these Terms and
Conditions; alternative or optional provisions of these Terms and Conditions as to which the corresponding
provisions of the Final Terms are not completed or are deleted shall be deemed to be deleted from these
Terms and Conditions; and all provisions of these Terms and Conditions which are inapplicable to the
Notes (including instructions, explanatory notes and texts set out in square brackets) shall be deemed to be
deleted from these Terms and Conditions as required to give effect to the terms of the Final Terms. Copies
of the Final Terms may be obtained free of charge at the specified offices of the Paying Agents; provided
that, in the case of Notes which are not listed on any stock exchange, copies of the relevant Final Terms will
only be available to Holders of such Notes.]
§1
CURRENCY, DENOMINATION, FORM AND TITLE, CERTAIN DEFINITIONS
(1) Currency and Denomination. This Series of Notes of [HeidelbergCement AG] [HeidelbergCement
Finance B. V.] (the "Issuer") is issued in [insert Specified Currency] (the "Specified Currency") in the
aggregate nominal amount of [In the case of the Global Note is an NGN insert: (subject to § 1(6))]
[insert aggregate principal amount] and is divided into [insert number of Notes in the Specified
Denomination(s)] Notes in the nominal amount of [insert Specified Denomination(s)] (the "Specified
Denomination[s]").
(2) Form. The Notes are in bearer form.
[[In the case of Notes other than Notes issued and exchanged for Definitive Notes insert:
[In the case of Notes which are represented by a Permanent Global Note insert:
(3) Permanent Global Note. The Notes are represented by a permanent Global Note (the "Permanent
Global Note") without coupons. The Permanent Global Note shall be signed by authorized signatories of the
Issuer and shall be authenticated by or on behalf of the Fiscal Agent. Definitive Notes and interest coupons
will not be issued.]
[In the case of Notes which are initially represented by a Temporary Global Note which will be
exchanged for a Permanent Global Note insert:
(3) Temporary Global Note – Exchange.
(a) The Notes are initially represented by a temporary Global Note (the "Temporary Global Note") without
coupons. The Temporary Global Note will be exchangeable for Notes in Specified Denominations
represented by a permanent global note (the "Permanent Global Note") without coupons. The Temporary
Global Note and the Permanent Global Note shall each be signed by authorized signatories of the Issuer
and shall each be authenticated with a control signature. Definitive Notes and interest coupons will not be
issued.
(b) The Temporary Global Note shall be exchanged for the Permanent Global Note on a date (the
"Exchange Date") not later than 180 days after the date of issue of the Temporary Global Note. The
Exchange Date for such exchange will not be earlier than 40 days after the date of issue of the Temporary
Global Note. Such exchange shall only be made to the extent that certifications have been delivered to the
63
effect that the beneficial owner or owners of the Notes represented by the Temporary Global Note is not a
U. S. person (other than certain financial institutions or certain persons holding Notes through such financial
institutions). Payment of interest on Notes represented by a Temporary Global Note will be made only after
delivery of such certifications. A separate certification shall be required in respect of each such payment of
interest. Any such certification received on or after the 40th day after the date of issue of the Temporary
Global Note will be treated as a request to exchange such Temporary Global Note pursuant to
subparagraph (b) of this § 1 (3). Any securities delivered in exchange for the Temporary Global Note shall
be delivered only outside of the United States (as defined in § 4 (3)).]
(4) Clearing System. Each Global Note representing the Notes will be kept in custody by or on behalf of the
Clearing System until all obligations of the Issuer under the Notes have been satisfied. "Clearing System"
means [if more than one Clearing System insert: each of] the following: [Clearstream Banking AG,
Frankfurt am Main ("CBF")] [Clearstream Banking société anonyme, Luxembourg ("CBL")] [Euroclear Bank
S. A./N. V. ("Euroclear")] [(CBL and Euroclear each an "ICSD" and together the "ICSDs")] [,] [and] [specify
other Clearing System] and any successor in such capacity.
[In the case of Notes kept in custody on behalf of the ICSDs insert:
[In the case the Global Note is an NGN insert: The Notes are issued in new global note ("NGN") form
and are kept in custody by a common safekeeper on behalf of both ICSDs. ]
[In the case the Global Note is an CGN insert: The Notes are issued in classical global note ("CGN")
form and are kept in custody by a common depositary on behalf of both ICSDs.]
(5) Holder of Notes. "Holder" means any holder of a proportionate co-ownership or other beneficial interest
or right in the Notes.]
[In the case the Global Note is an NGN insert:
(6) Records of the ICSDs. The nominal amount of Notes represented by the global note shall be the
aggregate amount from time to time entered in the records of both ICSDs. The records of the ICSDs (which
expression means the records that each ICSD holds for its customers which reflect the amount of such
customer's interest in the Notes) shall be conclusive evidence of the nominal amount of Notes represented
by the global note and, for these purposes, a statement issued by a ICSD stating the nominal amount of
Notes so represented at any time shall be conclusive evidence of the records of the relevant ICSD at that
time.
On any redemption or payment of an instalment or interest being made in respect of, or purchase and
cancellation of, any of the Notes represented by the global note the Issuer shall procure that details of any
redemption, payment or purchase and cancellation (as the case may be) in respect of the global note shall
be entered pro rata in the records of the ICSDs and, upon any such entry being made, the nominal amount
of the Notes recorded in the records of the ICSDs and represented by the global note shall be reduced by
the aggregate nominal amount of the Notes so redeemed or purchased and cancelled or by the aggregate
amount of such instalment so paid.]
[In the case the Temporary Global Note is a NGN insert: On an exchange of a portion only of the Notes
represented by a Temporary Global Note, the Issuer shall procure that details of such exchange shall be
entered pro rata in the records of the ICSDs.]]
[In the case of Notes initially represented by a Temporary Global Note which will be exchanged in
whole or in part for Definitive Notes and/or Collective Notes insert:
(3) Temporary Global Note – Exchange
(a) The Notes are initially represented by a temporary global note (the "Temporary Global Note") without
coupons. The Temporary Global Note will be exchangeable for [if the Temporary Global Note is
exchangeable for Definitive Notes only insert: individual Notes in the Specified Denominations in
definitive form ("Definitive Notes")] [if the Notes are issued with Coupons, Talons and/or Receipts
insert: with attached [interest coupons ("Coupons")] [and talons ("Talons") for further Coupons] [and]
[payment receipts ("Receipts") in respect of the installments of principal payable]]] [if the Temporary
Global Note is exchangeable for Definitive Notes and Collective Notes insert: in part, individual Notes
in the Specified Denominations in definitive form ("Definitive Notes") [if the Notes are issued with
Coupons, Talons and/or Receipts insert: with attached [interest coupons ("Coupons")] [and talons
("Talons") for further Coupons] [and] [payment receipts ("Receipts") in respect of the installments of
principal payable] and in the other part, one or more collective Notes (each, a "Collective Note") [if the
Collective Notes are issued with Coupons insert: with attached global interest coupons ("Collective
Interest Coupons")]]; the right of Holders to require delivery of Definitive Notes in exchange for Notes which
64
are represented by a Collective Note shall be governed by § 9a (3), first sentence Depotgesetz (German
Securities Custody Act)]. The Temporary Global Note [if the Temporary Global Note is exchangeable for
Definitive Notes and Collective Notes insert: and any Collective Note [if the Notes are issued with
Coupons insert: and any Collective Interest Coupon]] shall be signed manually by two authorized
signatories of the Issuer and the Temporary Global Note [and any Collective Note] shall be authenticated
with a control signature. Definitive Notes [if the Notes are issued with Coupons, Talons and/or Receipts
insert: and [Coupons] [and] [,] [Talons] [and Receipts]] shall be signed in facsimile by two authorized
signatories of the Issuer and the Definitive Notes shall be authenticated with a control signature.
[in the case of Notes other than TEFRA D Notes insert:
(b) The Temporary Global Note shall be exchanged for Notes in the form provided in Clause (a) above on a
date (the "Exchange Date") not later than 180 days after the date of issue of the Temporary Global Note.]
[in the case of TEFRA D Notes insert:
(b) The Temporary Global Note shall be exchanged for Notes in the form provided in Clause (a) above on a
date (the "Exchange Date") not later than 180 days after the date of issue of the Temporary Global Note.
The Exchange Date for such exchange will not be earlier than 40 days after the date of issue of the
Temporary Global Note. Such exchange shall only be made to the extent that certifications have been
delivered to the effect that the beneficial owner or owners of the Notes represented by the Temporary
Global Note is not a U. S. person (other than certain financial institutions or certain persons holding Notes
through such financial institutions). Payment of interest on Notes represented by a Temporary Global Note
will be made only after delivery of such certifications. A separate certification shall be required in respect of
each such payment of interest. Any such certification received on or after the 40th day after the date of
issue of the Temporary Global Note will be treated as a request to exchange such Temporary Global Note
pursuant to subparagraph (b) of this § 1 (3). Any securities delivered in exchange for the Temporary Global
Note shall be delivered only outside of the United States (as defined in § 4 (3)).]
(4) Clearing System. "Clearing System" as used herein means [if more than one Clearing System insert:
each of] the following: [Clearstream Banking AG, Frankfurt am Main ("CBF")] [Clearstream Banking,
société anonyme, Luxembourg ("CBL")] [Euroclear Bank S. A./N. V. ("Euroclear")] [,] [and] [specify other
Clearing System].
(5) Holder of Notes. "Holder" as used herein means, in respect of Notes deposited with any Clearing
System or other central securities depositary, any holder of a proportionate co-ownership or other beneficial
interest or right in the Notes so deposited and otherwise in the case of Definitive Notes the bearer of a
Definitive Note.
(6) References to Notes. References herein to the "Notes" include (unless the context otherwise requires)
references to any global note representing the Notes and any Definitive Notes [if the Notes are issued with
Coupons, Talons and/or Receipts insert: and the [Coupons] [,] [and] [Collective Interest Coupons] [,]
[Talons] [and Receipts] appertaining thereto].]
§2
STATUS
The Notes are direct, unconditional, unsubordinated and unsecured [in the case of Notes issued by
HeidelbergCement Finance: (subject to § 10(2))] obligations of the Issuer and rank pari passu among
themselves and (save for certain debts required to be preferred by law) equally with all other unsecured
obligations (other than subordinated obligations, if any) of the Issuer, from time to time outstanding.
§3
INTEREST
In the case of Fixed Rate Notes insert:
[(1) Rate of Interest and Interest Payment Dates. The Notes shall bear interest on their nominal amount at
the rate of [insert Rate of Interest] per cent. per annum from (and including) [insert Interest
Commencement Date] to (but excluding) the Maturity Date (as defined in § 4). Interest shall be payable in
arrear on [insert Fixed Interest Date(s)] in each year (each such date, an "Interest Payment Date"). The
first payment of interest shall be made on [insert First Interest Payment Date] [if the First Interest
Payment Date is not first anniversary of Interest Commencement Date insert: and will amount to
[insert Initial Broken Amount(s)].] [if the Maturity Date is not a Fixed Interest Date insert: Interest in
respect of the period from (and including) [insert Fixed Interest Date preceding the Maturity Date] to (but
excluding) the Maturity Date will amount to [insert Final Broken Amount(s)].]
(2) Accrual of Interest.
65
[In the case of Notes represented by Global Notes insert: The Notes shall cease to bear interest from
the expiry of the day preceding the day on which they are due for redemption. If the Issuer shall fail to
redeem the Notes when due, interest shall continue to accrue on the outstanding principal amount of the
Notes from (and including) the due date to (but excluding) such date as principal and interest on or in
connection with the Notes has been placed at the disposal of the Clearing System at the default rate of
interest established by law(1).]
[If the Temporary Global Note is exchangeable for Definitive Notes insert: The Notes shall cease to
bear interest from the expiry of the day preceding the day on which they are due for redemption. If the
Issuer shall fail to redeem the Notes when due, interest shall continue to accrue on the outstanding principal
amount of the Notes from (and including) the due date to (but excluding) the date of actual redemption of
the Notes, but not beyond the fourteenth day after notice has been given by the Fiscal Agent in accordance
with § 14 that the funds required for redemption have been provided to the Fiscal Agent, at the default rate
of interest established by law(1).]
(3) Calculation of Interest for Partial Periods. If interest is required to be calculated for a period of less than
a full year, such interest shall be calculated by applying the Rate of Interest to each Specified
Denomination, multiplying such sum by the applicable Day Count Fraction (as defined below), and rounding
the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit
being rounded upwards or otherwise in accordance with applicable market convention. ]
In the case of Floating Rate Notes Insert:
[(1) Interest Payment Dates. The Notes shall bear interest on their nominal amount from (and including)
[insert Interest Commencement Date] (the "Interest Commencement Date") to (but excluding) the
Maturity Date (as defined in § 4). Interest on the Notes shall be payable on each Interest Payment Date.
"Interest Payment Date" means [in the case of Specified Interest Payment Dates insert: each [insert
Specified Interest Payment Dates]] [in the case of Specified Interest Periods insert: each date which
(except as otherwise provided in these Terms and Conditions) falls [insert number] [weeks] [months]
[insert other specified period(s)] after the preceding Interest Payment Date or, in the case of the first
Interest Payment Date, after the Interest Commencement Date.] If (x) there is no numerically corresponding
day in the calendar month in which an Interest Payment Date should occur or (y) any Interest Payment Date
would otherwise fall on a day which is not a Business Day (as defined below), such Interest Payment Date
shall be:
[if Modified Following Business Day Convention insert: postponed to the next day which is a Business
Day unless it would thereby fall into the next calendar month, in which event the payment date shall be
brought forward to the immediately preceding Business Day.]
[if FRN Convention insert: (i) in the case of (x) above, the last day that is a Business Day in the relevant
month and the provisions of (B) below shall apply mutatis mutandis or (ii) in the case of (y) above, it shall be
postponed to the next day which is a Business Day unless it would thereby fall into the next calendar
month, in which event (A) the payment date shall be brought forward to the immediately preceding Business
Day and (B) each subsequent Interest Payment Date shall be the last Business Day in the month which
falls [[insert number] months] [insert other specified period(s)] after the preceding applicable payment
date.]
[if Following Business Day Convention insert: postponed to the next day which is a Business Day.]
[if Preceding Business Day Convention insert: brought forward to the immediately preceding Business
Day.]
In these Terms and Conditions "Business Day" means a day which is a day (other than a Saturday or a
Sunday) on which the Clearing System [if the Specified Currency is not euro insert: is open and
commercial banks and foreign exchange markets settle payments and are open for general business
(including dealing in foreign exchange and foreign currency deposits) in [insert all Relevant Financial
Centres] and the principal financial centre of the country of the relevant Specified Currency] [in the case of
Euro-Notes insert: and the Trans-European Automated Real-Time Gross Settlement Express Transfer
System ("TARGET") is open].
(2) Rate of Interest. [if Screen Rate Determination insert: The rate of interest (the "Rate of Interest") for
each Interest Period (as defined below) will, except as provided below, be the offered quotation (expressed
as a percentage rate per annum) for deposits in the Specified Currency for that Interest Period which
appears on the Screen Page as of 11.00 a. m. ([London] [Brussels] time) on the Interest Determination
(1) The default rate of interest established by law is five percentage points above the basic rate of interest published by
Deutsche Bundesbank from time to time, §§ 288(1), 247(1) German Civil Code.
66
Date (as defined below) [if Margin insert: [plus] [minus] the Margin (as defined below)], all as determined
by the Calculation Agent.
"Interest Period" means each period from (and including) the Interest Commencement Date to (but
excluding) the first Interest Payment Date and from (and including) each Interest Payment Date to (but
excluding) the following Interest Payment Date. "Interest Determination Date" means the [second] [insert
other applicable number of days] [London] [TARGET] [insert other relevant location] Business Day
prior to the commencement of the relevant Interest Period. "[London] [insert other relevant location]
Business Day" means a day (other than a Saturday or Sunday) on which commercial banks are open for
general business (including dealings in foreign exchange and foreign currency deposits) in [London] [insert
other relevant location]] ["TARGET Business Day" means a day on which TARGET is open].
[if Margin insert: "Margin" means [ ] per cent. per annum.]
"Screen Page" means [insert Screen Page].
If, as at such time, the Screen Page is not available or if no such quotation appears the Calculation Agent
shall request each of the Reference Banks (as defined below) to provide the Calculation Agent with its
offered quotation (expressed as a percentage rate per annum) for deposits in the Specified Currency for the
relevant Interest Period to leading banks in the [London] [Euro-Zone] interbank market at approximately
11.00 a. m. ([London] [Brussels] time) on the Interest Determination Date. If two or more of the Reference
Banks provide the Calculation Agent with such offered quotations, the Rate of Interest for such Interest
Period shall be the arithmetic mean (rounded if necessary to the nearest one [if the Reference Rate is
EURIBOR insert: thousandth of a percentage point, with 0.0005] [if the Reference Rate is not EURIBOR
insert: hundred-thousandth of a percentage point, with 0.000005] being rounded upwards) of such offered
quotations [if Margin insert: [plus] [minus] the Margin], all as determined by the Calculation Agent.
If on any Interest Determination Date only one or none of the Reference Banks provides the Calculation
Agent with such offered quotations as provided in the preceding paragraph, the Rate of Interest for the
relevant Interest Period shall be the rate per annum which the Calculation Agent determines as being the
arithmetic mean (rounded if necessary to the nearest one [if the Reference Rate is EURIBOR insert:
thousandth of a percentage point, with 0.0005] [if the Reference Rate is not EURIBOR insert: hundredthousandth of a percentage point, with 0.000005] being rounded upwards) of the rates, as communicated to
(and at the request of) the Calculation Agent by the Reference Banks or any two or more of them, at which
such banks were offered, as at 11.00 a. m. ([London] [Brussels] time) on the relevant Interest
Determination Date, deposits in the Specified Currency for the relevant Interest Period by leading banks in
the [London] [Euro-Zone] interbank market [if Margin insert: [plus] [minus] the Margin] or, if fewer than
two of the Reference Banks provide the Calculation Agent with such offered rates, the offered rate for
deposits in the Specified Currency for the relevant Interest Period, or the arithmetic mean (rounded as
provided above) of the offered rates for deposits in the Specified Currency for the relevant Interest Period,
at which, on the relevant Interest Determination Date, any one or more banks (which bank or banks is or
are in the opinion of the Calculation Agent and the Issuer suitable for such purpose) inform(s) the
Calculation Agent it is or they are quoting to leading banks in the [London] [Euro-Zone] interbank market
(or, as the case may be, the quotations of such bank or banks to the Calculation Agent) [if Margin insert:
[plus] [minus] the Margin]. If the Rate of Interest cannot be determined in accordance with the foregoing
provisions of this paragraph, the Rate of Interest shall be the offered quotation or the arithmetic mean of the
offered quotations on the Screen Page, as described above, on the last day preceding the Interest
Determination Date on which such quotations were offered [if Margin insert: (though substituting, where a
different Margin is to be applied to the relevant Interest Period from that which applied to the last preceding
Interest Period, the Margin relating to the relevant Interest Period in place of the Margin relating to that last
preceding Interest Period).]
As used herein, "Reference Banks" means [if no other Reference Banks are specified in the Final
Terms, insert:, those offices of four of such banks whose offered rates were used to determine such
quotation when such quotation last appeared on the Screen Page] [if other Reference Banks are
specified in the Final Terms, insert names here].]
[In the case of Euro-Zone interbank market insert: "Euro-Zone" means the region comprised of those
member states of the European Union that have adopted, or will have adopted from time to time, the single
currency in accordance with the Treaty establishing the European Community (signed in Rome on 25
March 1957), as amended by the Treaty on European Union (signed in Maastricht on 7 February 1992) and
the Amsterdam Treaty of 2 October 1997, as further amended from time to time.]
[if Reference Rate is other than LIBOR, EURIBOR or Euro-LIBOR, insert relevant details in lieu of the
provisions of this paragraph (2).]
[if ISDA Determination applies insert the relevant provisions and attach the relevant ISDA Master
Agreement published by the International Swap and Derivatives Association, Inc. ("ISDA") and the
2000 ISDA Definitions as amended and updated as at the Issue Date of the first Tranche of the
Notes, published by the International Swaps and Derivatives Association, Inc.]
67
[If other method of determination applies, insert relevant details in lieu of the provisions of this
paragraph (2).]
[If Minimum and/or Maximum Rate of Interest applies insert:
(3) [Minimum] [and] [Maximum] Rate of Interest. [If Minimum Rate of Interest applies insert: If the Rate
of Interest in respect of any Interest Period determined in accordance with the above provisions is less than
[insert Minimum Rate of Interest], the Rate of Interest for such Interest Period shall be [insert Minimum
Rate of Interest].]
[If Maximum Rate of Interest applies insert: If the Rate of Interest in respect of any Interest Period
determined in accordance with the above provisions is greater than [insert Maximum Rate of Interest],
the Rate of Interest for such Interest Period shall be [insert Maximum Rate of Interest].]]
[(4)] Interest Amount. The Calculation Agent will, on or as soon as practicable after each time at which the
Rate of Interest is to be determined, determine the Rate of Interest and calculate the amount of interest (the
"Interest Amount") payable on the Notes in respect of each Specified Denomination for the relevant Interest
Period. Each Interest Amount shall be calculated by applying the Rate of Interest and the Day Count
Fraction (as defined below) to each Specified Denomination and rounding the resultant figure to the nearest
unit of the Specified Currency, with 0.5 of such unit being rounded upwards.]
[(5)] Notification of Rate of Interest and Interest Amount. The Calculation Agent will cause notification of the
Rate of Interest and each Interest Amount for each Interest Period and of the relevant Interest Payment
Date to the Issuer [in the case of Notes issued by HeidelbergCement Finance: and the Guarantor] [in
the case of Notes listed on the regulated market of the Luxembourg Stock Exchange insert: , the
Paying Agent] and to the Holders in accordance with § 14 as soon as possible after their determination, but
in no event later than the fourth [London] [TARGET] [insert other relevant location] Business Day (as
defined in § 3(2)) thereafter and, if required by the rules of such stock exchange, to any stock exchange on
which the Notes are from time to time listed, as soon as possible after their determination, but in no event
later than the first day of the relevant Interest Period. Each Interest Amount and Interest Payment Date so
notified may subsequently be amended (or appropriate alternative arrangements made by way of
adjustment) without notice in the event of an extension or shortening of the Interest Period. Any such
amendment will be promptly notified to any stock exchange on which the Notes are for the time being listed
[in the case of Notes listed on the regulated market of the Luxembourg Stock Exchange insert:, the
Paying Agent] and to the Holders in accordance with § 14.
[(6)] Determinations Binding. All certificates, communications, opinions, determinations, calculations,
quotations and decisions given, expressed, made or obtained for the purposes of the provisions of this § 3
by the Calculation Agent shall (in the absence of manifest error) be binding on the Issuer, [in the case of
Notes issued by HeidelbergCement Finance: the Guarantor] the Fiscal Agent, the Paying Agents and the
Holders.
[(7)] Accrual of Interest.
[In the case of Notes represented by Global Notes insert: The Notes shall cease to bear interest from
the expiry of the day preceding the day on which they are due for redemption. If the Issuer shall fail to
redeem the Notes when due, interest shall continue to accrue on the outstanding principal amount of the
Notes from (and including) the due date to (but excluding) such date as principal and interest on or in
connection with the Notes has been placed at the disposal of the Clearing System at the default rate of
interest established by law(1).]
[If the Temporary Global Note is exchangeable for Definitive Notes insert: The Notes shall cease to
bear interest from the expiry of the day preceding the day on which they are due for redemption. If the
Issuer shall fail to redeem the Notes when due, interest shall continue to accrue on the outstanding principal
amount of the Notes from (and including) the due date to (but excluding) the date of actual redemption of
the Notes, but not beyond the fourteenth day after notice has been given by the Fiscal Agent in accordance
with § 14 that the funds required for redemption have been provided to the Fiscal Agent, at the default rate
of interest established by law(1).]
In the case of Zero Coupon Notes insert:
[(1) Periodic Payments of Interest. There will not be any periodic payments of interest on the Notes.
(2) Accrual of Interest.
[In the case of Notes represented by Global Notes insert: If the Issuer shall fail to redeem the Notes
when due, interest shall accrue on the outstanding principal amount of the Notes from (and including) the
due date to (but excluding) such date as principal and interest on or in connection with the Notes has been
placed at the disposal of the Clearing System at the default rate of interest established by law( 1).]
68
[If the Temporary Global Note is exchangeable for Definitive Notes insert: If the Issuer shall fail to
redeem the Notes when due, interest shall accrue on the outstanding principal amount of the Notes from
(and including) the due date to (but excluding) the date of actual redemption of the Notes, but not beyond
the fourteenth day after notice has been given by the Fiscal Agent in accordance with § 14 that the funds
required for redemption have been provided to the Fiscal Agent, at the default rate of interest established by
law(1).]]
[(•)] Day Count Fraction. "Day Count Fraction" means, in respect of the calculation of an amount of interest
on any Note for any period of time (the "Calculation Period"):
[In the case of Actual/Actual (ICMA Rule 251) with annual interest payments (excluding the case of
short coupons) insert: the number of days in the Calculation Period divided by the actual number of days
in the respective interest year.]
[In the case Actual/Actual (ICMA Rule 251) with annual interest payments (including the case of
short coupons) insert: the number of days in the Calculation Period divided by the number of days in the
Reference Period in which the Calculation Period falls.]
[In the case of Actual/Actual (ICMA Rule 251) with two or more constant interest periods within an
interest year (including in the case of short coupons) insert: the number of days in the Calculation
Period divided by the product of (a) the number of days in the Reference Period in which the Calculation
Period falls and (b) the number of Interest Payment Dates that occur in one calendar year or that would
occur in one calendar year if interest were payable in respect of the whole of such year.]
[If Actual/Actual (ICMA Rule 251) is applicable and if the Calculation Period is longer than one
Reference Period (long coupon) insert: the sum of:
(a) the number of days in such Calculation Period falling in the Reference Period in which the Calculation
Period begins divided by [in the case of Reference Periods of less than one year insert: the product
of (x)] the number of days in such Reference Period [in the case of Reference Periods of less than
one year insert: and (y) the number of Interest Payment Dates that occur in one calendar year or that
would occur in one calendar year if interest were payable in respect of the whole of such year; and
(b) the number of days in such Calculation Period falling in the next Reference Period divided by [in the
case of Reference Periods of less than one year insert: the product of (x)] the number of days in
such Reference Period [in the case of Reference Periods of less than one year insert: and (y) the
number of Interest Payment Dates that occur in one calendar year or that would occur in one calendar
year if interest were payable in respect of the whole of such year.].]
"Reference Period" means the period from (and including) the Interest Commencement Date to, but
excluding, the first Interest Payment Date or from (and including) each Interest Payment Date to, but
excluding the next Interest Payment Date. [In the case of a short first or last Calculation Period insert:
For the purposes of determining the relevant Reference Period only, [insert deemed Interest Payment
Date] shall be deemed to be an Interest Payment Date.] [In the case of a long first or last Calculation
Period insert: For the purposes of determining the relevant Reference Period only, [insert deemed
Interest Payment Dates] shall each be deemed to be an Interest Payment Date].]
[if Actual/365 or Actual/Actual (ISDA): the actual number of days in the Calculation Period divided by 365
(or, if any portion of that Calculation Period falls in a leap year, the sum of (a) the actual number of days in
that portion of the Calculation Period falling in a leap year divided by 366 and (b) the actual number of days
in that portion of the Calculation Period falling in a non-leap year divided by 365).]
[if Actual/365 (Fixed): the actual number of days in the Calculation Period divided by 365.]
[if Actual/365 (Sterling): the actual number of days in the Interest Period divided by 365, or, in the case of
an Interest Payment Date falling in a leap year, 366.]
[if Actual/360: the actual number of days in the Calculation Period divided by 360.]
[if 30/360, 360/360 or Bond Basis: the number of days in the Calculation Period divided by 360, the
number of days to be calculated on the basis of a year of 360 days with twelve 30-day months (unless (a)
the last day of the Calculation Period is the 31st day of a month but the first day of the Calculation Period is
a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall
not be considered to be shortened to a 30-day month, or (b) the last day of the Calculation Period is the last
day of the month of February in which case the month of February shall not be considered to be lengthened
to a 30-day month).]
[if 30E/360 or Eurobond Basis: the number of days in the Calculation Period divided by 360 (the number
of days to be calculated on the basis of a year of 360 days with twelve 30-day months, without regard to the
date of the first day or last day of the Calculation Period unless, in the case of the final Calculation Period,
the Maturity Date is the last day of the month of February, in which case the month of February shall not be
considered to be lengthened to a 30-day month).]
[in the case of Dual Currency Interest Notes set forth applicable provisions herein.]
69
[in the case of Index Linked Notes set forth applicable provisions herein.]
[in the case of Instalment Notes set forth applicable provisions herein.]
§4
FINAL REDEMPTION
In the case of Notes other than Instalment Notes insert:
[Unless previously redeemed in whole or in part or purchased and cancelled, the Notes shall be redeemed
at their Final Redemption Amount on [in the case of a specified Maturity Date insert such Maturity
Date] [in the case of a Redemption Month insert: the Interest Payment Date falling in [insert
Redemption Month]] (the "Maturity Date"). The Final Redemption Amount in respect of each Note shall be
[if the Notes are redeemed at their principal amount insert: its principal amount] [insert Final
Redemption Amount per Specified Denomination].]
In the case of Instalment Notes Insert:
[Unless previously redeemed in whole or in part or purchased and cancelled, the Notes shall be redeemed
at the Instalment Date(s) and in the Instalment Amount(s) set forth below
Instalment Date(s)
[insert Instalment Date(s)]
Instalment Amount(s)
[insert Instalment Amount(s)]
[_______________________]
[_______________________]
[_______________________]
[_______________________]
[In the case of Index Linked Notes relating to principal, insert all applicable provisions regarding
principal.]
[In the case of Dual Currency Notes, insert all applicable provisions regarding principal.]
§5
EARLY REDEMPTION
(1) Redemption for Tax Reasons. The Notes will be redeemed at the option of the Issuer in whole, but not in
part, [in the case of Notes which are neither Floating Rate Notes nor Indexed Interest Notes: at any
time] [in the case of Notes which are either Floating Rate Notes or Indexed Interest Notes: on any
Interest Payment Date], on giving not less than 30 nor more than 60 days' notice to the Fiscal Agent and, in
accordance with § 14, the Holders (which notice shall be irrevocable), if:
(a) on the occasion of the next payment due under the Notes, the Issuer has or will become obliged to pay
additional amounts as provided or referred to in § 8 [in the case of Notes issued by
HeidelbergCement Finance: or the Guarantor would be unable for reasons outside its control to
procure payment by the Issuer and in making payment itself would be required to pay such additional
amounts] as a result of any change in, or amendment to, the laws or regulations of [in the case of
Notes issued by HeidelbergCement Finance: The Netherlands or] the Federal Republic of Germany
or any political subdivision or any authority thereof or therein having power to tax, or any change in the
application or official interpretation of such laws or regulations, which change or amendment becomes
effective on or after [insert Issue Date], and
(b) such obligation cannot be avoided by the Issuer [in the case of Notes issued by HeidelbergCement
Finance: or the Guarantor] taking reasonable measures available to it,
provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on
which the Issuer [in the case of Notes issued by HeidelbergCement Finance: or the Guarantor] would
be obliged to pay such additional amounts were a payment in respect of the Notes then due.
Prior to the publication of any notice of redemption pursuant to this § 5 (1), the Issuer shall deliver to the
Fiscal Agent a certificate signed by two members of the Managing Board of the Issuer [in the case of
Notes issued by HeidelbergCement Finance: or two members of the Managing Board of the Guarantor,
as the case may be,] stating that the Issuer is entitled to effect such redemption and setting forth a
statement of facts showing that the conditions precedent to the right of the Issuer so to redeem have
occurred, and an opinion of independent legal advisers of recognised standing to the effect that the Issuer
[in the case of Notes issued by HeidelbergCement Finance: or the Guarantor, as the case may be,] has
or will become obliged to pay such additional amounts as a result of such change or amendment.
Notes redeemed pursuant to this § 5 (1) will be redeemed at their Early Redemption Amount referred to in
paragraph [(4)] below together (if appropriate) with interest accrued to (but excluding) the date of
redemption.
If Notes are subject to Early Redemption at the option of the Issuer insert:
[(2) Early Redemption at the Option of the Issuer.
70
(a) The Issuer may, upon notice given in accordance with paragraph (b), redeem all or some only of the
Notes on the Call Redemption Date(s) at the Call Redemption Amount(s) set forth below together with
accrued interest, if any, to (but excluding) the Call Redemption Date. [if Minimum Redemption
Amount or Higher Redemption Amount applies insert: Any such redemption must be of a nominal
amount [not less than the [Minimum Redemption Amount]] [not more than [Higher Redemption
Amount]].]
Call Redemption Date(s)
[insert Call Redemption Date(s)]
Call Redemption Amount(s)
[insert Call Redemption Amount(s)]
[_______________________]
[_______________________]
[_______________________]
[_______________________]
[if Notes are subject to Early Redemption at the Option of the Holder insert: The Issuer may not
exercise such option in respect of any Note which is the subject of the prior exercise by the Holder thereof
of its option to require the redemption of such Note under paragraph (3) of this § 5.]
(b) Notice of redemption shall be given by the Issuer to the Holders in accordance with § 14 and to the
Fiscal Agent (the notice to the Fiscal Agent to be given not less than 15 days before the giving of the
notice to the Holders). Such notice shall specify:
(i) the Series of Notes subject to redemption;
(ii) whether such Series is to be redeemed in whole or in part only and, if in part only, the aggregate
nominal amount of [if the Notes are represented by Definitive Notes insert: , and the serial
numbers of,] the Notes which are to be redeemed;
(iii) the Call Redemption Date, which shall be not less than [insert minimum notice period] nor more
than [insert maximum notice period] days after the date on which notice is given by the Issuer to
the Holders; and
(iv) the Call Redemption Amount at which such Notes are to be redeemed.
(c) [In the case of Notes represented by Definitive Notes insert: In the case of a partial redemption of
Notes, Definitive Notes to be redeemed shall be drawn by lot in such European city as the Fiscal Agent
may specify, or identified in such other manner or in such other place as the Fiscal Agent may approve
and deem appropriate and fair.] [if Notes are represented by Global Notes insert: Notes represented
by a Global Note shall be selected in accordance with the rules of the relevant Clearing System and
such partial redemption shall be reflected in the records of CBL and Euroclear as either a pool factor or
a reduction in principal amount, at the discretion of CBL and Euroclear.]]
If the Notes are subject to Early Redemption at the Option of a Holder insert:
[[(3)] Early Redemption at the Option of a Holder.
(a) The Issuer shall, upon the exercise of the relevant option by the Holder of any Note, redeem such Note
on the Put Redemption Date(s) at the Put Redemption Amount(s) set forth below together with accrued
interest, if any, to (but excluding) the Put Redemption Date.
Put Redemption Date(s)
[insert Put Redemption Date(s)]
Put Redemption Amount(s)
[insert Put Redemption Amount(s)]
[_______________________]
[_______________________]
[_______________________]
[_______________________]
The Holder may not exercise such option in respect of any Note which is the subject of the prior exercise by
the Issuer of its option to redeem such Note under paragraph (1) [if Notes are subject to Early
Redemption at the Option of the Issuer insert: or paragraph (2)] of this § 5.
(b) In order to exercise such option, the Holder must, not less than [insert minimum notice period] nor
more than [insert maximum notice period] days before the Put Redemption Date on which such
redemption is required to be made as specified in the Put Notice (as defined below), submit during
normal business hours at the specified office of the Fiscal Agent [in the case of definitive Notes
insert: or any other Paying Agent] a duly completed early redemption notice ("Put Notice") in the form
available from the specified office of any of the Paying Agents [in the case of definitive Notes insert:
and deposit the relevant Note [together with all unmatured Coupons appertaining thereto] at such office
with the Put Notice]. No option so exercised [in the case of definitive Notes insert: or Note so
deposited] may be withdrawn or revoked.]
[(4)] Early Redemption Amount.
In the case of Notes other than Zero Coupon Notes insert:
[For purposes of this § 5(1) and § 9, the Early Redemption Amount of a Note shall be [its Final Redemption
Amount] [insert other Redemption Amount].]
in the case of Zero Coupon Notes insert:
71
[(a) For purposes of paragraphs (1) and (2) of this § 5 and § 9, the Early Redemption Amount of a Note
shall be equal to the Amortised Face Amount of the Note.
(b) The Amortised Face Amount of a Note shall be calculated in accordance with the following formula:
Early Redemption Amount = RP x (1 + AY)y
Where:
"RP" is [insert Reference Price] (the "Reference Price"),
"AY" is [insert Accrual Yield expressed as a decimal] and
"y" is a fraction, the numerator of which is equal to the number of days (calculated on the basis of a 360day year consisting of twelve months of 30 days each) from (and including) the Issue Date of the first
Tranche of the Notes to (but excluding) the date fixed for redemption or (as the case may be) the date
upon which such Note becomes due and repayable and the denominator of which is 360.
(c) If the Issuer fails to pay the Early Redemption Amount when due, the Amortised Face Amount of a Note
shall be calculated as provided herein, except that references in subparagraph (ii) above to the date
fixed for redemption or the date on which such Note becomes due and repayable shall refer to the
earlier of (i) the date on which upon due presentation and surrender of the relevant Note (if required),
payment is made, and (ii) the fourteenth day after notice has been given by the Fiscal Agent in
accordance with § 14 that the funds required for redemption have been provided to the Fiscal Agent.]
§6
PAYMENTS
(1) Payment of Principal.
In the case of Notes represented by Definitive Notes:
[Payment of principal in respect of Definitive Notes shall be made, subject to paragraph (3) below, against
presentation and (except in the case of partial payment) surrender of the relevant Note at the specified
office of any Paying Agent outside the United States.]
In the case of Notes represented by Global Notes insert:
[Payment of principal in respect of Notes represented by a Global Note shall be made, subject to paragraph
(3) below, to the Clearing System or to its order for credit to the accounts of the relevant accountholders of
the Clearing System upon presentation and surrender of the Global Note at the specified office of any
Paying Agent outside the United States.]
In the case of Instalment Notes Insert:
[Payment of Instalment Amounts in respect of an Instalment Note with Receipts will be made against
presentation of the Note together with the relevant Receipt and surrender of such Receipt and, in the case
of the final Instalment Amount, surrender of the Note at the specified office of any Paying Agent outside the
United States. Receipts are not documents of title and, if separated from the Note to which they relate, shall
not represent any obligation of the Issuer. Accordingly, the presentation of an Instalment Note without the
relevant Receipt or the presentation of a Receipt without the Note to which it pertains shall not entitle the
Holder to any payment in respect of the relevant Instalment Amount.]
In the case of Notes other than Zero Coupon Notes Insert:
[(2) Payment of Interest.
[in the case of Notes represented by Definitive Notes: Payment of interest on Notes shall be made,
subject to paragraph (3), against surrender of the relevant Coupons or, in the case of interest due otherwise
than on a scheduled date for the payment of interest, against presentation of the relevant Notes, at the
specified office of any Paying Agent outside the United States.
[In the case of TEFRA D Notes represented by Definitive Notes insert: Payment of interest on Notes
represented by a Temporary Global Note shall be made, subject to subparagraph (3), to the Clearing
System or to its order for credit to the relevant account holders of the Clearing System, upon due
certification as provided in § 1(3)(b).]]
[in the case of Notes represented by Global Notes insert: Payment of interest on Notes shall be made,
subject to paragraph (3), to the Clearing System or to its order for credit to the relevant accountholders of
the Clearing System.
[In the case of interest payable on a TEFRA D Temporary Global Note insert: Payment of interest on
Notes represented by a Temporary Global Note shall be made, subject to subparagraph (3), to the Clearing
System or to its order for credit to the relevant account holders of the Clearing System, upon due
certification as provided in § 1(3)(b).]]
[In the case of Notes represented by Definitive Notes:
72
[(3)] Manner of Payment. Subject to applicable fiscal and other laws and regulations, payments of amounts
due in respect of the Notes shall be made.
[in the case of payments in a currency other than Japanese yen, U. S. dollars or Euro insert: by
[insert Specified Currency] cheque drawn on a bank in [insert Principal Financial Centre of Country of
Specified Currency] or, at the option of the payee, by transfer to an account denominated in [insert
Specified Currency] maintained by the payee with a bank in [insert Principal Financial Centre of
Country of Specified Currency].]
[in the case of payments in Japanese yen insert: by Japanese yen cheque drawn on a bank in Tokyo,
or, at the option of the payee, by transfer to a Japanese yen account (in the case of payment to a nonresident of Japan, a non-resident account) maintained by the payee with a bank (in the case of payment to
a non-resident of Japan, an authorised foreign exchange bank) in Tokyo.]
[in the case of payments in U. S. dollars insert: by U. S. dollar cheque drawn on a bank in New York City
or, at the option of the payee, by transfer to a U. S. dollar account maintained by the payee at a bank
outside the United States.]
[in the case of payments in Euro insert: in cash or by Euro cheque drawn on, or, at the option of the
payee, by transfer to a Euro account maintained by the payee with, a bank in a principal financial centre of
a country which has become a participating member state in the European Economic and Monetary
Union.]]
In the case of Notes represented by Global Notes insert:
[(3)] Manner of Payment. Subject to applicable fiscal and other laws and regulations, payments of amounts
due in respect of the Notes shall be made in the freely negotiable and convertible currency which on the
respective due date is the currency of the country of the Specified Currency.]
[(4)] United States. For purposes of [in the case of TEFRA D Notes insert: § 1(3) and] this § 6, "United
States" means the United States of America (including the States thereof and the District of Columbia) and
its possessions (including Puerto Rico, the U. S. Virgin Islands, Guam, American Samoa, Wake Island and
Northern Mariana Islands).
[(5)] Discharge.
[In the case of Definitive Notes insert:
In the case of Notes held through the Clearing System, the Issuer [in the case of Notes issued by
HeidelbergCement Finance: or, as the case may be, the Guarantor,] shall be discharged by payment to,
or to the order of, the Clearing System.]
[In the case of Notes which are represented by Global Notes insert:
The Issuer [in the case of Notes issued by HeidelbergCement Finance insert: or, as the case may be,
the Guarantor] shall be discharged by payment to, or to the order of, the Clearing System.]
[(6)] Payment Business Day. If the date for payment of any amount in respect of any Note [or Coupon] [or
Receipt] is not a Payment Business Day then the Holder shall not be entitled to payment until the next such
day in the relevant place and shall not be entitled to further interest or other payment in respect of such
delay.
For these purposes, "Payment Business Day" means any day which is both (i) a day (other than a Saturday
or a Sunday) on which commercial banks and foreign exchange markets settle payments in the relevant
place of presentation, and (ii) a day (other than a Saturday or a Sunday) on which commercial banks and
foreign exchange markets settle payments in London and [insert all Relevant Financial Centres] [in the
case of Notes not denominated in Euro insert: and (iii) a day on which commercial banks and foreign
exchange markets settle payments and are open for general business (including dealing in foreign
exchange and foreign currency deposits) in the principal financial centre of the country of the relevant
Specified Currency] [in the case of Notes denominated in Euro: and (iii) a day on which the TARGET
system is open]].
In the case of Definitive Notes initially delivered with Coupons, Talons or Receipts insert:
[[(7)] Surrender of [Coupons] [,] [Talons] [and] [Receipts]. Each Note initially delivered with Coupons [or
Talons] [or Receipts] attached thereto must be presented and, except in the case of partial payment of the
redemption amount, surrendered for final redemption together with all unmatured Coupons [and Talons]
[and Receipts] relating thereto, failing which
[in the case of Fixed Rate Notes insert: the amount of any missing unmatured Coupons (or, in the case
of a payment not being made in full, that portion of the amount of such missing Coupon which the
redemption amount so paid bears to the total redemption amount due) shall be deducted from the amount
otherwise payable on such final redemption [,] [and] [.]]
73
[in the case of Floating Rate Notes insert: all unmatured Coupons relating to such Notes (whether or not
surrendered therewith) shall become void and no payment shall be made thereafter in respect of them [,]
[and] [.]]
[in the case of Definitive Notes initially delivered with Talons insert: all unmatured Talons (whether or
not surrendered therewith) shall become void and no exchange for Coupons shall be made thereafter in
respect of them [,] [and] [.]]
[in the case of Definitive Notes initially delivered with Receipts insert: all Receipts relating to such
Notes in respect of a payment of an Instalment Amount which (but for such redemption) would have fallen
due on a date after such due date for redemption (whether or not surrendered therewith) shall become void
and no payment shall be made thereafter in respect to them.]
[in the case of Fixed Rate Notes insert: If the Notes should be issued with a maturity date and an interest
rate or rates such that, on the presentation for payment of any such Note without any unmatured Coupons
attached thereto or surrendered therewith, the amount required to be deducted in accordance with the
foregoing would be greater than the redemption amount otherwise due for payment, then, upon the due
date for redemption of any such Note, such unmatured Coupons (whether or not attached) shall become
void (and no payment shall be made in respect thereof) as shall be required so that the amount required to
be deducted in accordance with the foregoing would not be greater than the redemption amount otherwise
due for payment. Where the application of the preceding sentence requires some but not all of the
unmatured Coupons relating to a Note to become void, the relevant Paying Agent shall determine which
unmatured Coupons are to become void, and shall select for such purpose Coupons maturing on later
dates in preference to Coupons maturing on earlier dates.]
In the case of Definitive Notes initially delivered with Talons insert:
[[(8)] Exchange of Talons. On or after the Interest Payment Date on which the final Coupon in any Coupon
sheet matures, the Talon comprised in the Coupon sheet may be surrendered at the specified office of any
Paying Agent, in exchange for a further Coupon sheet (including any appropriate further Talon). Each Talon
shall, for the purpose of these Terms and Conditions, be deemed to mature on the Interest Payment Date
on which the final Coupon in the relative Coupon sheet matures.]
[(9)] References to Principal and Interest. Reference in these Terms and Conditions to principal in respect
of the Notes shall be deemed to include, as applicable: the Final Redemption Amount of the Notes; [and]
the Early Redemption Amount of the Notes; [and] [ the [Call] [Put] Redemption Amount(s) of the Notes;]
[and] [ Instalment Amounts;] [and] [ the Amortised Face Amount;] [and] any premium and any other
amounts (other than interest) which may be payable under or in respect of the Notes.
Reference in these Terms and Conditions to interest in respect of the Notes shall be deemed to include, as
applicable, any Additional Amounts which may be payable under § 8.
[(10)] Deposit of Principal and Interest. The Issuer may deposit with the Amtsgericht in Frankfurt am Main
principal or interest not claimed by Holders within twelve months after the Maturity Date, even though such
Holders may not be in default of acceptance. If and to the extent that the deposit is effected and the right of
withdrawal is waived, the respective claims of such Holders against the Issuer shall cease.
§7
FISCAL AGENT[,] [AND] PAYING AGENTS [AND CALCULATION AGENT]
(1) Appointment; Specified Offices. The initial Fiscal Agent[,] [and] Paying Agents [and the Calculation
Agent] and their respective initial specified offices are:
Fiscal Agent:
Deutsche Bank Aktiengesellschaft
Grosse Gallusstrasse 10-14
D-60272 Frankfurt am Main
Paying Agent(s):
Deutsche Bank Luxembourg S. A.
2, Boulevard Konrad Adenauer
L-1115 Luxembourg
[insert other Paying Agents and specified offices]
[Calculation Agent:]
[insert name and specified office]
The Fiscal Agent[,] [and] the Paying Agent[s] [and the Calculation Agent] reserve the right at any time to
change their respective specified offices to some other specified office in the same city.
(2) Variation or Termination of Appointment. The Issuer reserves the right at any time to vary or terminate
the appointment of the Fiscal Agent or any Paying Agent [or the Calculation Agent] and to appoint another
Fiscal Agent or additional or other Paying Agents [or another Calculation Agent]. The Issuer shall at all
times maintain (i) an Fiscal Agent[,] [and] (ii) a Paying Agent in addition to the Agent with a specified office
in a continental European city and outside Germany [in the case of Notes listed on a stock exchange
74
insert: [,] [and] (iii) so long as the Notes are listed on the [name of Stock Exchange], a Paying Agent
(which may be the Fiscal Agent) with a specified office in [location of Stock Exchange] and/or in such
other place as may be required by such stock exchange or any other relevant authority] [in the case of
Notes denominated in U. S. dollars insert: [,] [and] [(iv)] if payments at or through the offices of all
Paying Agents outside the United States become illegal or are effectively precluded because of the
imposition of exchange controls or similar restrictions on the full payment or receipt of such amounts in
United States dollars, a Paying Agent with a specified office in New York City] [if any Calculation Agent is
to be appointed insert: [,] [and] [(v)] a Calculation Agent [if Calculation Agent is required to maintain a
specified office in a required location insert: with a specified office located in [insert required
location]]. Any variation, termination, appointment or change shall only take effect (other than in the case
of insolvency, when it shall be of immediate effect) after not less than 30 nor more than 45 days' prior notice
thereof shall have been given to the Holders in accordance with § 14.
(3) The Issuer [if the Issuer is HeidelbergCement Finance insert: and the Guarantor] shall at all times
maintain a Paying Agent in a Member State of the European Union that will not be obliged to deduct or
withhold tax pursuant to the Council Directive 2003/48/EC regarding the taxation of interest income
which was approved by the Council of the European Union on June 3, 2003 or any law implementing
or complying with, or introduced in order to conform to, such directive, to the extent this is possible in a
Member State of the European Union.]
[(4)] Agents of the Issuer. The Fiscal Agent[,] [and] the Paying Agent(s) [and the Calculation Agent] act
solely as agents of the Issuer and do not assume any obligations towards or relationship of agency or trust
for any Holder.
§8
TAXATION
All payments of principal and interest in respect of the Notes [or Coupons] [or Receipts] shall be made
without withholding or deduction for or on account of any present or future taxes or duties of whatever
nature imposed or levied at source by or on behalf of [in the case of Notes issued by HeidelbergCement
Finance insert: The Netherlands or] the Federal Republic of Germany or any political subdivision or any
authority thereof or therein having power to tax unless such withholding or deduction is required by law. In
such event, the Issuer will pay such additional amounts (the "Additional Amounts") as shall be necessary in
order that the net amounts received by the Holders, after such withholding or deduction shall equal the
respective amounts of principal and interest which would otherwise have been receivable in the absence of
such withholding or deduction; except that no such Additional Amounts shall be payable on account of any
taxes or duties which:
(a) are payable by any person acting as custodian bank or collecting agent on behalf of a Holder, or
otherwise in any manner which does not constitute a deduction or withholding by the Issuer from
payments of principal or interest made by it, or
(b) are payable by reason of the Holder having, or having had, some personal or business connection with
[in the case of Notes issued by HeidelbergCement Finance: The Netherlands or] the Federal
Republic of Germany and not merely by reason of the fact that payments in respect of the Notes are, or
for purposes of taxation are deemed to be, derived from sources in, or are secured in, [in the case of
Notes issued by HeidelbergCement Finance: The Netherlands or] the Federal Republic of Germany,
or
(c) are deducted or withheld pursuant to (i) any European Union Directive or Regulation concerning the
taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and
to which [in the case of Notes issued by HeidelbergCement Finance insert: The Netherlands or] the
Federal Republic of Germany or the European Union is a party, or (iii) any provision of law
implementing, or complying with, or introduced to conform with, such Directive, Regulation, treaty or
understanding, or
(d) are payable by reason of a change in law that becomes effective more than 30 days after the relevant
payment becomes due, or is duly provided for and notice thereof is published in accordance with § 14,
whichever occurs later.
[in the case of Definitive Notes insert:
(e) 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
(f) would not be payable if the Notes had been kept in safe custody with, and the payments had been
collected by, a banking institution.]
75
§9
EVENTS OF DEFAULT
If any one or more of the following events (each an "Event of Default") shall occur or be continuing:
(a) the Issuer fails to pay any amount due under the Notes [in the case of Notes issued by
HeidelbergCement Finance:, or the Guarantor fails to pay any amount due under the Guarantee (as
defined in § 10(2)),] within seven days from the relevant due date; or
(b) the Issuer fails duly to perform, or is otherwise in breach of, any covenant or undertaking or other
agreement of the Issuer in respect of the Notes [in the case of Notes issued by HeidelbergCement
Finance: or the Guarantor fails to perform, or is otherwise in breach of, any other obligation arising form
the Guarantee (as defined in § 10(2))] (other than any obligation for the payment of any amount due in
respect of any of the Notes) and such failure or breach continues for a period of 30 days after notice
thereof has been given to the Issuer [in the case of Notes issued by HeidelbergCement Finance: or
the Guarantor]; or
(c) any Capital Market Indebtedness (as defined in § 10) of the Issuer [in the case of Notes issued by
HeidelbergCement insert: or any of its Principal Subsidiaries] [in the case of Notes issued by
HeidelbergCement Finance insert: or the Guarantor or any of its Principal Subsidiaries] becomes
prematurely repayable as a result of a default in respect of the terms thereof, or the Issuer [in the case
of Notes issued by HeidelbergCement insert: or any of its Principal Subsidiaries] [in the case of
Notes issued by HeidelbergCement Finance insert: or the Guarantor or any of its Principal
Subsidiaries] fails to fulfil payment obligations in excess of Euro 25,000,000 or the equivalent thereof
under any Capital Market Indebtedness or under any guarantee or suretyship given for any Capital
Market Indebtedness of others within 30 days from its due date or, in the case of a guarantee or
suretyship, within 30 days after the guarantee or suretyship has been invoked, unless the Issuer, [in the
case of Notes issued by HeidelbergCement insert: or the relevant Principal Subsidiary] [in the case
of Notes issued by HeidelbergCement insert: or the Guarantor or the relevant Principal Subsidiary]
shall contest in good faith that such payment obligation exists or is due or that such guarantee or
suretyship has been validly invoked, or if a security granted therefor is enforced on behalf of or by the
creditor(s) entitled thereto; or
(d) an order is made or an effective resolution is passed for the winding-up or dissolution of the Issuer [in
the case of Notes issued by HeidelbergCement Finance insert:, the Guarantor] or any of the [in the
case of Notes issued by HeidelbergCement insert: Issuer's] [in the case of Notes issued by
HeidelbergCement Finance insert: Guarantor's] Principal Subsidiaries, except (i) for the purposes of
or pursuant to a consolidation, amalgamation, merger or other form of combination with another
company and such other or new company assumes all obligations of the Issuer [in the case of Notes
issued by HeidelbergCement Finance insert:, the Guarantor] or any of the [in the case of Notes
issued by HeidelbergCement insert: Issuer's] [in the case of Notes issued by HeidelbergCement
Finance insert: Guarantor's] Principal Subsidiaries, as the case may be, in connection with the Notes;
or (ii) for the purposes of a voluntary solvent winding-up or dissolution in connection with the transfer of
all or the major part of the assets or shares of a Principal Subsidiary to the Issuer [in the case of Notes
issued by HeidelbergCement Finance insert: the Guarantor] or another Subsidiary of [in the case of
Notes issued by HeidelbergCement insert: the Issuer] [in the case of Notes issued by
HeidelbergCement Finance insert: the Guarantor]; or
(e) (i) the Issuer [in the case of Notes issued by HeidelbergCement Finance insert: [, the Guarantor] or
any of the [in the case of Notes issued by HeidelbergCement insert: Issuer's] [in the case of Notes
issued by HeidelbergCement Finance insert: Guarantor's] Principal Subsidiaries stops payment
(within the meaning of any applicable insolvency law) or (ii) (otherwise than for the purposes of such a
consolidation, amalgamation, merger or other form of combination as is referred to in paragraph (d))
ceases or through an official action of its competent management body threatens to cease to carry on
business or is unable to pay its debts as and when they fall due; or
(f) the Issuer [in the case of Notes issued by HeidelbergCement Finance insert:, the Guarantor] or any
of the [in the case of Notes issued by HeidelbergCement insert: Issuer's] [in the case of Notes
issued by HeidelbergCement Finance insert: Guarantor's] Principal Subsidiaries or any third party
files an application under any applicable bankruptcy, reorganisation, composition or insolvency law
against the Issuer [in the case of Notes issued by HeidelbergCement Finance insert:, the
Guarantor] or any of the [in the case of Notes issued by HeidelbergCement insert: Issuer's] [in the
case of Notes issued by HeidelbergCement Finance insert: Guarantor's] Principal Subsidiaries and,
in the case of an application by a third party the application is not dismissed within 30 days or the Issuer
[in the case of Notes issued by HeidelbergCement Finance insert:, the Guarantor] or any of the [in
the case of Notes issued by HeidelbergCement insert: Issuer's] [in the case of Notes issued by
HeidelbergCement Finance insert: Guarantor's] Principal Subsidiaries makes a conveyance or
assignment for the benefit of, or enters into any composition with, its creditors in general; or
in the case of Notes Issued by HeidelbergCement Finance insert:
76
[(g) the Issuer applies for a "surséance van betaling" (within the meaning of the Bankruptcy Act of The
Netherlands); or
(h) the Issuer ceases to be a subsidiary wholly owned and controlled directly or indirectly, by the Guarantor;
or
(i) the Guarantee ceases to be valid and legally binding for any reason whatsoever;]
then any Holder may, by written notice to the Issuer at the specified office of the Fiscal Agent, effective
upon the date of receipt thereof by the Fiscal Agent, declare his Notes to be forthwith due and payable
whereupon the same shall become forthwith due and payable at the Early Redemption Amount (as
described in § 5[(4)]), together with accrued interest (if any) to the date of repayment, without presentment,
demand, protest or other notice of any kind.
"Principal Subsidiary" means any consolidated Subsidiary of the [in the case of Notes issued by
HeidelbergCement: Issuer] [in the case of Notes issued by HeidelbergCement Finance: Guarantor] (i)
whose net sales as shown by the audited non-consolidated accounts (or, where the consolidated Subsidiary
in question itself prepares consolidated accounts, whose consolidated net sales as shown by the audited
consolidated accounts) of such consolidated Subsidiary used for the purposes of the latest audited
consolidated accounts of the [in the case of Notes issued by HeidelbergCement: Issuer] [in the case of
Notes issued by HeidelbergCement Finance: Guarantor] to have been made up, amount to at least five
per cent. of the total net sales of the [in the case of Notes issued by HeidelbergCement: Issuer] [in the
case of Notes issued by HeidelbergCement Finance: Guarantor] and its consolidated Subsidiaries as
shown by such audited consolidated accounts or (ii) whose total assets as shown by the audited nonconsolidated accounts (or, where the consolidated Subsidiary in question itself prepares consolidated
accounts, whose consolidated total assets as shown by the audited consolidated accounts) of such
consolidated Subsidiary used for the purposes of the latest audited consolidated accounts to have been
made up, amount to at least five per cent. of the total assets of the [in the case of Notes issued by
HeidelbergCement: Issuer] [in the case of Notes issued by HeidelbergCement Finance: Guarantor]
and its consolidated Subsidiaries as shown by such audited consolidated accounts. A report by the [in the
case of Notes issued by HeidelbergCement: Issuer's] [in the case of Notes issued by
HeidelbergCement Finance: Guarantor's] auditors that in their opinion a consolidated Subsidiary is or is
not or was or was not at a specified date a Principal Subsidiary shall, in the absence of manifest error, be
conclusive and binding on all parties.
§ 10
NEGATIVE PLEDGE OF THE ISSUER [, GUARANTEE AND UNDERTAKING OF THE GUARANTOR]
(1) Negative Pledge. So long as any of the Notes remains outstanding [in the case of Notes issued by
HeidelbergCement: neither] the Issuer [in the case of Notes issued by HeidelbergCement insert: nor
any of its subsidiaries] will [in the case of Notes issued by HeidelbergCement Finance: not] create or
permit to subsist any mortgage, lien, pledge, charge or other security interest upon the whole or any part of
its undertaking, assets or revenues, present or future, to secure any Capital Market Indebtedness (or to
secure any guarantee or indemnity given by the Issuer [in the case of Notes issued by
HeidelbergCement: or any of its subsidiaries] in respect of any Capital Market Indebtedness of any other
person) without at the same time according to the Notes [and the Coupons] the same security (or such
other security as shall be approved by an independent accounting firm of recognised standing as being
equivalent security).
"Capital Market Indebtedness" means obligations for the payment of borrowed money which is in the form
of, or represented or evidenced by, a certificate of indebtedness or in the form of, or represented or
evidenced by, bonds, notes, loan stock or other securities which are, or are capable of being, quoted, listed,
dealt in or traded on a stock exchange or other recognized securities market.
in the case of Notes issued by HeidelbergCement Finance:
[(2) Guarantee. The Guarantor has given its unconditional and irrevocable guarantee (the "Guarantee") for
the punctual payment of principal of, and interest on, and any other amounts payable under any Note [or
Coupon] [or Receipt]. In this Guarantee, the Guarantor has further undertaken (the "Undertaking"), so long
as any of the Notes remains outstanding, that neither the Guarantor nor any of its subsidiaries will create or
permit to subsist any mortgage, lien, pledge, charge or other security interest upon the whole or any part of
its undertaking, assets or revenues, present or future, to secure any Capital Market Indebtedness (as
defined above) (or to secure any guarantee or indemnity given by it or any of its subsidiaries in respect of
any Capital Market Indebtedness of any other person) without at the same time according to the Notes
[Coupons] [and Receipts] the same security (or such other security as shall be approved by an
independent accounting firm of recognised standing as being equivalent security). The Guarantee including
the Undertaking constitutes a contract for the benefit of the Holders from time to time as third party
beneficiaries in accordance with § 328 of the German Civil Code, giving rise to the right of each Holder to
require performance of the Guarantee directly from the Guarantor and to enforce the Guarantee directly
against the Guarantor. Copies of the Guarantee may be obtained free of charge at the principal office of the
77
Guarantor, Berliner Strasse 6, 69120 Heidelberg, Germany and at the specified office of the Paying Agent
set forth in § 7.]
§ 11
SUBSTITUTION
(1) Substitution. The Issuer may, without the consent of the Holders, if no payment of principal of or interest
on any of the Notes is in default, substitute [in the case of Notes issued by HeidelbergCement Finance:
either the Guarantor or] any wholly owned subsidiary of [in the case of Notes issued by
HeidelbergCement: it] [in the case of Notes issued by HeidelbergCement Finance: the Guarantor] as
the principal debtor in respect of the Notes (the "Substitute Debtor") provided that:
(a) the Substitute Debtor and the Issuer have entered into such documents (the "Documents") as are
necessary to give effect to the substitution and in which the Substitute Debtor has undertaken in favour
of each Holder as third party beneficiary pursuant to § 328 of the German Civil Code to be bound by
these Conditions and the provisions of the Agency Agreement as the debtor in respect of the Notes in
place of the Issuer (or of any previous substitute debtor under this § 11);
(b) [in the case of Notes issued by HeidelbergCement: the Issuer] [in the case of Notes issued by
HeidelbergCement Finance: the Guarantor if it is not itself the Substitute Debtor] irrevocably and
unconditionally guarantees in favour of each Holder the payment of all sums payable by the Substitute
Debtor as such principal debtor in respect of the Notes on terms equivalent to the terms of the [in the
case of Notes issued by HeidelbergCement: guarantee of the Issuer dated 29 June 2004 in respect
of Notes issued by HeidelbergCement Finance B. V. under the MTN Programme] [in the case of Notes
issued by HeidelbergCement Finance: Guarantee];
(c) the Documents by virtue of which the Substitute Debtor assumes all obligations of the Issuer shall
contain a warranty and representation (i) that the Substitute Debtor, the Issuer [in the case of Notes
issued by HeidelbergCement Finance: and the Guarantor] have obtained all necessary governmental
and regulatory approvals and consents for such substitution and, where relevant, for the issue by the [in
the case of Notes issued by HeidelbergCement: Issuer] [in the case of Notes issued by
HeidelbergCement Finance: Guarantor] of a guarantee in respect of the obligations of the Substitute
Debtor the ("New Guarantee"), that the Substitute Debtor has obtained all necessary governmental and
regulatory approvals and consents for the performance by the Substitute Debtor of its obligations under
the Documents and that all such approvals and consents are in full force and effect and (ii) that the
obligations assumed by the Substitute Debtor in respect of the Notes and the obligations assumed by
the [in the case of Notes issued by HeidelbergCement: Issuer] [in the case of Notes issued by
HeidelbergCement Finance: Guarantor] under the New Guarantee are, in each case, valid and binding
in accordance with their respective terms and enforceable by each Holder;
(d) each stock exchange on which the Notes are listed shall have confirmed that, following the proposed
substitution of the Substitute Debtor, such Notes will continue to be listed on such stock exchange;
(e) the Substitute Debtor shall have appointed a process agent as its agent in Germany to receive service
of process on its behalf in relation to any legal action or proceedings arising out of or in connection with
the Notes [or Coupons] [or Receipts]; and
(f) legal opinions shall have been delivered to the Fiscal Agent (from whom copies will be available) (in
each case dated not more than three days prior to the intended date of substitution) from legal advisers
of good standing selected by the [in the case of Notes issued by HeidelbergCement: Issuer] [in the
case of Notes issued by HeidelbergCement Finance: Guarantor] in each jurisdiction in which the
Issuer [,] [and] the Substitute Debtor [in the case of Notes issued by HeidelbergCement Finance:
and the Guarantor] are incorporated confirming, as appropriate, that upon the substitution taking place
(i) the requirements of this § 11, save as to the giving of notice to the Holders, have been met and (ii)
the New Guarantee is a legal, valid and binding obligation of the [in the case of Notes issued by
HeidelbergCement: Issuer] [in the case of Notes issued by HeidelbergCement Finance: Guarantor]
enforceable in accordance with its terms and (iii) the Notes are legal, valid and binding obligations of the
Substitute Debtor enforceable in accordance with their terms.
(2) References to the Issuer. In the event of such substitution any reference in these Terms and Conditions
to the Issuer shall from then on be deemed to refer to the Substitute 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 Substitute Debtor. Furthermore, in
the event of such substitution the following shall apply:
[In the case of Notes issued by HeidelbergCement insert:
(a) in § 8 and § 5(1) 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 Substitute Debtor;
78
(b) in § 9(a) to (f) an alternative reference to the Issuer in its capacity as guarantor shall be deemed to have
been included in addition to the reference to the Substitute Debtor and each of the following events shall
constitute an additional Event of Default:
or
(i) the Guarantee ceases to be valid and legally binding for any reason whatsoever.]
[In the case of Notes issued by HeidelbergCement Finance insert:
In § 8 and § 5(1) an alternative reference to The Netherlands 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 Substitute Debtor.]
(3) The Documents shall be deposited with and held by the Fiscal Agent for so long as any Notes remain
outstanding and for so long as any claim made against the Substitute Debtor [in the case of Notes issued
by HeidelbergCement: or the Issuer] [in the case of Notes issued by HeidelbergCement Finance: or
the Guarantor] by any Holder in relation to the Notes or the Documents shall not have been finally
adjudicated, settled or discharged. The Substitute Debtor [,] [and], [in the case of Notes issued by
HeidelbergCement: the Issuer] [in the case of Notes issued by HeidelbergCement Finance: Guarantor]
shall acknowledge in the Documents the right of every Holder to the production of the Documents for the
enforcement of any of the Notes or the Documents.
(4) Not later than 20 days after the execution of the Documents the Substitute Debtor shall give notice
thereof to the Holders in accordance with § 14.
(5) At any time after a substitution pursuant to paragraph (1) above, the Substitute Debtor may, without the
consent of the Holders, effect a further substitution provided that all the provisions specified in paragraphs
(1), (2), (3) and (4) above shall apply, mutatis mutandis, and, without limitation, references in these Terms
and Conditions to the Issuer shall, where the context so requires, be deemed to be or include references to
any such further Substitute Debtor.
§ 12
PRESENTATION PERIOD [, LOST OR DESTROYED COUPONS]
The presentation period provided in § 801 paragraph 1, sentence 1 BGB (German Civil Code) is reduced to
ten years for the Notes. [in the case of Definitive Notes other than Zero Coupon Notes insert: The
presentation period for the Coupons shall, in accordance with § 801 paragraph 2 BGB (German Civil Code),
be four years, beginning with the end of the calendar year in which the relevant Coupon falls due. The right
pursuant to § 804 paragraph 1, sentence 1 BGB (German Civil Code) in respect of lost or destroyed
coupons is excluded (§ 804 paragraph 2 BGB (German Civil Code)).]
§ 13
FURTHER ISSUES, PURCHASES AND CANCELLATION
(1) Further Issues. The Issuer may from time to time, without the consent of the Holders, issue further Notes
having the same terms and conditions as the Notes in all respects (or in all respects except for the issue
date, interest commencement date and/or issue price) so as to form a single Series with the Notes.
(2) Purchases. The Issuer may at any time purchase Notes[,] [and] [Coupons] [and] [Receipts] in the open
market or otherwise and at any price. Notes purchased by the Issuer may, at the option of the Issuer, be
held, resold or surrendered to any Paying Agent for cancellation. If purchases are made by tender, tenders
for such Notes must be made available to all Holders of such Notes alike.
(3) Cancellation. All Notes redeemed in full shall be cancelled forthwith [in the case of Definitive Notes
insert: together with all unmatured Coupons surrendered therewith or attached thereto] and may not be
reissued or resold.
79
§ 14
NOTICES
[In the case of Notes issued by HeidelbergCement AG insert:
All notices concerning the Notes shall be published in the electronic Federal Gazette (elektronischer
Bundesanzeiger) and, to the extent legally required, in one newspaper authorised by the stock exchanges
in Germany (Börsenpflichtblatt). This newspaper is expected to be the [Börsen-Zeitung] [insert other
applicable newspaper]. If publication in this newspaper is no longer possible, the notices shall be
published in another newspaper authorised by the stock exchanges in Germany (Börsenpflichtblatt). Any
notice so given will be deemed to have been validly given on the third calendar day following the date of
such publication (or, if published more than once, on the third calendar day following the date of the first
such publication).]
[insert additional provisions here, if applicable (e.g. on the website of the Luxembourg Stock
Exchange (www.bourse.lu))]
[In case of Notes issued by HeidelbergCement Finance insert:
[In the case of Notes which are listed on a Stock Exchange insert: (1) Publication. All notices
concerning the Notes shall be published in one leading daily newspaper having general circulation in
[Luxembourg] [specify other location]]. This newspaper is expected to be the [d' Wort] [Tageblatt] [insert
other applicable newspaper having general circulation]. Any notice so given will be deemed to have
been validly given on the second day following the date of such publication (or, if published more than once,
on the second day following the date of the first such publication).]
[(2)] Notification to Clearing System.
[In the case of Notes which are unlisted insert: The Issuer shall deliver all notices concerning the Notes
to the Clearing System for communication by the Clearing System to the Holders. Any such notice shall be
deemed to have been given to the Holders on the fourth [London] [Target] [insert other relevant location]
Business Day after the day on which the said notice was given to the Clearing System.]
[In the case of Notes which are listed on the regulated market of the Luxembourg Stock Exchange
insert: So long as any Notes are listed on the regulated market of the Luxembourg Stock Exchange,
subparagraph (1) shall apply. In the case of notices regarding the Rate of Interest or if the rules of the
regulated market of the Luxembourg Stock Exchange so permit, the Issuer may deliver the relevant notice
to the Clearing System for communication by the Clearing System to the Holders, in lieu of publication in
the newspapers set forth in subparagraph (1) above; any such notice shall be deemed to have been given
to the Holders on the fourth [London] [Target] [insert other relevant location] Business Day after the day
on which the said notice was given to the Clearing System.]
[In the case of Notes which are listed on a Stock Exchange other than the regulated market of the
Luxembourg Stock Exchange insert: The Issuer may, in lieu of publication in the newspapers set forth in
subparagraph (1) above, deliver the relevant notice to the Clearing System, for communication by the
Clearing System to the Holders, provided that, the rules of the stock exchange on which the Notes are listed
permit such form of notice. Any such notice shall be deemed to have been given to the Holders on the
fourth [London] [Target] [insert other relevant location] Business Day after the day on which the said
notice was given to the Clearing System.]
[(3)] Form of Notice. Notices to be given by any Holder shall be made by means of a written declaration to
be lodged together with the relevant Note or Notes with the Agent. So long as any of the Notes are
represented by a global Note, such notice may be given by any Holder of a Note to the Agent through the
Clearing System in such manner as the Agent and the Clearing System may approve for such purpose.]
§ 15
APPLICABLE LAW, PLACE OF PERFORMANCE, PLACE OF JURISDICTION
[, AUTHORISED AGENT] AND ENFORCEMENT
(1) Applicable Law. The Notes[,] [and] [the Coupons] [,] [and] [the Talons] [and the Receipts], as to form
and content, and all rights and obligations of the Holders and the Issuer, shall be governed by the laws of
the Federal Republic of Germany. [in the case of Notes issued by HeidelbergCement Finance: The
Guarantee is also governed by German law.]
(2) Place of Performance. Place of performance shall be Frankfurt am Main.
(3) Submission to Jurisdiction. The place of jurisdiction for all proceedings arising out of or in connection
with the Notes [or the Coupons] [or the Talons] [or the Receipts] shall be Frankfurt am Main. The Holders,
however, may also pursue their claims before any other court of competent jurisdiction. The German courts
80
shall have exclusive jurisdiction over the annulment of lost or destroyed Notes. The Issuer hereby submits
to the jurisdiction of the courts referred to in this paragraph.
In the case of Notes issued by Heidelberger Finance:
[(4) Appointment of Authorised Agent. For any legal disputes or other proceedings before German courts,
the Issuer has appointed HeidelbergCement AG, Berliner Straße 6, D-69120 Heidelberg, Germany, as its
authorised agent for service of process in Germany].
[In the case of Notes represented by Global Notes insert:
[(5)] Enforcement. Any Holder of Notes may in any proceedings against the Issuer [in the case of Notes
issued by HeidelbergCement Finance: or the Guarantor], or to which such Holder and the Issuer [in the
case of Notes issued by HeidelbergCement Finance: or the Guarantor] are parties, protect and enforce
in his own name his rights arising under such Notes on the basis of (i) a statement issued by the Custodian
with whom such Holder maintains a securities account in respect of the Notes (a) stating the full name and
address of the Holder, (b) specifying the aggregate principal amount of Notes credited to such securities
account on the date of such statement and (c) confirming that the Custodian has given written notice to the
Clearing System containing the information pursuant to (a) and (b) and (ii) a copy of the Global Note
certified by a duly authorized officer of the Clearing System or a depository of the Clearing System as being
a true copy, without the need for production in such proceedings of the actual records or the Global Note
representing the Notes. For purposes of the foregoing, "Custodian" means any bank or other financial
institution of recognized standing authorized to engage in securities custody business with which the Holder
maintains a securities account in respect of the Notes and includes the Clearing System. Each Holder may,
without prejudice to the foregoing, protect and enforce his rights under these Notes also in any other way
which is admitted in the country of the proceedings.]
[(5)] Enforcement. The Holder of any Notes held through a Clearing System may in any proceedings
against the Issuer [in the case of Notes issued by HeidelbergCement Finance: or the Guarantor], or to
which such Holder and the Issuer [in the case of Notes issued by HeidelbergCement Finance: or the
Guarantor] are parties, protect and enforce in his own name his rights arising under such Notes on the
basis of (i) a statement issued by the Custodian with whom such Holder maintains a securities account in
respect of the Notes (a) stating the full name and address of the Holder, (b) specifying the aggregate
principal amount of Notes credited to such securities account on the date of such statement and (c)
confirming that the Custodian has given written notice to the Clearing System containing the information
pursuant to (a) and (b) and (ii) a copy of the Note in global or definitive form certified as being a true copy
by a duly authorized 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 Temporary Global Note or Definitive Note [if
the Temporary Global Note is exchangeable for Definitive Notes and Collective Notes insert: or
Collective Note]. For purposes of the foregoing, "Custodian" means any bank or other financial institution of
recognized standing authorized to engage in securities custody business with which the Holder maintains a
securities account in respect of the Notes and includes the Clearing System. Each Holder may, without
prejudice to the foregoing, protect and enforce his rights under these Notes also in any other way which is
admitted in the country of the proceedings.]
§ 16
LANGUAGE
[The Terms and Conditions are written in the [English] [German] language only.]
[The Terms and Conditions are written in the [German] [English] language and provided with [an English]
[a German] language translation. The [German] [English] text shall be controlling and binding. The
[English] [German] language translation is provided for convenience only.]
[in the case of Notes that are publicly offered, in whole or in part, in Germany or distributed, in
whole or in part, to non-professional investors in Germany with English language Terms and
Conditions:
Eine deutsche Übersetzung der Emissionsbedingungen wird bei der HeidelbergCement AG, Berliner Straße
6, 69120 Heidelberg zur kostenlosen Ausgabe bereitgehalten.]
81
TERMS AND CONDITIONS OF THE NOTES
GERMAN LANGUAGE VERSION
(DEUTSCHE FASSUNG DER EMISSIONSBEDINGUNGEN)
Diese Serie von Schuldverschreibungen wird gemäß dem abgeänderten und neu gefassten Agency
Agreement (in seiner jeweiligen abgeänderten, ergänzten bzw. neugefassten Fassung das "Agency
Agreement") vom 13. April 2007 zwischen HeidelbergCement AG ("HeidelbergCement"),
HeidelbergCement Finance B. V. ("HeidelbergCement Finance"), Deutsche Bank Aktiengesellschaft als
Emissionsstelle (die "Emissionsstelle", wobei dieser Begriff auch Nachfolger der Emissionsstelle
einschließt) sowie den weiteren darin genannten Zahlstellen (gemeinsam mit der Emissionsstelle die
"Zahlstellen" genannt, wobei dieser Begriff auch Nachfolger oder weitere Zahlstellen einschließt) begeben.
[bei von HeidelbergCement Finance begebenen Schuldverschreibungen: Die Schuldverschreibungen
sind mit einer unbedingten und unwiderruflichen Garantie (die "Garantie") der HeidelbergCement AG (die
"Garantin") ausgestattet.]
[bei nicht-konsolidierten Bedingungen: Die Bestimmungen dieser Emissionsbedingungen gelten für
diese Schuldverschreibungen so, wie sie durch die Angaben der beigefügten Endgültigen Bedingungen (die
"Endgültigen Bedingungen") vervollständigt, geändert, ergänzt oder ganz oder teilweise ersetzt werden.
Die Leerstellen in den auf die Schuldverschreibungen anwendbaren Bestimmungen dieser
Emissionsbedingungen gelten als durch die in den Endgültigen Bedingungen enthaltenen Angaben
ausgefüllt, als ob die Leerstellen in den betreffenden Bestimmungen durch diese Angaben ausgefüllt wären;
sofern die Endgültigen Bedingungen die Änderung, Ergänzung oder (vollständige oder teilweise) Ersetzung
bestimmter Emissionsbedingungen vorsehen, gelten die betreffenden Bestimmungen der
Emissionsbedingungen als entsprechend geändert, ergänzt oder ersetzt; alternative oder wählbare
Bestimmungen dieser Emissionsbedingungen, deren Entsprechungen in den Endgültigen Bedingungen
nicht ausdrücklich ausgefüllt oder die gestrichen sind, gelten als aus diesen Emissionsbedingungen
gestrichen; sämtliche auf die Schuldverschreibungen nicht anwendbaren Bestimmungen dieser
Emissionsbedingungen (einschließlich der Anweisungen, Anmerkungen und der Texte in eckigen
Klammern) gelten als aus diesen Emissionsbedingungen gestrichen, so dass die Bestimmungen der
Endgültigen Bedingungen Geltung erhalten. Kopien der Endgültigen Bedingungen sind kostenlos bei den
bezeichneten Geschäftsstellen der Zahlstellen erhältlich; bei nicht an einer Börse notierten
Schuldverschreibungen sind Kopien der betreffenden Endgültigen Bedingungen allerdings ausschließlich
für die Gläubiger solcher Schuldverschreibungen erhältlich.]
§1
WÄHRUNG, STÜCKELUNG, FORM UND EIGENTUMSRECHT, DEFINITIONEN
(1) Währung und Nennbetrag. Diese Serie von Schuldverschreibungen der [HeidelbergCement AG]
[HeidelbergCement Finance B. V.] (die "Emittentin") wird in [festgelegte Währung einfügen] (die
"festgelegte Währung") im Gesamtnennbetrag von [Falls die Globalurkunde eine NGN ist, einfügen:
(vorbehaltlich § 1(6))] [Gesamtnennbetrag einfügen] begeben und ist eingeteilt in [Anzahl der
Schuldverschreibungen pro festgelegtem Nennbetrag einfügen] Schuldverschreibungen im
Nennbetrag von [festgelegte Stückelung(en) einfügen] (die "festgelegten Stückelungen").
(2) Form. Die Schuldverschreibungen lauten auf den Inhaber.
[[Im Fall von Schuldverschreibungen, außer Schuldverschreibungen, die gegen Einzelurkunden
ausgetauscht werden, einfügen:
[Im Fall von Schuldverschreibungen, die durch eine Dauerglobalurkunde verbrieft sind, einfügen:
(3) Dauerglobalurkunde. Die Schuldverschreibungen sind durch eine Dauerglobalurkunde (die
"Dauerglobalurkunde") ohne Zinsscheine verbrieft. Die Dauerglobalurkunde trägt die Unterschriften
ordnungsgemäß bevollmächtigter Vertreter der Emittentin und ist von der Emissionsstelle oder in deren
Namen mit einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben.
[Im Fall von Schuldverschreibungen, die anfänglich durch eine vorläufige Globalurkunde verbrieft
sind, die gegen eine Dauerglobalurkunde ausgetauscht werden soll, einfügen:
(3) Vorläufige Globalurkunde – Austausch.
(a) Die Schuldverschreibungen sind anfänglich durch eine vorläufige Globalurkunde (die "vorläufige
Globalurkunde") ohne Zinsscheine verbrieft. Die vorläufige Globalurkunde wird gegen
Schuldverschreibungen in den festgelegten Stückelungen, die durch eine Dauerglobalurkunde (die
"Dauerglobalurkunde") ohne Zinsscheine verbrieft sind, ausgetauscht. Die vorläufige Globalurkunde und
die Dauerglobalurkunde tragen jeweils die Unterschriften ordnungsgemäß bevollmächtigter Vertreter der
Emittentin und sind jeweils von der Emissionsstelle oder in deren Namen mit einer Kontrollunterschrift
versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben.
82
(b) Die vorläufige Globalurkunde wird an einem Tag (der "Austauschtag") gegen die Dauerglobalurkunde
ausgetauscht, der nicht mehr als 180 Tage nach dem Tag der Ausgabe der vorläufigen Globalurkunde
liegt. Der Austauschtag für einen solchen Austausch soll nicht weniger als 40 Tage nach dem Tag der
Ausgabe der vorläufigen Globalurkunde liegen. Ein solcher Austausch soll nur nach Vorlage von
Bescheinigungen erfolgen, wonach der oder die wirtschaftlichen Eigentümer der durch die vorläufige
Globalurkunde verbrieften Schuldverschreibungen keine U. S.-Personen sind (ausgenommen
bestimmte Finanzinstitute oder bestimmte Personen, die Schuldverschreibungen über solche
Finanzinstitute halten). Zinszahlungen auf durch eine vorläufige Globalurkunde verbriefte
Schuldverschreibungen erfolgen erst nach Vorlage solcher Bescheinigungen. Eine gesonderte
Bescheinigung ist hinsichtlich einer jeden solchen Zinszahlung erforderlich. Jede Bescheinigung, die am
oder nach dem 40. Tag nach dem Tag der Ausgabe der vorläufigen Globalurkunde eingeht, wird als ein
Ersuchen behandelt werden, diese vorläufige Globalurkunde gemäß Absatz (b) dieses § 1 (3)
auszutauschen. Wertpapiere, die im Austausch für die vorläufige Globalurkunde geliefert werden, sind
nur außerhalb der Vereinigten Staaten (wie in § 4 (3) definiert) zu liefern.]
(4) Clearing System. Jede Schuldverschreibungen verbriefende Globalurkunde wird von einem oder im
Namen eines Clearing Systems verwahrt. "Clearing System" bedeutet [bei mehr als einem Clearing
System einfügen: jeweils] folgendes: [Clearstream Banking AG, Frankfurt am Main ("CBF")] [,]
[Clearstream Banking, société anonyme, Luxembourg ("CBL")] [,] [Euroclear Bank S. A./N. V. ("Euroclear")]
[CBL and Euroclear jeweils ein "ICSD" und zusammen die "ICSDs"] [,] [und] [anderes Clearing System
angeben].
[Im Fall von Schuldverschreibungen, die im Namen der ICSDs verwahrt werden, einfügen:
[Falls die Globalurkunde eine NGN ist, einfügen: Die Schuldverschreibungen werden in Form einer new
global note ("NGN") ausgegeben und von einem common safekeeper im Namen beider ICSDs verwahrt.]
[Falls die Globalurkunde eine CGN ist, einfügen: Die Schuldverschreibungen werden in Form einer
classical global note ("CGN") ausgegeben und von einer gemeinsamen Verwahrstelle im Namen beider
ICSDs verwahrt.]]
(5) Gläubiger von Schuldverschreibungen. "Gläubiger" bedeutet jeder Inhaber eines Miteigentumsanteils
oder anderen Rechts an den Schuldverschreibungen. ]
[Falls die Globalurkunde eine NGN ist, einfügen:
(6) Register der ICSDs. Der Nennbetrag der durch die Globalurkunde verbrieften Schuldverschreibungen
entspricht dem jeweils in den Registern beider ICSDs eingetragenen Gesamtbetrag. Die Register der
ICSDs (unter denen man die Register versteht, die jeder ICSD für seine Kunden über den Betrag ihres
Anteils an den Schuldverschreibungen führt) sind schlüssiger Nachweis über den Nennbetrag der durch die
Globalurkunde verbrieften Schuldverschreibungen, und eine zu diesen Zwecken von einem ICSD jeweils
ausgestellte Bescheinigung mit dem Nennbetrag der so verbrieften Schuldverschreibungen ist ein
schlüssiger Nachweis über den Inhalt des Registers des jeweiligen ICSD zu diesem Zeitpunkt.
Bei Rückzahlung oder Zahlung einer Rate oder einer Zinszahlung bezüglich der durch die Globalurkunde
verbrieften Schuldverschreibungen bzw. bei Kauf und Entwertung der durch die Globalurkunde verbrieften
Schuldverschreibungen stellt die Emittentin sicher, dass die Einzelheiten über Rückzahlung und Zahlung
bzw. Kauf und Löschung bezüglich der Globalurkunde pro rata in die Unterlagen der ICSDs eingetragen
werden, und dass, nach dieser Eintragung, vom Nennbetrag der in die Register der ICSDs
aufgenommenen und durch die Globalurkunde verbrieften Schuldverschreibungen der Gesamtnennbetrag
der zurückgekauften bzw. gekauften und entwerteten Schuldverschreibungen bzw. der Gesamtbetrag der
so gezahlten Raten abgezogen wird.
[Falls die vorläufige Globalurkunde eine NGN ist, einfügen: Bei Austausch eines Anteils von
ausschließlich durch eine vorläufige Globalurkunde verbriefter Schuldverschreibungen wird die Emittentin
sicherstellen, dass die Einzelheiten dieses Austauschs pro rata in die Aufzeichnungen der ICSDs
aufgenommen werden.]]
[Im Fall von Schuldverschreibungen, die anfänglich durch eine vorläufige Globalurkunde verbrieft
sind, die (ganz oder teilweise) gegen Einzelurkunden und/oder Sammelglobalurkunden
ausgetauscht werden soll, einfügen:
(3) Vorläufige Globalurkunde – Austausch
(a) Die Schuldverschreibungen sind anfänglich durch eine vorläufige Globalurkunde (die "vorläufige
Globalurkunde") ohne Zinsscheine verbrieft. Die vorläufige Globalurkunde wird [falls die vorläufige
Globalurkunde ausschließlich gegen Einzelurkunden ausgetauscht wird, einfügen: gegen
Einzelurkunden
in
den
festgelegten
Stückelungen
("Einzelurkunden")]
[falls
die
Schuldverschreibungen mit Zinsscheinen, Talons und/oder Rückzahlungsscheinen ausgegeben
werden, einfügen: mit beigefügten [Zinsscheinen ("Zinsscheine")] [und Talons ("Talons") für weitere
Zinsscheine] [und] [Rückzahlungsscheinen ("Rückzahlungsscheine") für die Zahlung der Tilgungsraten]]
ausgetauscht]
[falls
die
vorläufige
Globalurkunde
gegen
Einzelurkunden
und
83
Sammelglobalurkunden ausgetauscht wird, einfügen: zum Teil gegen Einzelurkunden in den
festgelegten Stückelungen ("Einzelurkunden") [falls die Schuldverschreibungen mit Zinsscheinen,
Talons und/oder Rückzahlungsscheinen ausgegeben werden, einfügen: mit beigefügten
[Zinsscheinen ("Zinsscheine")] [Talons ("Talons") für weitere Zinsscheine] [und] [Rückzahlungsscheinen
("Rückzahlungsscheine") für die Zahlung der Tilgungsraten]] und zum anderen Teil gegen eine oder
mehrere
Sammelglobalurkunden
(jeweils
eine
"Sammelglobalurkunde")
[falls
die
Sammelglobalurkunden mit Zinsscheinen ausgegeben werden, einfügen: mit beigefügten
Sammelzinsscheinen (jeweils ein "Sammelzinsschein")]] ausgetauscht; das Recht der Gläubiger, die
Auslieferung von Einzelurkunden im Austausch gegen Schuldverschreibungen, die durch eine
Sammelglobalurkunde verbrieft sind, zu fordern, richtet sich nach § 9a (3) Satz 1 Depotgesetz]. Die
vorläufige Globalurkunde [falls die vorläufige Globalurkunde gegen Einzelurkunden und
Sammelglobalurkunden ausgetauscht wird, einfügen: und jede Sammelglobalurkunde [falls die
Schuldverschreibungen mit Zinsscheinen ausgegeben werden, einfügen: und jeder
Sammelzinsschein]] trägt die eigenhändigen Unterschriften zweier ordnungsgemäß bevollmächtigter
Vertreter der Emittentin und die vorläufige Globalurkunde [und jede Sammelglobalurkunde] ist von der
Emissionsstelle oder in deren Namen mit einer Kontrollunterschrift versehen. Die Einzelurkunden [falls
die Schuldverschreibungen mit Zinsscheinen, Talons und/oder Rückzahlungsscheinen
ausgegeben werden, einfügen: und die [Zinsscheine] [und] [,] [Talons] [und Rückzahlungsscheine]]
tragen die faksimilierten Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin
und die Einzelurkunden sind von der Emissionsstelle oder in deren Namen mit einer Kontrollunterschrift
versehen.
[Im Fall von Schuldverschreibungen, die keine TEFRA D Schuldverschreibungen sind, einfügen:
(b) Die vorläufige Globalurkunde ist an einem Tag (der "Austauschtag"), der nicht später als 180 Tage nach
dem Tag der Ausgabe der vorläufigen Globalurkunde liegt, gegen Schuldverschreibungen in der in dem
vorstehenden Absatz (a) vorgesehenen Form auszutauschen.]
[Im Fall von TEFRA D Schuldverschreibungen einfügen:
(b) Die vorläufige Globalurkunde wird an einem Tag (der "Austauschtag") gegen Schuldverschreibungen in
der in dem vorstehenden Absatz (a) vorgesehenen Form ausgetauscht, der nicht mehr als 180 Tage
nach dem Tag der Ausgabe der vorläufigen Globalurkunde liegt. Der Austauschtag für einen solchen
Austausch soll nicht weniger als 40 Tage nach dem Tag der Ausgabe der vorläufigen Globalurkunde
liegen. Ein solcher Austausch soll nur nach Vorlage von Bescheinigungen erfolgen, wonach der oder die
wirtschaftlichen Eigentümer der durch die vorläufige Globalurkunde verbrieften Schuldverschreibungen
keine U. S.-Personen sind (ausgenommen bestimmte Finanzinstitute oder bestimmte Personen, die
Schuldverschreibungen über solche Finanzinstitute halten). Zinszahlungen auf durch eine vorläufige
Globalurkunde verbriefte Schuldverschreibungen erfolgen erst nach Vorlage solcher Bescheinigungen.
Eine gesonderte Bescheinigung ist hinsichtlich einer jeden solchen Zinszahlung erforderlich. Jede
Bescheinigung, die am oder nach dem 40. Tag nach dem Tag der Ausgabe der vorläufigen
Globalurkunde eingeht, wird als ein Ersuchen behandelt werden, diese vorläufige Globalurkunde gemäß
Absatz (b) dieses § 1(3) auszutauschen. Wertpapiere, die im Austausch für die vorläufige
Globalurkunde geliefert werden, sind nur außerhalb der Vereinigten Staaten (wie in § 4(3) definiert) zu
liefern.]
(4) Clearing System. "Clearing System" bedeutet [bei mehr als einem Clearing System einfügen: jeweils]
folgendes: [Clearstream Banking AG, Frankfurt am Main ("CBF")] [,] [Clearstream Banking société
anonyme, Luxembourg ("CBL")] [,] [Euroclear Bank S. A./N. V. ("Euroclear")][,] [und] [anderes Clearing
System angeben].
(5) Gläubiger von Schuldverschreibungen. "Gläubiger" bedeutet, in Bezug auf die bei einem Clearing
System oder einem sonstigen zentralen Wertpapierverwahrer hinterlegten Schuldverschreibungen, jeder
Inhaber eines Miteigentumsanteils oder anderen Rechts an den hinterlegten Schuldverschreibungen und
sonst, im Fall von Einzelurkunden, der Inhaber einer Einzelurkunde.
(6) Bezugnahmen auf Schuldverschreibungen. Bezugnahmen in diesen Emissionsbedingungen auf die
"Schuldverschreibungen" schließen Bezugnahmen auf jede die Schuldverschreibungen verbriefende
Globalurkunde und jede Einzelurkunde [falls die Schuldverschreibungen mit Zinsscheinen, Talons
und/oder Rückzahlungsscheinen begeben werden einfügen: und die zugehörigen [Zinsscheine][,]
[und] [Globalzinsscheine] [Talons] [und Rückzahlungsscheine]] ein, es sei denn, aus dem Zusammenhang
ergibt sich etwas anderes.]
§2
STATUS
Die Schuldverschreibungen begründen unmittelbare, unbedingte, nicht nachrangige und [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen: (vorbehaltlich § 10 (2))] nicht
besicherte Verbindlichkeiten der Emittentin, die untereinander und (mit Ausnahme bestimmter kraft
84
Gesetzes vorrangiger Verbindlichkeiten) mit allen anderen jeweils ausstehenden, nicht besicherten
Verbindlichkeiten der Emittentin (nachrangige Verbindlichkeiten ausgenommen) gleichrangig sind.
§3
ZINSEN
Bei festverzinslichen Schuldverschreibungen einfügen:
[(1) Zinssatz und Zinszahlungstage. Die Schuldverschreibungen werden in Höhe ihres Nennbetrages
verzinst, und zwar vom [Verzinsungsbeginn einfügen] (einschließlich) bis zum Fälligkeitstag (wie in § 4
definiert) (ausschließlich) mit jährlich [Zinssatz einfügen] %. Die Zinsen sind nachträglich am
[Festzinstermin(e) einfügen] eines jeden Jahres zahlbar (jeweils ein "Zinszahlungstag"). Die erste
Zinszahlung erfolgt am [ersten Zinszahlungstag einfügen] [sofern der erste Zinszahlungstag nicht der
erste Jahrestag des Verzinsungsbeginns ist: und beläuft sich auf [den anfänglichen
Bruchteilzinsbetrag/die anfänglichen Bruchteilzinsbeträge einfügen].] [sofern der Fälligkeitstag kein
Festzinstermin ist: Die Zinsen für den Zeitraum vom [den letzten dem Fälligkeitstag vorausgehenden
Festzinstermin einfügen] (einschließlich) bis zum Fälligkeitstag (ausschließlich) belaufen sich auf [den
abschließenden Bruchteilzinsbetrag/die abschließenden Bruchteilzinsbeträge einfügen].]
[Im Fall von Schuldverschreibungen, die durch Globalurkunden verbrieft sind, einfügen:
(2) Auflaufende Zinsen. Der Zinslauf der Schuldverschreibungen endet mit Ablauf des Tages, der dem Tag
vorangeht, an dem sie zur Rückzahlung fällig werden. Falls die Emittentin die Schuldverschreibungen bei
Fälligkeit nicht einlöst, erfolgt die Verzinsung des ausstehenden Nennbetrages der Schuldverschreibungen
vom Tag der Fälligkeit bis zum Tag der tatsächlichen Rückzahlung der Schuldverschreibungen in Höhe des
gesetzlich festgelegten Satzes für Verzugszinsen 1).]
[Im Fall von Schuldverschreibungen, die durch Einzelurkunden verbrieft sind, einfügen:
Fälligkeit nicht einlöst, erfolgt die Verzinsung des ausstehenden Nennbetrags der Schuldverschreibungen
vom Tag der Fälligkeit bis zum Tag der tatsächlichen Rückzahlung der Schuldverschreibungen, spätestens
jedoch bis zum Ablauf des vierzehnten Tages nach der Bekanntmachung durch die Emissionsstelle gemäß
§ 14, dass ihr die für die Rückzahlung der Schuldverschreibungen erforderlichen Mittel zur Verfügung
gestellt worden sind in Höhe des gesetzlich festgelegten Satzes für Verzugszinsen 1).]
(3) Berechnung der Zinsen für gebrochene Zinsperioden. Wenn Zinsen für einen Zeitraum von weniger als
einem Jahr zu berechnen sind, erfolgt die Berechnung durch Anwendung des Zinssatzes auf jede
festgelegte Stückelung, Multiplikation dieser Summe mit dem Zinstagequotienten (wie nachstehend
definiert) und Rundung des Ergebnisses auf die nächste Untereinheit der festgelegten Währung, wobei eine
halbe Untereinheit aufgerundet wird oder die Rundung ansonsten gemäß der anwendbaren
Marktkonvention erfolgt.
Bei variabel verzinslichen Schuldverschreibungen einfügen:
[(1) Zinszahlungstage. Die Schuldverschreibungen werden in Höhe ihres Nennbetrages ab dem
[Verzinsungsbeginn einfügen] (der "Verzinsungsbeginn") (einschließlich) bis zum Fälligkeitstag (wie in
§ 4 definiert) (ausschließlich) verzinst. Die Zinsen sind an jedem Zinszahlungstag zahlbar.
"Zinszahlungstag" in diesem Sinne ist [bei festgelegten Zinszahlungstagen: jeweils [festgelegte
Zinszahlungstage einfügen]] [bei festgelegten Zinsperioden: (sofern diese Emissionsbedingungen
keine abweichenden Bestimmungen vorsehen) jeweils der Tag, der [Zahl einfügen] [Wochen]
[Monate] [ggf. einen anderen festgelegten Zeitraum/andere festgelegte Zeiträume einfügen] nach
dem vorausgehenden Zinszahlungstag liegt oder, im Falle des ersten Zinszahlungstages, nach dem
Verzinsungsbeginn liegt.] Falls (x) es keinen entsprechend nummerierten Tag in dem Kalendermonat gibt,
in welchem ein Zinszahlungstag fallen sollte, oder (y) ein Zinszahlungstag auf einen Tag fällt, der kein
Geschäftstag (wie nachstehend definiert) ist, so wird der Zinszahlungstag:
[bei Anwendung der Modified Following Business Day Convention: auf den nächstfolgenden
Geschäftstag verschoben, es sei denn, dieser würde dadurch in den nächsten Kalendermonat fallen; in
diesem Fall wird der Zahlungstag auf den unmittelbar vorausgehenden Geschäftstag vorgezogen.]
[bei Anwendung der FRN Convention: im Falle von (x) oben, der letzte Geschäftstag im jeweiligen Monat
und die Bestimmungen von (B) unten gelten entsprechend, und im Falle von (y) oben wird der
Zinszahlungstag auf den nächstfolgenden Geschäftstag verschoben, es sei denn, dieser würde dadurch in
den nächsten Kalendermonat fallen; in diesem Fall (A) wird der Zahlungstag auf den unmittelbar
vorausgehenden Geschäftstag vorgezogen und (B) ist jeder nachfolgende Zahlungstag der jeweils letzte
1) Der gesetzliche Verzugszinssatz beträgt für das Jahr fünf Prozentpunkte über dem von der Deutsche Bundesbank von Zeit
zu Zeit veröffentlichten Basiszinssatz, §§ 288 Absatz 1, 247 Absatz 1 BGB.
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Geschäftstag des Monats, der [[Zahl einfügen] Monate] [einen anderen Zeitraum/andere Zeiträume
einfügen] nach dem vorhergehenden anwendbaren Zahlungstag liegt.]
[bei Anwendung der Following Business Day Convention: auf den nächstfolgenden Geschäftstag
verschoben.]
[bei Anwendung der Preceding Business Day Convention: auf den unmittelbar vorhergehenden
Geschäftstag vorgezogen.]
In diesen Emissionsbedingungen bezeichnet "Geschäftstag" einen Tag (außer einem Samstag oder
Sonntag), an dem das Clearing System [Falls die festgelegte Währung nicht Euro ist, einfügen:
geöffnet ist und Geschäftsbanken und Devisenmärkte Zahlungen in [sämtliche relevanten Finanzzentren
einfügen] und in dem Hauptfinanzzentrum des Landes der festgelegten Währung] abwickeln und für den
allgemeinen Geschäftsverkehr (einschließlich dem Handel in Devisen und Fremdwährungseinlagen)
geöffnet sind [bei Euro-Schuldverschreibungen einfügen: und das Trans-European Automated RealTime Groß Settlement Express Transfer System ("TARGET") geöffnet ist.]
(2) Zinssatz. [bei Bildschirmfeststellung einfügen: Der Zinssatz (der "Zinssatz") für jede Zinsperiode (wie
nachstehend definiert) ist, sofern nachstehend nichts abweichendes bestimmt wird, der Angebotssatz
(ausgedrückt als Prozentsatz per annum) für Einlagen in der festgelegten Währung für die jeweilige
Zinsperiode, der auf der Bildschirmseite am Zinsfestlegungstag (wie nachstehend definiert) um 11.00 Uhr
([Londoner] [Brüsseler] Ortszeit) angezeigt wird [im Falle einer Marge einfügen: [zuzüglich][abzüglich]
der Marge (wie nachstehend definiert)], wobei alle Festlegungen durch die Berechnungsstelle erfolgen.
"Zinsperiode" bezeichnet den Zeitraum von dem Verzinsungsbeginn (einschließlich) bis zum ersten
Zinszahlungstag (ausschließlich) bzw. von jedem Zinszahlungstag (einschließlich) bis zum jeweils
darauffolgenden Zinszahlungstag (ausschließlich). "Zinsfestlegungstag" bezeichnet den [zweiten]
[relevante andere Zahl einfügen] [Londoner] [TARGET] [relevanten anderen Ort einfügen]
Geschäftstag vor Beginn der jeweiligen Zinsperiode.
"[Londoner] [relevanten anderen Ort einfügen] Geschäftstag" bezeichnet einen Tag (außer einem
Samstag oder Sonntag), an dem Geschäftsbanken in [London] [relevanten anderen Ort einfügen] für den
allgemeinen Geschäftsverkehr (einschließlich dem Handel in Devisen und Fremdwährungseinlagen)
geöffnet sind.] ["TARGET Geschäftstag" bezeichnet einen Tag, an dem TARGET geöffnet ist.]
[im Falle einer Marge: Die "Marge" beträgt [ ] Prozent per annum.]
"Bildschirmseite" bedeutet [Bildschirmseite einfügen].
Sollte zu der genannten Zeit die maßgebliche Bildschirmseite nicht zur Verfügung stehen oder wird kein
Angebotssatz angezeigt, wird die Berechnungsstelle von den Referenzbanken (wie nachstehend definiert)
deren jeweilige Angebotssätze (jeweils als Prozentsatz per annum ausgedrückt) für Einlagen in der
festgelegten Währung für die betreffende Zinsperiode bei führenden Banken im [Londoner] [Euro-Zone]
Interbanken-Markt um ca. 11.00 Uhr ([Londoner] [Brüsseler] Ortszeit) am Zinsfestlegungstag anfordern.
Falls zwei oder mehr Referenzbanken der Berechnungsstelle solche Angebotssätze nennen, ist der
Zinssatz für die betreffenden Zinsperiode das arithmetische Mittel (falls erforderlich, auf- oder abgerundet
auf das nächste [falls der Referenzsatz EURIBOR ist, einfügen: ein Hunderttausendstel Prozent, wobei
0,000005 aufgerundet wird] [falls der Referenzsatz nicht EURIBOR ist einfügen: ein Tausendstel
Prozent, wobei 0,0005 aufgerundet wird]) dieser Angebotssätze [im Falle einer Marge: [zuzüglich]
[abzüglich] der Marge], wobei alle Festlegungen durch die Berechnungsstelle erfolgen.
Falls an einem Zinsfestlegungstag nur eine oder keine der Referenzbanken der Berechnungsstelle solche
im vorstehenden Absatz beschriebenen Angebotssätze nennt, ist der Zinssatz für die betreffende
Zinsperiode der Satz per annum, den die Berechnungsstelle als das arithmetische Mittel (falls erforderlich,
auf- oder abgerundet auf das nächste [falls der Referenzsatz EURIBOR ist, einfügen: ein
Hunderttausendstel Prozent, wobei 0,000005 aufgerundet wird] [falls der Referenzsatz nicht EURIBOR
ist einfügen: ein Tausendstel Prozent, wobei 0,0005 aufgerundet wird]) der Angebotssätze ermittelt, die
die Referenzbanken bzw. zwei oder mehrere von ihnen der Berechnungsstelle auf deren Anfrage als den
jeweiligen Satz nennen, zu dem ihnen um ca. 11.00 Uhr ([Londoner] [Brüsseler] Ortszeit) an dem
betreffenden Zinsfestlegungstag Einlagen in der festgelegten Währung für die betreffende Zinsperiode von
führenden Banken im [Londoner] [Euro-Zone] Interbanken-Markt angeboten werden [im Falle einer
Marge: [zuzüglich] [abzüglich] der Marge]; falls weniger als zwei der Referenzbanken der
Berechnungsstelle solche Angebotssätze nennen, dann ist der Zinssatz für die betreffende Zinsperiode der
Angebotssatz für Einlagen in der festgelegten Währung für die betreffende Zinsperiode oder das
arithmetische Mittel (gerundet wie oben beschrieben) der Angebotssätze für Einlagen in der festgelegten
Währung für die betreffende Zinsperiode, den bzw. die eine oder mehrere Banken (die nach Ansicht der
Berechnungsstelle für diesen Zweck geeignet sind) der Berechnungsstelle als Sätze bekannt geben, die sie
an dem betreffenden Zinsfestlegungstag gegenüber führenden Banken am [Londoner] [Euro-Zone]
Interbanken-Markt (bzw. den diese Banken gegenüber der Berechnungsstelle) nennen [im Falle einer
Marge: [zuzüglich] [abzüglich] der Marge]. Für den Fall, dass der Zinssatz nicht gemäß den vorstehenden
Bestimmungen dieses Absatzes ermittelt werden kann, ist der Zinssatz der Angebotssatz oder das
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arithmetische Mittel der Angebotssätze auf der Bildschirmseite, wie vorstehend beschrieben, an dem
letzten Tag vor dem Zinsfestlegungstag, an dem diese Angebotssätze angezeigt wurden [im Falle einer
Marge: (wobei jedoch, falls für die relevante Zinsperiode eine andere Marge als für die unmittelbar
vorhergehende Zinsperiode gilt, die relevante Marge an die Stelle der Marge für die vorhergehende
Zinsperiode tritt).]
"Referenzbanken" bezeichnen [falls in den Endgültigen Bedingungen keine anderen Referenzbanken
bestimmt werden: diejenigen Niederlassungen von vier derjenigen Banken, deren Angebotssätze zur
Ermittlung des maßgeblichen Angebotssatzes zu dem Zeitpunkt benutzt wurden, als solch ein Angebot
letztmals auf der maßgeblichen Bildschirmseite angezeigt wurde] [Falls in den Endgültigen Bedingungen
andere Referenzbanken bestimmt werden, sind sie hier einzufügen].]
[Im Fall des Interbankenmarktes in der Euro-Zone einfügen: "Euro-Zone" bezeichnet das Gebiet
derjenigen Mitgliedstaaten der Europäischen Union, die gemäß dem Vertrag über die Gründung der
Europäischen Gemeinschaft (unterzeichnet in Rom am 25. März 1957), geändert durch den Vertrag über
die Europäische Union (unterzeichnet in Maastricht am 7. Februar 1992) und den Amsterdamer Vertrag
vom 2. Oktober 1997, in seiner jeweiligen Fassung, eine einheitliche Währung eingeführt haben oder
jeweils eingeführt haben werden.]
[Sofern ein anderer Referenzzinssatz als LIBOR, EURIBOR oder Euro-LIBOR anwendbar ist, sind die
Einzelheiten hier einzufügen, und zwar in Ersetzung der Bestimmungen dieses Absatzes 2]
[Sofern ISDA-Feststellung gelten soll, sind die entsprechenden Einzelheiten hier einzufügen und der
betreffende von der International Swap and Derivatives Association, Inc. ("ISDA") veröffentlichte
ISDA-Rahmenvertrag sowie die von der International Swaps and Derivatives Association, Inc.
veröffentlichten 2000 ISDA-Definitionen, jeweils in ihrer am Ausgabetag der ersten Tranche der
Schuldverschreibungen gültigen Fassung, diesen Emissionsbedingungen als Anlage beizufügen]
[Sofern eine andere Methode der Bestimmung anwendbar ist, sind die entsprechenden Einzelheiten
in Ersetzung der Bestimmungen dieses Absatzes 2 hier einzufügen.]
[Falls ein Mindest- oder Höchstzins gilt, einfügen:
[(3) [Mindest-] [und] [Höchst-] Zinssatz. [Falls ein Mindestzinssatz gilt: Wenn der gemäß den obigen
Bestimmungen für eine Zinsperiode ermittelte Zinssatz niedriger ist als [Mindestzinssatz einfügen], so ist
der Zinssatz für diese Zinsperiode [Mindestzinssatz].]
[Falls ein Höchstzinssatz gilt: Wenn der gemäß den obigen Bestimmungen für eine Zinsperiode ermittelte
Zinssatz höher ist als [Höchstzinssatz einfügen], so ist der Zinssatz für diese Zinsperiode
[Höchstzinssatz].]]
[(4)] Zinsbetrag. Die Berechnungsstelle wird zu oder baldmöglichst nach jedem Zeitpunkt, an dem der
Zinssatz zu bestimmen ist, den Zinssatz bestimmen und den zahlbaren Zinsbetrag in Bezug auf jede
festgelegte Stückelung (der "Zinsbetrag") für die entsprechende Zinsperiode berechnen. Der Zinsbetrag
wird ermittelt, indem der Zinssatz und der Zinstagequotient (wie nachstehend definiert) auf jede festgelegte
Stückelung angewendet werden, wobei der resultierende Betrag auf die kleinste Einheit der festgelegten
Währung auf- oder abgerundet wird, wobei 0,5 solcher Einheiten aufgerundet werden.
[(5)] Mitteilung von Zinssatz und Zinsbetrag. Die Berechnungsstelle wird veranlassen, dass der für die
jeweilige Zinsperiode geltende Zinssatz, Zinsbetrag und Zinszahlungstag der Emittentin [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen: und der Garantin][im Falle von
Schuldverschreibungen, die an der Luxemburger Börse notiert sind, einfügen: , der Zahlstelle] sowie
den Gläubigern gemäß § 14 baldmöglichst, aber keinesfalls später als am vierten auf die Berechnung
jeweils folgenden [Londoner] [TARGET] [relevanten anderen Ort einfügen] Geschäftstag (wie in § 3(2)
definiert) sowie jeder Börse, an der die betreffenden Schuldverschreibungen zu diesem Zeitpunkt notiert
werden und deren Regeln eine Mitteilung an die Börse verlangen, baldmöglichst, aber keinesfalls später als
zu Beginn der jeweiligen Zinsperiode, mitgeteilt werden. Im Falle einer Verlängerung oder Verkürzung der
Zinsperiode können der mitgeteilte Zinsbetrag und Zinszahlungstag nachträglich angepasst (oder andere
geeignete Anpassungsregelungen getroffen) werden, ohne dass diesbezüglich eine Mitteilung erforderlich
ist. Jede solche Anpassung wird umgehend allen Börsen, an denen die Schuldverschreibungen zu diesem
Zeitpunkt notiert werden, [im Falle von Schuldverschreibungen, die an der Luxemburger Börse notiert
sind, einfügen: , der Zahlstelle] sowie den Gläubigern gemäß § 14 mitgeteilt.
[(6)] Verbindlichkeit der Festsetzungen. Alle Bescheinigungen, Mitteilungen, Gutachten, Festsetzungen,
Berechnungen, Quotierungen und Entscheidungen, die von der Berechnungsstelle für die Zwecke dieses
§ 3 gemacht, abgegeben, getroffen oder eingeholt werden, sind (sofern nicht ein offensichtlicher Irrtum
vorliegt) für die Emittentin, [bei von HeidelbergCement Finance begebenen Schuldverschreibungen:
die Garantin,] die Emissionsstelle, die Zahlstellen und die Gläubiger bindend.
[(7)] Auflaufende Zinsen.
[Im Fall von Schuldverschreibungen, die durch Globalurkunden verbrieft sind, einfügen: Der Zinslauf
der Schuldverschreibungen endet mit Ablauf des Tages, der dem Tag vorangeht, an dem sie zur
87
Rückzahlung fällig werden. Falls die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlöst,
erfolgt die Verzinsung des ausstehenden Nennbetrages der Schuldverschreibungen vom Tag der Fälligkeit
bis zum Tag der tatsächlichen Rückzahlung der Schuldverschreibungen in Höhe des gesetzlich
festgelegten Satzes für Verzugszinsen 1).]
[Im Fall von Schuldverschreibungen, die durch Einzelurkunden verbrieft sind, einfügen: Der Zinslauf
der Schuldverschreibungen endet mit Ablauf des Tages, der dem Tag vorangeht, an dem sie zur
Rückzahlung fällig werden. Falls die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlöst,
erfolgt die Verzinsung des ausstehenden Nennbetrags der Schuldverschreibungen vom Tag der Fälligkeit
bis zum Tag der tatsächlichen Rückzahlung der Schuldverschreibungen, spätestens jedoch bis zum Ablauf
des vierzehnten Tages nach der Bekanntmachung durch die Emissionsstelle gemäß § 14, dass ihr die für
die Rückzahlung der Schuldverschreibungen erforderlichen Mittel zur Verfügung gestellt worden sind in
Höhe des gesetzlich festgelegten Satzes für Verzugszinsen 1).]
Bei Nullkupon-Schuldverschreibungen:
[(1) Periodische Zinszahlungen.
Schuldverschreibungen.
Es
erfolgen
keine
periodischen
Zinszahlungen
auf
die
[Im Fall von Schuldverschreibungen, die durch Globalurkunden verbrieft sind, einfügen:
(2) Auflaufende Zinsen. Falls die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlöst, erfolgt
die Verzinsung des ausstehenden Nennbetrages der Schuldverschreibungen vom Tag der Fälligkeit bis
zum Tag der tatsächlichen Rückzahlung der Schuldverschreibungen in Höhe des gesetzlich festgelegten
Satzes für Verzugszinsen1).]
(2) Auflaufende Zinsen. Falls die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlöst, erfolgt
die Verzinsung des ausstehenden Nennbetrags der Schuldverschreibungen vom Tag der Fälligkeit bis zum
Tag der tatsächlichen Rückzahlung der Schuldverschreibungen, spätestens jedoch bis zum Ablauf des
vierzehnten Tages nach der Bekanntmachung durch die Emissionsstelle gemäß § 14, dass ihr die für die
Rückzahlung der Schuldverschreibungen erforderlichen Mittel zur Verfügung gestellt worden sind in Höhe
des gesetzlich festgelegten Satzes für Verzugszinsen 1).]
[(•)] Zinstagequotient. "Zinstagequotient" bezeichnet im Hinblick auf die Berechnung des Zinsbetrages auf
eine Schuldverschreibung für einen beliebigen Zeitraum (der "Zinsberechnungszeitraum"):
[Im Fall von Actual/Actual (ICMA Regelung 251) mit jährlichen Zinszahlungen (ausschließlich dem
Fall eines ersten oder letzten kurzen Kupons) einfügen: die tatsächliche Anzahl von Tagen im
Zinsberechnungszeitraum, geteilt durch die tatsächliche Anzahl von Tagen im jeweiligen Zinsjahr.]
[Im Fall von Actual/Actual (ICMA Regelung 251) mit jährlichen Zinszahlungen im Fall eines ersten
oder letzten kurzen Kupons einfügen: die Anzahl von Tagen in dem Zinsberechnungszeitraum, geteilt
durch die Anzahl der Tage in der Bezugsperiode, in die der Zinsberechnungszeitraum fällt.]
[Im Fall von Actual/Actual (ICMA) mit zwei oder mehr gleich bleibenden Bezugsperioden
(einschließlich dem Fall eines ersten oder letzten kurzen Kupons) innerhalb eines Zinsjahres
einfügen: die Anzahl von Tagen in dem Zinsberechnungszeitraum, geteilt durch das Produkt aus (a) der
Anzahl der Tage in der Bezugsperiode, in die der Zinsberechnungszeitraum fällt und (b) der Anzahl von
Bezugsperioden, die in ein Kalenderjahr fallen oder fallen würden, falls Zinsen für das gesamte Jahr zu
zahlen wären.]
[Im Fall von Actual/Actual (ICMA Regelung 251) anwendbar ist und wenn der
Zinsberechnungszeitraum länger ist als eine Bezugsperiode (langer Kupon) einfügen: die Summe
aus:
(a) der Anzahl von Tagen in dem Zinsberechnungszeitraum, die in die Bezugsperiode fallen, in welcher der
Zinsberechnungszeitraum beginnt, geteilt durch [im Falle von Bezugsperioden, die kürzer sind als
ein Jahr einfügen: das Produkt aus (x)] [die] [der] Anzahl der Tage in dieser Bezugsperiode [im Falle
von Bezugsperioden, die kürzer sind als ein Jahr einfügen: und (y) der Anzahl von Bezugsperioden,
die in ein Kalenderjahr fallen oder fallen würden, falls Zinsen für das gesamte Jahr zu zahlen wären];
und
(b) der Anzahl von Tagen in dem Zinsberechnungszeitraum, die in die nächste Bezugsperiode fallen, geteilt
durch [im Falle von Bezugsperioden, die kürzer sind als ein Jahr einfügen: das Produkt aus (x)]
[die] [der] Anzahl der Tage in dieser Bezugsperiode [im Falle von Bezugsperioden, die kürzer sind
als ein Jahr einfügen: und (y) der Anzahl von Bezugsperioden, die in ein Kalenderjahr fallen oder
fallen würden, falls Zinsen für das gesamte Jahr zu zahlen wären].
1) Der gesetzliche Verzugszinssatz beträgt für das Jahr fünf Prozentpunkte über dem von der Deutsche Bundesbank von Zeit
88
"Bezugsperiode" bezeichnet den Zeitraum ab dem Verzinsungsbeginn (einschließlich) bis zum ersten
Zinszahlungstag (ausschließlich) oder von jedem Zinszahlungstag (einschließlich) bis zum nächsten
Zinszahlungstag
(ausschließlich).
[Im
Falle
eines
ersten
oder
letzten
kurzen
Zinsberechnungszeitraumes einfügen: Zum Zwecke der Bestimmung der maßgeblichen Bezugsperiode
gilt der [Fiktiven Zinszahlungstag einfügen] als Zinszahlungstag.] [Im Falle eines ersten oder letzten
langen Zinsberechnungszeitraumes einfügen: Zum Zwecke der Bestimmung der maßgeblichen
Bezugsperiode gelten der [Fiktive Zinszahlungstage einfügen] als Zinszahlungstage].]
[im Falle von Actual/365 oder Actual/Actual: die tatsächliche Anzahl von Tagen im
Zinsberechnungszeitraum, dividiert durch 365 (oder, falls ein Teil dieses Zinsberechnungszeitraumes in ein
Schaltjahr fällt, die Summe aus (a) der tatsächlichen Anzahl der in das Schaltjahr fallenden Tage des
Zinsberechnungszeitraums dividiert durch 366 und (b) die tatsächliche Anzahl der nicht in das Schaltjahr
fallenden Tage des Zinsberechnungszeitraums dividiert durch 365).]
[im Falle von Actual/365 (Fixed): die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum dividiert
durch 365.]
[im Falle von Actual/365 (Sterling): die tatsächliche Anzahl von Tagen in dem Zinsberechnungszeitraum
dividiert durch 365 oder – im Falle eines in ein Schaltjahr fallenden Zinszahlungstages – geteilt durch 366;
[im Falle von Actual/360: die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch
360.]
[im Falle von 30/360, 360/360 oder Bond Basis: die Anzahl von Tagen im Zinsberechnungszeitraum
dividiert durch 360, wobei die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit zwölf
Monaten zu je 30 Tagen zu ermitteln ist (es sei denn, (a) der letzte Tag des Zinsberechnungszeitraumes
fällt auf den 31. Tag eines Monates, während der erste Tag des Zinsberechnungszeitraumes weder auf den
30. noch den 31. Tag eines Monats fällt, wobei in diesem Fall der diesen Tag enthaltende Monat nicht als
ein auf 30 Tage gekürzter Monat zu behandeln ist, oder (b) der letzte Tag des Zinsberechnungszeitraumes
fällt auf den letzten Tag des Monats Februar, wobei in diesem Fall der Monat Februar nicht als ein auf 30
Tage verlängerter Monat zu behandeln ist).]
[im Falle von 30E/360 oder Eurobond Basis: die Anzahl der Tage im Zinsberechnungszeitraum dividiert
durch 360 (dabei ist die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit zwölf Monaten
zu je 30 Tagen zu ermitteln, und zwar ohne Berücksichtigung des ersten oder letzten Tages des
Zinsberechnungszeitraumes, es sei denn, dass im Falle einer am Fälligkeitstag endenden Zinsperiode der
Fälligkeitstag der letzte Tag des Monats Februar ist, in welchem Fall der Monat Februar als nicht auf einen
Monat zu 30 Tagen verlängert gilt).]
[im Falle von Doppelwährungszins-Schuldverschreibungen
anzuwendenden Bestimmungen einzufügen.]
sind
an
dieser
Stelle
die
[im Falle von indexierten Schuldverschreibungen sind an dieser Stelle die anzuwendenden
Bestimmungen einzufügen.]
[im Falle von Raten-Schuldverschreibungen
Bestimmungen einzufügen.]
sind
an
dieser
Stelle
die
anzuwendenden
§4
RÜCKZAHLUNG BEI ENDFÄLLIGKEIT
Im Falle von Schuldverschreibungen außer Raten-Schuldverschreibungen einfügen:
[Soweit nicht zuvor bereits ganz oder teilweise zurückgezahlt oder angekauft und entwertet, werden die
Schuldverschreibungen zu ihrem Rückzahlungsbetrag am [im Falle eines festgelegten Fälligkeitstages,
Fälligkeitstag einfügen] [im Falle eines Rückzahlungsmonats: an dem in den [Rückzahlungsmonat]
fallenden Zinszahlungstag] (der "Fälligkeitstag") zurückgezahlt. Der Rückzahlungsbetrag in Bezug auf jede
Schuldverschreibung (der "Rückzahlungsbetrag") beträgt [falls die Schuldverschreibungen zu ihrem
Nennbetrag zurückgezahlt werden einfügen: dem Nennbetrag der Schuldverschreibung]
[Rückzahlungsbetrag für die jeweilige festgelegte Stückelung einfügen].]
Im Falle von Raten-Schuldverschreibungen einfügen:
[Soweit nicht vorher bereits ganz oder teilweise zurückgezahlt oder angekauft und entwertet, werden die
Schuldverschreibungen an dem/den nachstehenden Ratenzahlungstermin(en) zu der/den folgenden
Rate(n) zurückgezahlt:
Ratenzahlungstermin(e)
[Ratenzahlungstermin(e)]
Rate(n)
[Rate(n)]
[_______________________]
[_______________________]
[_______________________]
[_______________________]
89
[Im Fall von indexierten Schuldverschreibungen sind die anwendbaren Bestimmungen, die Kapital
betreffen, einzufügen.]
[Im Fall von Doppelwährungs-Schuldverschreibungen sind die anwendbaren Bestimmungen, die
Kapital betreffen, einzufügen.]
§5
VORZEITIGE RÜCKZAHLUNG
(1) Vorzeitige Rückzahlung aus Steuergründen. Die Schuldverschreibungen können insgesamt, jedoch
nicht teilweise, nach Wahl der Emittentin mit einer Kündigungsfrist von nicht weniger als 30 und nicht mehr
als 60 Tagen gegenüber der Emissionsstelle und gemäß § 14 gegenüber den Gläubigern gekündigt werden
(wobei diese Kündigung unwiderruflich ist) und [für Schuldverschreibungen außer variabel
verzinslichen oder indexgebunden verzinslichen Schuldverschreibungen: jederzeit] [bei variabel
verzinslichen oder indexgebunden verzinslichen Schuldverschreibungen: an jedem Zinszahlungstag]
zurückgezahlt werden, falls:
(a) die Emittentin bei der nächsten fälligen Zahlung auf die Schuldverschreibungen verpflichtet ist oder sein
wird, zusätzliche Beträge gemäß § 8 zu zahlen [bei von HeidelbergCement Finance begebenen
Schuldverschreibungen: oder die Garantin aus nicht in ihrer Macht stehenden Gründen nicht in der
Lage ist, für die Zahlung durch die Emittentin zu sorgen und, wenn sie die Zahlung selbst vornimmt,
verpflichtet wäre, solche zusätzlichen Beträge zu zahlen], und zwar als Folge einer Änderung oder
Ergänzung der Gesetze und Vorschriften [bei von HeidelbergCement Finance begebenen
Schuldverschreibungen: der Niederlande oder] der Bundesrepublik Deutschland oder deren
politischen Untergliederungen oder Steuerbehörden oder als Folge einer Änderung der Anwendung
oder der offiziellen Auslegung dieser Gesetze und Vorschriften, welche Änderung oder Ergänzung bzw.
Änderung der Auslegung am oder nach dem [Ausgabetag einfügen] wirksam wird, und
(b) diese Verpflichtung nicht durch vernünftige, der Emittentin [bei von HeidelbergCement Finance
begebenen Schuldverschreibungen: oder der Garantin] zur Verfügung stehende Maßnahmen
vermieden werden kann,
wobei eine solche Kündigung nicht früher als 90 Tage vor dem frühestmöglichen Termin erfolgen darf, an
dem die Emittentin [bei von HeidelbergCement Finance begebenen Schuldverschreibungen: oder die
Garantin] verpflichtet wäre, solche zusätzlichen Beträge in Bezug auf die Schuldverschreibungen zu
zahlen, falls zu diesem Zeitpunkt eine Zahlung fällig wäre.
Vor Bekanntmachung der Kündigung gemäß diesem § 5 Absatz 1 hat die Emittentin der Emissionsstelle
eine Bescheinigung vorzulegen, die von zwei Mitgliedern des Vorstands der Emittentin [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen: bzw. von zwei Mitgliedern des
Vorstands der Garantin] unterzeichnet ist, und die feststellt, dass die Emittentin zur Kündigung berechtigt ist
und die Umstände auflistet, aus denen hervorgeht, dass die Voraussetzungen des Kündigungsrechts der
Emittentin vorliegen sowie ein Gutachten anerkannter, unabhängiger Rechtsberater darüber, dass die
Emittentin [bei von HeidelbergCement Finance begebenen Schuldverschreibungen: oder ggf. die
Garantin] verpflichtet ist oder sein wird, diese zusätzlichen Beträge als Folge einer solchen Änderung oder
Ergänzung zu zahlen.
Die gemäß diesem § 5 Absatz 1 gekündigten Schuldverschreibungen werden zu ihrem vorzeitigen
Rückzahlungsbetrag, wie unten in Absatz [4] beschrieben, zurückgezahlt zuzüglich bis zum
Rückzahlungstag (ausschließlich) aufgelaufener Zinsen.
Falls die Emittentin das Wahlrecht hat, die Schuldverschreibungen vorzeitig zurückzuzahlen,
einfügen:
[(2) Vorzeitige Rückzahlung nach Wahl der Emittentin.
(a) Die Emittentin kann, nachdem sie gemäß Absatz (b) gekündigt hat, die Schuldverschreibungen
insgesamt oder teilweise am/an den Wahl-Rückzahlungstag(en) (Call) zum/zu den WahlRückzahlungsbetrag bzw. -beträgen (Call), wie nachstehend angegeben, nebst etwaigen bis zum WahlRückzahlungstag (Call) (ausschließlich) aufgelaufenen Zinsen zurückzahlen. [Bei Geltung eines
Mindestrückzahlungsbetrages oder eines erhöhten Rückzahlungsbetrages: Eine solche
Rückzahlung muss in Höhe eines Nennbetrages von [mindestens [Mindestrückzahlungsbetrag]]
[höchstens [erhöhter Rückzahlungsbetrag] erfolgen.]
Wahl-Rückzahlungstag(e)
[Wahl-Rückzahlungstag(e)]
Wahl-Rückzahlungsbetrag/-beträge
[Wahl-Rückzahlungsbetrag/-beträge]
[_______________________]
[_______________________]
[_______________________]
[_______________________]
90
[Falls der Gläubiger ein Wahlrecht hat, die Schuldverschreibungen vorzeitig zu kündigen, einfügen:
Der Emittentin steht dieses Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu, deren Rückzahlung
bereits der Gläubiger in Ausübung seines Wahlrechts nach Absatz 3 dieses § 5 verlangt hat. ]
(b) Die Kündigung ist den Gläubigern der Schuldverschreibungen durch die Emittentin gemäß § 14 und der
Emissionsstelle bekannt zu geben (die Kündigung gegenüber der Emissionsstelle hat mindestens 15
Tage vor der Kündigung gegenüber den Gläubigern zu erfolgen). Sie beinhaltet die folgenden Angaben:
(i) die zurückzuzahlende Serie von Schuldverschreibungen;
(ii) eine Erklärung, ob diese Serie ganz oder teilweise zurückgezahlt wird und im letzteren Fall den
Gesamtbetrag der zurückzuzahlenden Schuldverschreibungen [falls die Schuldverschreibungen
durch Einzelurkunden verbrieft sind, einfügen: und die entsprechenden Seriennummern];
(iii) den Wahl-Rückzahlungstag (Call), der nicht weniger als [Mindestkündigungsfrist einfügen] und
nicht mehr als [Höchstkündigungsfrist einfügen] Tage nach dem Tag der Kündigung durch die
Emittentin gegenüber den Gläubigern liegen darf; und
(iv) den Wahl-Rückzahlungsbetrag (Call), zu dem die Schuldverschreibungen zurückgezahlt werden.
(c) [im Fall von durch Einzelurkunden verbrieften Schuldverschreibungen: Wenn die
Schuldverschreibungen nur teilweise zurückgezahlt werden, werden die zurückzuzahlenden durch
Einzelurkunden verbrieften Schuldverschreibungen in einer von der Emissionsstelle bestimmten
europäischen Stadt durch das Los oder nach billigem Ermessen der Emissionsstelle auf andere Weise
oder an einem anderen Ort ermittelt.] [im Fall von durch eine Globalurkunde verbrieften
Schuldverschreibungen: Die durch eine Globalurkunde verbrieften Schuldverschreibungen werden in
Übereinstimmung mit den Regeln des betreffenden Clearing Systems ausgewählt, und die teilweise
Rückzahlung wird in den Registern von CBL und Euroclear nach deren Ermessen entweder als PoolFaktor oder als Reduzierung des Nennbetrags wiedergegeben.]]
Falls die Emittentin das Wahlrecht hat, Schuldverschreibungen vorzeitig zurückzuzahlen einfügen:
[[(3)]] Vorzeitige Rückzahlung nach Wahl des Gläubigers.
(a) Die Emittentin hat eine Schuldverschreibung nach Ausübung des entsprechenden Wahlrechts durch
den Gläubiger am/an den Wahl-Rückzahlungstag(en) (Put) zum/zu den Wahl-Rückzahlungsbetrag/ beträgen (Put) wie nachstehend angegeben nebst etwaigen bis zum Wahl-Rückzahlungstag (Put)
(ausschließlich) aufgelaufenen Zinsen zurückzuzahlen.
Wahl-Rückzahlungstag(e)
[Wahl-Rückzahlungstag(e)]
Wahl-Rückzahlungsbetrag/-beträge
[Wahl-Rückzahlungsbetrag/-beträge]
[_______________________]
[_______________________]
[_______________________]
[_______________________]
Dem Gläubiger steht dieses Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu, deren Rückzahlung
durch die Emittentin in Ausübung ihres Wahlrechts nach § 5 Absatz 1 [falls die Emittentin das Wahlrecht
hat, die Schuldverschreibungen vorzeitig zurückzuzahlen: oder Absatz 2] verlangt hat.
(b) Um dieses Wahlrecht auszuüben, muss der Gläubiger nicht früher als [Mindestkündigungsfrist
einfügen] und nicht später als [Höchstkündigungsfrist einfügen] Tage vor dem WahlRückzahlungstag (Put), an dem die Rückzahlung gemäß der Ausübungserklärung (wie nachstehend
definiert) erfolgen soll, bei der bezeichneten Geschäftstelle der Emissionsstelle [im Falle von durch
Einzelurkunde verbrieften Schuldverschreibungen: oder einer anderen Zahlstelle] während der
normalen Geschäftszeiten eine ordnungsgemäß ausgefüllte Mitteilung zur vorzeitigen Rückzahlung
("Ausübungserklärung"), wie sie von der bezeichneten Geschäftsstelle der Emissionsstelle [im Falle
von durch Einzelurkunde verbrieften Schuldverschreibungen: und jeder Zahlstelle] erhältlich ist [im
Falle von durch Einzelurkunde verbrieften Schuldverschreibungen: zusammen mit der
betreffenden Schuldverschreibung [und allen dazugehörigen noch nicht fälligen Zinsscheinen]], zu
hinterlegen. Die Ausübung des Wahlrechts kann nicht widerrufen werden [im Falle von durch
Einzelurkunde verbrieften Schuldverschreibungen: und die so hinterlegte Schuldverschreibung kann
nicht zurückgefordert werden].]
Bei Schuldverschreibungen, die keine Nullkupon-Schuldverschreibungen sind, einfügen:
[(4)] Vorzeitiger Rückzahlungsbetrag.
[Für die Zwecke des § 5 Absatz 1 und § 9 entspricht der vorzeitige Rückzahlungsbetrag [dem
Rückzahlungsbetrag] [sonstigen Rückzahlungsbetrag einfügen].]
bei Nullkupon-Schuldverschreibungen:
[(a)
Für die Zwecke des § 5 Absatz 1 und § 9 ist der vorzeitige Rückzahlungsbetrag der
Amortisationsbetrag der Schuldverschreibung.
(b) Der Amortisationsbetrag berechnet sich nach der folgenden Formel:
91
Vorzeitiger Rückzahlungsbetrag = RP * (1+AY)y wobei:
"RP" [Referenz-Preis einfügen] (der "Referenz-Preis") ist,
"AY" [als Dezimalzahl ausgedrücke Emissionsrendite einfügen] ist und
"y" ein Bruch ist, dessen Zähler der Anzahl von Tagen (berechnet auf der Basis eines 360-Tage-Jahres
mit zwölf Monaten zu jeweils 30 Tagen) ab dem Ausgabetag der ersten Tranche der
Schuldverschreibungen (einschließlich) bis zu dem Fälligkeitstag bzw. (falls zutreffend) an dem Tag, an
dem die Schuldverschreibungen fällig sind (ausschließlich), entspricht und dessen Nenner 360 ist.
(c) Falls die Emittentin den vorzeitigen Rückzahlungsbetrag bei Fälligkeit nicht zahlt, wird der
Amortisationsbetrag einer Schuldverschreibung wie vorstehend beschrieben berechnet, jedoch mit der
Maßgabe, dass die Bezugnahmen in Unterabsatz (ii) auf den für die Rückzahlung vorgesehenen
Rückzahlungstag oder den Tag, an dem diese Schuldverschreibungen fällig und rückzahlbar werden,
durch den früheren der nachstehenden Zeitpunkte ersetzt werden: (i) der Tag, an dem die Zahlung
durch ordnungsgemäße Vorlage und Einreichung der betreffenden Schuldverschreibungen (sofern
erforderlich) erfolgt, und (ii) der vierzehnte Tag, nachdem die Emissionsstelle gemäß § 14 mitgeteilt hat,
dass ihr die für die Rückzahlung erforderlichen Mittel zur Verfügung gestellt wurden.]
§6
ZAHLUNGEN
(1) Zahlungen auf Kapital.
bei durch Einzelurkunden verbrieften Schuldverschreibungen einfügen:
[Zahlungen auf Kapital in Bezug auf durch Einzelurkunden verbriefte Schuldverschreibungen erfolgen nach
Maßgabe des nachstehenden Absatzes 3 gegen Vorlage und (Teilzahlungen ausgenommen) Einreichung
der entsprechenden Schuldverschreibung bei der bezeichneten Geschäftsstelle einer der Zahlstellen
außerhalb der Vereinigten Staaten.]
bei durch eine Dauerglobalurkunde verbrieften Schuldverschreibungen einfügen:
[Zahlungen auf Kapital in Bezug auf durch eine Globalurkunde verbriefte Schuldverschreibungen erfolgen
nach Maßgabe des nachstehenden Absatzes 3 an das Clearing System oder dessen Order zur Gutschrift
auf die Konten der jeweiligen Kontoinhaber des Clearing Systems gegen Vorlage und Einreichung der
Globalurkunde bei der bezeichneten Geschäftsstelle einer der Zahlstellen außerhalb der Vereinigten
Staaten.]
Im Falle von Raten-Schuldverschreibungen einfügen:
[Die Zahlung von Raten auf eine Raten-Schuldverschreibung mit Rückzahlungsscheinen erfolgt gegen
Vorlage der Schuldverschreibung zusammen mit dem betreffenden Rückzahlungsschein und Einreichung
dieses Rückzahlungsscheins und, im Falle der letzten Ratenzahlung gegen Einreichung der
Schuldverschreibung bei der bezeichneten Geschäftsstelle einer der Zahlstellen außerhalb der Vereinigten
Staaten. Rückzahlungsscheine begründen keinen Titel. Rückzahlungsscheine, die ohne die dazugehörige
Schuldverschreibung vorgelegt werden, begründen keine Verpflichtungen der Emittentin. Daher berechtigt
die Vorlage einer Raten-Schuldverschreibung ohne den entsprechenden Rückzahlungsschein oder die
Vorlage eines Rückzahlungsscheins ohne die dazugehörige Schuldverschreibung den Gläubiger nicht, die
Zahlung einer Rate zu verlangen.]
Im Falle von Schuldverschreibungen, die keine Nullkupon-Schuldverschreibungen sind, einfügen:
[(2) Zahlung von Zinsen. [bei durch Einzelurkunden verbrieften Schuldverschreibungen: Die Zahlung
von Zinsen auf durch Einzelurkunden verbriefte Schuldverschreibungen mit Zinsscheinen erfolgt nach
Maßgabe des nachstehenden Absatzes 3 gegen Einreichung der entsprechenden Zinsscheine, oder im
Falle von Zinsen, die zwar fällig sind, aber nicht an einem der vorher festgelegten Zinszahlungstage, gegen
Vorlage der entsprechenden Schuldverschreibungen bei der bezeichneten Geschäftsstelle einer der
Zahlstellen außerhalb der Vereinigten Staaten.
[Im Fall von TEFRA D Schuldverschreibungen, die durch Einzelurkunden verbrieft sind, einfügen:
Die Zahlung von Zinsen auf Schuldverschreibungen, die durch eine vorläufige Globalurkunde verbrieft sind,
erfolgt nach Maßgabe von Absatz 2 an das Clearing System oder dessen Order zur Gutschrift auf den
Konten der jeweiligen Kontoinhaber des Clearing Systems, und zwar nach ordnungsgemäßer
Bescheinigung gemäß § 1 (3)(b).]]
[im Falle von durch eine Globalurkunde verbriefte Schuldverschreibungen einfügen: Die Zahlung von
Zinsen auf durch eine Dauerglobalurkunde verbriefte Schuldverschreibungen erfolgt nach Maßgabe des
nachstehenden Absatzes 3 an das Clearing System oder dessen Order zur Gutschrift für die betreffenden
Kontoinhaber des Clearing Systems.
[Im Fall von Zinszahlungen auf durch eine vorläufige Globalurkunde verbriefte TEFRA D
Schuldverschreibungen einfügen: Die Zahlung von Zinsen auf Schuldverschreibungen, die durch die
vorläufige Globalurkunde verbrieft sind, erfolgt nach Maßgabe von Absatz 2 an das Clearing System oder
92
dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems, und zwar
nach ordnungsgemäßer Bescheinigung gemäß § 1(3)(b).]]
Bei durch Einzelurkunden verbrieften Schuldverschreibungen, einfügen:
[(3)] Zahlungsweise. Vorbehaltlich geltender steuerlicher und sonstiger gesetzlicher Regelungen und
Vorschriften erfolgen zu leistende Zahlungen auf Schuldverschreibungen.
[im Falle von Zahlungen in einer anderen Währung als japanischen Yen, US-Dollar, oder Euro:
mittels [festgelegte Währung einfügen] Scheck, der auf eine Bank in [Hauptfinanzzentrum des Landes der
festgelegten Währung einfügen] ausgestellt ist oder nach Wahl des Zahlungsempfängers durch
Überweisung auf ein auf [festgelegte Währung] lautendes von diesem bezeichnetes Konto bei einer Bank
in [Hauptfinanzzentrum des Landes der festgelegten Währung].]
[im Falle von Zahlungen in japanischen Yen: durch Japanische Yen-Scheck, ausgestellt auf eine Bank in
Tokio oder nach Wahl des Zahlungsempfängers auf ein auf japanische Yen lautendes Konto des
Zahlungsempfängers bei einer Bank (im Falle der Zahlung an Personen ohne Wohnsitz oder Sitz in Japan,
auf ein Konto für Personen ohne Sitz oder Wohnsitz in Japan) in Tokio (die jeweilige Bank muss im Falle
eines Zahlungsempfängers ohne Wohnsitz in Japan eine autorisierte Devisenbank sein).]
[im Falle von Zahlungen in US-Dollar: mittels US-Dollar Scheck, ausgestellt auf eine Bank in New York
City oder nach Wahl des Zahlungsempfängers durch Überweisung auf ein auf US-Dollar lautendes Konto
des Zahlungsempfängers bei einer Bank außerhalb der Vereinigten Staaten.]
[bei Zahlungen in Euro: in bar oder mittels Euro-Scheck, ausgestellt auf eine Bank in einem
Hauptfinanzzentrum eines Landes, das Teilnehmerstaat der Europäischen Wirtschafts- und Währungsunion
ist, oder nach Wahl des Zahlungsempfängers durch Überweisung auf ein Euro-Konto, welches der
Zahlungsempfänger bei einer Bank in einem solchen Finanzzentrum unterhält.]
[Im Fall von Schuldverschreibungen, die durch Globalurkunden verbrieft werden, einfügen:
[(3)] Zahlungsweise. Vorbehaltlich geltender steuerlicher und sonstiger gesetzlicher Regelungen und
Vorschriften erfolgen zu leistende Zahlungen auf die Schuldverschreibungen in der frei handelbaren und
konvertierbaren Währung, die am entsprechenden Fälligkeitstag die Währung des Staates der festgelegten
Währung ist.]
[(4)] Vereinigte Staaten. Für die Zwecke des [im Fall von TEFRA D Schuldverschreibungen einfügen:
§ 1 (3) und dieses] § 6 bezeichnet "Vereinigte Staaten" die Vereinigten Staaten von Amerika (einschließlich
deren Bundesstaaten und des District of Columbia) sowie deren Territorien (einschließlich Puerto Rico, der
U. S. Virgin Islands, Guam, American Samoa, Wake Island and Northern Mariana Islands).
[(5)] Erfüllung.
[bei durch Einzelurkunden verbrieften Schuldverschreibungen einfügen:
Bei Schuldverschreibungen, die über ein Clearing System gehalten werden, wird die Emittentin [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen: bzw. ggfs. die Garantin] durch
Leistung der Zahlung an das Clearing System oder dessen Order von ihrer Zahlungspflicht befreit.]
Die Emittentin [bei von HeidelbergCement Finance begebenen Schuldverschreibungen: bzw. ggfs. die
Garantin] wird durch Leistung der Zahlung an das Clearing System oder dessen Order von ihrer
Zahlungspflicht befreit.]
[(6)] Zahltag. Fällt der Fälligkeitstag einer Zahlung in Bezug auf eine Schuldverschreibung [oder einen
Zinsschein] [oder einen Rückzahlungsschein] auf einen Tag, der kein Zahltag ist, dann hat der Gläubiger
keinen Anspruch auf Zahlung vor dem nächsten Zahltag am jeweiligen Geschäftsort. Der Gläubiger ist nicht
berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verspätung zu verlangen.
Für diese Zwecke bezeichnet "Zahltag" einen Tag, der sowohl (i) ein Tag (außer einem Samstag oder
Sonntag) ist, an dem Geschäftsbanken und Devisenmärkte Zahlungen am jeweiligen Ort der Vorlage
abwickeln, und (ii) ein Tag (außer einem Samstag oder Sonntag) ist, an dem Geschäftsbanken und
Devisenmärkte Zahlungen in London und [sämtliche relevanten Finanzzentren angeben] abwickeln [im
Falle von Schuldverschreibungen, die nicht auf Euro lauten, einfügen: und (iii) ein Tag ist, an dem
Geschäftsbanken und Devisenmärkte im Hauptfinanzzentrum des Landes der festgelegten Währung
Zahlungen abwickeln und für den allgemeinen Geschäftsverkehr (einschließlich dem Handel in Devisen und
Fremdwährungseinlagen) geöffnet sind.] [bei auf Euro lautenden Schuldverschreibungen: und (iii) ein
Tag ist, an dem das TARGET System betriebsbereit ist.]
Bei Einzelurkunden, die anfänglich mit Zinsscheinen, Talons oder Rückzahlungsscheinen
ausgeliefert werden:
[[(7)]
Einreichung
von
[Zinsscheinen]
[,]
[Talons]
[und]
[Rückzahlungsscheinen].
Jede
Schuldverschreibung, die anfänglich mit beigefügten Zinsscheinen [,] [oder] [Talons] [oder
Rückzahlungsscheinen] ausgegeben wurde, ist bei Rückzahlung vorzulegen und, außer im Falle einer
93
Teilzahlung des Rückzahlungsbetrages, bei Rückzahlung bei Endfälligkeit zusammen mit allen
dazugehörigen noch nicht fälligen Zinsscheinen [,] [und] [Talons] [und Rückzahlungsscheinen]
einzureichen; erfolgt dies nicht,
[im Fall von festverzinslichen Schuldverschreibungen: wird der Betrag der fehlenden noch nicht fälligen
Zinsscheine (oder falls die Zahlung nicht vollständig erfolgt, der Anteil des Gesamtbetrages solcher
fehlenden, nicht fälligen Zinsscheine, wie er dem Verhältnis zwischen dem tatsächlich gezahlten Betrag und
der fälligen Summe entspricht) von dem ansonsten bei der Rückzahlung fälligen Betrag abgezogen[,] [und]
[.]]
[im Fall von variabel verzinslichen Schuldverschreibungen: werden alle nicht fälligen zugehörigen
Zinsscheine (gleich, ob sie zusammen mit diesen eingereicht werden oder nicht) ungültig und es erfolgt ab
diesem Zeitpunkt keine Zahlung mehr auf sie [,] [und] [.]]
[im Fall von Einzelurkunden, die anfänglich mit beigefügten Talons ausgegeben werden: werden
sämtliche nicht fälligen Talons (gleich, ob sie zusammen mit diesen eingereicht werden oder nicht) ungültig
und können nicht zu einem späteren Zeitpunkt gegen Zinsscheine ausgetauscht werden [,] [und] [.]]
[im Fall von Einzelurkunden, die anfänglich mit beigefügten Rückzahlungsscheinen ausgegeben
werden: werden sämtliche zugehörigen Rückzahlungsscheine, die in Bezug auf die Zahlung einer Rate, die
(wäre sie nicht zur Rückzahlung fällig geworden) an einem Tag nach Rückzahlung fällig geworden wäre
(gleich, ob sie mit dieser Schuldverschreibung eingereicht wurde oder nicht) ungültig, und bei Vorlage zu
einem späteren Zeitpunkt erfolgt auf sie keine Zahlung.]
[im Fall von festverzinslichen Schuldverschreibungen: Werden Schuldverschreibungen mit einer
Fälligkeit und einem Zinssatz oder Zinssätzen begeben, die dazu führen würden, dass bei Vorlage zur
Zahlung dieser Schuldverschreibungen ohne dazugehörige noch nicht fällige Zinsscheine der wie
vorstehend dargelegt in Abzug zu bringende Betrag den ansonsten zu zahlenden Rückzahlungsbetrag
übersteigt, so werden diese noch nicht fälligen Zinsscheine (gleich, ob sie beigefügt sind oder nicht) zum
Zeitpunkt der Fälligkeit solcher Schuldverschreibungen ungültig (und es erfolgt auf sie keine Zahlung),
insoweit als dies erforderlich ist, damit der gemäß der vorstehenden Regelung in Abzug zu bringende
Betrag den vorgesehenen Rückzahlungsbetrag nicht übersteigt. Sofern die Anwendung des letzten Satzes
die Entwertung einiger, aber nicht sämtlicher noch nicht fälliger Zinsscheine einer Schuldverschreibung
erfordert, bestimmt die betreffende Zahlstelle, welche Zinsscheine ungültig werden sollen, wobei zu diesem
Zwecke später fällige Zinsscheine vor früher fälligen Zinsscheinen für ungültig zu erklären sind.]
Im Fall von Einzelurkunden, die ursprünglich mit Talons ausgegeben wurden:
[[(8)] Austausch von Talons. Am oder nach dem Zinszahlungstag, an dem der letzte Zinsschein eines
Zinsscheinbogens fällig wird, kann der im Zinsscheinbogen enthaltene Talon bei der bezeichneten
Geschäftsstelle einer Zahlstelle im Austausch gegen einen weiteren Zinsscheinbogen (einschließlich ggf.
eines weiteren Talons) eingereicht werden. Jeder Talon gilt für die Zwecke dieser Emissionsbedingungen
als am Zinszahlungstag fällig, an dem der letzte im jeweiligen Zinsscheinbogen enthaltene Zinsschein fällig
wird.]
[(9)] Bezugnahmen auf Zahlungen von Kapital und Zinsen. Bezugnahmen in diesen Emissionsbedingungen
auf Kapital der Schuldverschreibungen sollen, soweit anwendbar, die folgenden Beträge beinhalten: den
Rückzahlungsbetrag der Schuldverschreibungen; [und] den vorzeitigen Rückzahlungsbetrag der
Schuldverschreibungen;] [und] [den bzw. die Wahl-Rückzahlungsbetrag-beträge ([Call] [Put]) der
Schuldverschreibungen;] [und] [die Ratenzahlungsbeträge;] [und] [den Amortisationsbetrag;] [und] [jeden
Aufschlag sowie sonstige auf oder in Bezug auf die Schuldverschreibungen zahlbare Beträge (außer
Zinsen).
Bezugnahmen in diesen Emissionsbedingungen auf Zinszahlungen auf Schuldverschreibungen sollen,
soweit anwendbar, sämtliche gemäß § 8 zahlbaren zusätzlichen Beträge einschließen.
[(10)] Hinterlegung von Kapital und Zinsen. Die Emittentin ist berechtigt, beim Amtsgericht Frankfurt am
Main Zins- oder Kapitalbeträge zu hinterlegen, die von den Gläubigern nicht innerhalb von zwölf Monaten
nach dem Fälligkeitstag beansprucht worden sind, auch wenn die Gläubiger sich nicht in Annahmeverzug
befinden. Soweit eine solche Hinterlegung erfolgt, und auf das Recht der Rücknahme verzichtet wird,
erlöschen die Ansprüche der Gläubiger gegen die Emittentin.
§7
DIE EMISSIONSSTELLE[,] [UND] DIE ZAHLSTELLEN [UND DIE BERECHNUNGSSTELLE]
(1) Ernennung; bezeichnete Geschäftsstellen. Die anfänglich bestellte Emissionsstelle[,] [und] die
anfänglich bestellten Zahlstellen [und die anfänglich bestellte Berechnungsstelle] und deren bezeichnete
Geschäftsstellen lauten wie folgt:
Emissionsstelle und Hauptzahlstelle: Deutsche Bank Aktiengesellschaft
Große Gallusstraße 10-14
94
Zahlstelle[n]:
L-1115 Luxembourg
[weitere Zahlstellen und deren bezeichnete Geschäftsstellen]
[Berechnungsstelle:
[Name und Geschäftsstelle]]
Die Emissionsstelle[,] [und] die Zahlstelle[n] [und die Berechnungsstelle] behalten sich das Recht vor,
jederzeit ihre jeweiligen bezeichneten Geschäftsstellen durch andere bezeichnete Geschäftsstellen in
derselben Stadt zu ersetzen.
(2) Änderung der Bestellung oder Abberufung. Die Emittentin behält sich das Recht vor, jederzeit die
Bestellung der Emissionsstelle oder einer Zahlstelle [oder der Berechnungsstelle] zu ändern oder zu
beenden und eine andere Emissionsstelle oder zusätzliche oder andere Zahlstellen [oder eine andere
Berechnungsstelle] zu bestellen. Die Emittentin wird jedoch zu jedem Zeitpunkt (i) eine Emissionsstelle
unterhalten[,] [und] (ii) zusätzlich zu der Emissionsstelle eine Zahlstelle mit einer bezeichneten
Geschäftsstelle in einer kontinentaleuropäischen Stadt außerhalb der Bundesrepublik Deutschland [für an
einer Börse notierte Schuldverschreibungen: [,] [und] (iii) solange die Schuldverschreibungen an der
[Name der Börse] notiert sind, eine Zahlstelle (die die Emissionsstelle sein kann) mit bezeichneter
Geschäftsstelle in [Ort der Börse] und/oder an einem anderen von einer anderen Börse oder der
jeweiligen Aufsichtsbehörde hierfür vorgeschriebenen Ort] [für auf US-Dollar lautende
Schuldverschreibungen: [,] [und] [(iv)] falls Zahlungen bei den oder durch die Geschäftsstellen aller
Zahlstellen außerhalb der Vereinigten Staaten aufgrund der Einführung von Devisenbeschränkungen oder
ähnlichen Beschränkungen hinsichtlich der vollständigen Zahlung oder des Empfangs der entsprechenden
Beträge in US-Dollar gesetzwidrig oder tatsächlich augeschlossen werden, eine Zahlstelle mit bezeichneter
Geschäftsstelle in New York City] [falls eine Berechnungsstelle bestellt wird: [,] [und] [(v)] eine
Berechnungsstelle [falls die Berechnungsstelle eine bezeichnete Geschäftsstelle an einem
vorgeschriebenen Ort haben muss: mit bezeichneter Geschäftsstelle in [vorgeschriebenen Ort
einfügen]] ernannt halten. Eine Änderung, Abberufung, Bestellung oder ein sonstiger Wechsel wird nur
wirksam (außer im Insolvenzfall, wo eine solche Änderung sofort wirksam wird), sofern die Gläubiger
hierüber gemäß § 14 vorab unter Einhaltung einer Frist von mindestens 30 und höchstens 45 Tagen
informiert wurden.
[Bei durch Einzelurkunden verbrieften Schuldverschreibungen einfügen:
(3) Die Emittentin [bei von HeidelbergCement Finance begebenen Schuldverschreibungen: und die
Garantin] verpflichtet sich, eine Zahlstelle in einem Mitgliedstaat der Europäischen Union zu unterhalten,
welche nicht verpflichtet ist, steuerliche Einbehalte oder Abzüge nach Maßgabe der Richtlinie 2003/48/EG
des Rates vom 3. Juni 2003 im Bereich der Besteuerung von Zinserträgen oder nach Maßgabe einer
Rechtsnorm, die zur Umsetzung dieser Richtlinie vorgesehen ist, dieser entspricht oder zur Anpassung an
diese Richtlinie eingeführt wird, vorzunehmen, soweit dies in einem Mitgliedstaat der Europäischen Union
möglich ist.]
[(4)] Beauftragte der Emittentin. Die Emissionsstelle[,] [und] die Zahlstelle(n) [und die Berechnungsstelle]
handeln ausschließlich als Beauftragte der Emittentin und übernehmen keinerlei Verpflichtungen gegenüber
den Gläubigern und es wird kein Auftrags- oder Treuhandverhältnis zwischen ihnen und den Gläubigern
begründet.
§8
STEUERN
Alle in Bezug auf die Schuldverschreibungen [oder Zinsscheine] [oder Rückzahlungsscheine] zahlbaren
Kapital- oder Zinsbeträge werden ohne Einbehalt oder Abzug von oder aufgrund von gegenwärtigen oder
zukünftigen Steuern oder sonstigen Abgaben gleich welcher Art geleistet, die an der Quelle von oder in [bei
von HeidelbergCement Finance begebenen Schuldverschreibungen: den Niederlanden oder in] der
Bundesrepublik Deutschland oder für deren Rechnung oder von oder für Rechnung einer politischen
Untergliederung oder Steuerbehörde der oder in [den Niederlanden oder] der Bundesrepublik Deutschland
auferlegt oder erhoben werden, es sei denn, dieser Einbehalt oder Abzug ist gesetzlich vorgeschrieben. In
diesem Fall wird die Emittentin diejenigen zusätzlichen Beträge (die "zusätzlichen Beträge") zahlen, die
erforderlich sind, damit die den Gläubigern zufließenden Beträge nach diesem Einbehalt oder Abzug jeweils
den Beträgen an Kapital und Zinsen entsprechen, die ohne einen solchen Abzug oder Einbehalt zahlbar
wären; die Verpflichtung zur Zahlung solcher zusätzlichen Beträge besteht jedoch nicht im Hinblick auf
Steuern und Abgaben, die:
(a) von einer als Depotbank oder Inkassobeauftragter des Gläubigers handelnden Person oder sonst auf
andere Weise zu entrichten sind als dadurch, dass die Emittentin aus den von ihr zu leistenden
Zahlungen von Kapital oder Zinsen einen Abzug oder Einbehalt vornimmt; oder
95
(b) wegen einer gegenwärtigen oder früheren persönlichen oder geschäftlichen Beziehung des Gläubigers
zu [im Fall von Schuldverschreibungen, die von HeidelbergCement Finance begeben werden,
einfügen: den Niederlanden oder] der Bundesrepublik Deutschland zu zahlen sind, und nicht allein
deshalb, weil Zahlungen auf die Schuldverschreibungen aus Quellen in [im Fall von
Schuldverschreibungen, die von HeidelbergCement Finance begeben werden, einfügen: den
Niederlanden oder] der Bundesrepublik Deutschland stammen (oder für Zwecke der Besteuerung so
behandelt werden) oder dort besichert sind; oder
(c) aufgrund (i) einer Richtlinie oder Verordnung der Europäischen Union betreffend die Besteuerung von
Zinserträgen oder (ii) einer zwischenstaatlichen Vereinbarung über deren Besteuerung, an der die [im
Falle von Schuldverschreibungen, die von HeidelbergCement Finance begeben werden,
einfügen: Niederlande oder] die Bundesrepublik Deutschland oder die Europäische Union beteiligt ist,
oder (iii) einer gesetzlichen Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder
befolgt, abzuziehen oder einzubehalten sind; oder
(d) wegen einer Rechtsänderung zu zahlen sind, welche später als 30 Tage nach Fälligkeit der
betreffenden Zahlung von Kapital oder Zinsen oder, wenn dies später erfolgt, ordnungsgemäßer
Bereitstellung aller fälligen Beträge und einer diesbezüglichen Bekanntmachung gemäß § 14 wirksam
wird.
(e) von einer Zahlstelle abgezogen oder einbehalten werden, wenn eine andere Zahlstelle die Zahlung
ohne einen solchen Abzug oder Einbehalt hätte leisten können, oder
(f) nicht zahlbar wären, wenn die Schuldverschreibungen bei einer Bank oder einem vergleichbaren Institut
verwahrt worden wären und die Bank oder das vergleichbare Institut die Zahlungen eingezogen hätte.]
§9
KÜNDIGUNG
Jeder Gläubiger ist berechtigt, seine Schuldverschreibungen durch schriftliche Mitteilung an die Emittentin
bei der bezeichneten Geschäftsstelle der Emissionsstelle für fällig und zahlbar zu erklären, woraufhin diese
Schuldverschreibungen mit Eingang dieser Kündigungsmitteilung bei der Emissionsstelle zu ihrem
vorzeitigen Rückzahlungsbetrag (wie in § 5[4] beschrieben), zuzüglich etwaiger bis zum Tage der
Rückzahlung aufgelaufener Zinsen fällig und zahlbar werden, und zwar ohne Vorlage, Sicht, Protest oder
sonstige wie auch immer geartete Mitteilung, falls eines der nachstehenden Ereignisse (jeweils ein
"Kündigungsgrund") eintritt oder andauert:
(a) die Emittentin [bei von HeidelbergCement Finance begebenen Schuldverschreibungen: oder die
Garantin], zahlt einen auf die Schuldverschreibungen [bei von HeidelbergCement Finance
begebenen Schuldverschreibungen: bzw. auf die Garantie (wie in § 10(2) definiert)] zahlbaren Betrag
nicht innerhalb von sieben Tagen ab dem betreffenden Fälligkeitsdatum; oder
(b) die Emittentin erfüllt eine Zusage, Verpflichtung oder sonstige Vereinbarung aus den
Schuldverschreibungen nicht oder verstößt gegen eine solche Verpflichtung (mit Ausnahme der
Zahlungsverpflichtungen bezüglich der Schuldverschreibungen) [bei von HeidelbergCement Finance
begebenen Schuldverschreibungen:, oder die Garantin eine sonstige Verpflichtung aus der Garantie
nicht erfüllt oder dagegen verstößt], und diese Nichterfüllung oder dieser Verstoß dauert mehr als 30
Tage nach dem Zeitpunkt fort, nachdem die Emittentin [bei von HeidelbergCement Finance
begebenen Schudlverschreibungen: bzw. die Garantin] diesbezüglich gemahnt wurde; oder
(c) eine Kapitalmarktverbindlichkeit (wie in § 10 definiert) der Emittentin [bei von HeidelbergCement
begebenen Schuldverschreibungen einfügen: oder einer ihrer wesentlichen Tochtergesellschaften]
[bei von HeidelbergCement Finance begebenen Schuldverschreibungen einfügen: oder der
Garantin oder einer ihrer wesentlichen Tochtergesellschaften] vorzeitig zahlbar wird aufgrund einer
Pflichtverletzung der für diese Kapitalmarktverbindlichkeit geltenden Bedingungen, oder die Emittentin
[bei von HeidelbergCement begebenen Schuldverschreibungen einfügen: oder eine ihrer
wesentlichen Tochtergesellschaften] [bei von HeidelbergCement Finance begebenen
Schuldverschreibungen einfügen: oder die Garantin oder eine ihrer wesentlichen
Tochtergesellschaften] kommt Zahlungsverpflichtungen in Höhe oder im Gegenwert von mehr als
Euro 25.000.000 aus einer Kapitalmarktverbindlichkeit oder aufgrund einer Bürgschaft oder Garantie,
die für eine Kapitalmarktverbindlichkeit Dritter gegeben wurde, nicht innerhalb von 30 Tagen nach ihrer
Fälligkeit bzw. im Falle einer Bürgschaft oder Garantie nicht innerhalb von 30 Tagen nach
Inanspruchnahme aus dieser Bürgschaft oder Garantie nach, es sei denn die Emittentin [bei von
HeidelbergCement begebenen Schuldverschreibungen einfügen: oder die betreffende wesentliche
Tochtergesellschaft] [bei von HeidelbergCement Finance begebenen Schuldverschreibungen
einfügen: oder die Garantin oder die betreffende wesentliche Tochtergesellschaft] bestreitet in gutem
Glauben, dass die Zahlungsverpflichtung besteht oder fällig ist bzw. die Bürgschaft oder Garantie
96
berechtigterweise geltend gemacht wird, oder falls eine für solche Verbindlichkeiten bestellte Sicherheit
für die oder von den daraus berechtigten Gläubiger(n) in Anspruch genommen wird; oder
(d) ein Gerichtsbeschluss oder ein wirksamer Beschluss über die Liquidation oder Auflösung der Emittentin
[bei von HeidelbergCement Finance begebenen Schuldverschreibungen:, der Garantin] oder einer
der wesentlichen Tochtergesellschaften der [bei von HeidelbergCement begebenen
Schuldverschreibungen: Emittentin] [bei von HeidelbergCement Finance begebenen
Schuldverschreibungen: Garantin] wird gefasst, es sei denn, dies erfolgt (i) zum Zwecke oder
aufgrund einer Zusammenlegung, einer Verschmelzung oder eines sonstigen Zusammenschlusses mit
einer anderen Gesellschaft und diese andere oder neue Gesellschaft übernimmt sämtliche
Verpflichtungen
der
Emittentin
[bei
von
HeidelbergCement
Finance
begebenen
Schuldverschreibungen: Garantin] oder der wesentlichen Tochtergesellschaften [bei von
HeidelbergCement
begebenen
der
Emittentin]
[bei
von
HeidelbergCement Finance begebenen Schuldverschreibungen:, bzw. der Garantin] im
Zusammenhang mit den Schuldverschreibungen, oder (ii) zum Zwecke einer freiwilligen, solventen
Auflösung oder Liquidation im Zusammenhang mit der Übertragung sämtlicher oder eines wesentlichen
Teils der Vermögenswerte oder Anteile einer wesentlichen Tochtergesellschaft auf die Emittentin [bei
von HeidelbergCement Finance begebenen Schuldverschreibungen:, die Garantin] oder eine
sonstige Tochtergesellschaft der [bei von HeidelbergCement begebenen Schuldverschreibungen:
Emittentin] [bei von HeidelbergCement Finance begebenen Schuldverschreibungen: Garantin];
oder
(e) (i) die Emittentin [bei von HeidelbergCement Finance begebenen Schuldverschreibungen:, die
Garantin] oder eine der wesentlichen Tochtergesellschaften der [bei von HeidelbergCement
begebenen Schuldverschreibungen: Emittentin] [bei von HeidelbergCement Finance begebenen
Schuldverschreibungen: Garantin] stellt ihre Zahlungen ein (gemäß den Bestimmungen des jeweils
anwendbaren Konkursrechts) oder (ii) stellt (ausgenommen die Fälle, in denen dies zum Zwecke einer
Zusammenlegung, einer Verschmelzung oder eines sonstigen Zusammenschlusses wie vorstehend
unter (d) beschrieben geschieht) ihre Geschäftstätigkeit ein oder droht durch ihr hierfür zuständiges
Geschäftsführungsorgan, ihre Geschäftstätigkeit einzustellen oder ist nicht in der Lage, ihren
Zahlungsverpflichtungen bei Fälligkeit nachzukommen; oder
(f) die Emittentin [bei von HeidelbergCement Finance begebenen Schuldverschreibungen:, die
Garantin] oder eine der wesentlichen Tochtergesellschaften der [bei von HeidelbergCement
begebenen Schuldverschreibungen: Emittentin] [bei von HeidelbergCement Finance begebenen
Schuldverschreibungen: Garantin] oder ein Dritter beantragt die Eröffnung eines Konkurs- oder
sonstigen Insolvenzverfahrens nach geltendem Konkurs-, Vergleichs- oder Insolvenzrecht über das
Vermögen der Emittentin [bei von HeidelbergCement Finance begebenen Schuldverschreibungen:,
der Garantin] oder einer wesentlichen Tochtergesellschaft der [bei von HeidelbergCement begebenen
Schuldverschreibungen: Garantin] und dieser Antrag, falls er von Dritten gestellt wird, wird nicht
innerhalb von 30 Tagen abgewiesen oder die Emittentin [bei von HeidelbergCement Finance
begebenen Schuldverschreibungen:, die Garantin] oder eine der wesentlichen Tochtergesellschaften
der [bei von HeidelbergCement begebenen Schuldverschreibungen: Emittentin] [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen: Garantin] nimmt eine Übertragung
oder Abtretung zu Gunsten ihrer Gläubiger vor oder geht allgemein einen Vergleich mit diesen ein [;
oder][.]
Bei von HeidelbergCement Finance begebenen Schuldverschreibungen:
[(g)
die Emittentin beantragt ein Schuldenmoratorium ("surséance van betaling") (im Sinne des
Konkursrechts der Niederlande); oder
(h) die Emittentin ist nicht mehr 100 %-ige, direkt oder indirekt beherrschte Tochtergesellschaft der
Garantin; oder
(i) die Garantie aus irgendeinem Grund nicht mehr gilt.]
"Wesentliche Tochtergesellschaft" bezeichnet eine konsolidierte Tochtergesellschaft [bei von
HeidelbergCement begebenen Schuldverschreibungen: der Emittentin] [bei von HeidelbergCement
Finance begebenen Schuldverschreibungen: der Garantin], (i) deren Nettoumsatz gemäß ihres
geprüften, nicht konsolidierten Jahresabschlusses (bzw. wenn die betreffende Tochtergesellschaft selbst
konsolidierte Jahresabschlüsse erstellt, deren konsolidierter Umsatz gemäß ihres geprüften, konsolidierten
Jahresabschlusses), der für die Zwecke des letzten geprüften konsolidierten Konzernabschlusses [bei von
HeidelbergCement begebenen Schuldverschreibungen: der Emittentin] [bei von HeidelbergCement
Finance begebenen Schuldverschreibungen: der Garantin] benutzt wurde, mindestens fünf Prozent des
Gesamtumsatzes [bei von HeidelbergCement begebenen Schuldverschreibungen: der Emittentin] [bei
von HeidelbergCement Finance begebenen Schuldverschreibungen: der Garantin] und deren
Konzerntochtergesellschaften betragen hat, wie aus dem geprüften, konsolidierten Konzernabschluss
ersichtlich oder (ii) deren Bilanzsumme gemäß ihrem geprüften, nicht konsolidierten Jahresabschluss (oder
97
wenn die betreffende Konzerntochtergesellschaft selbst konsolidierte Abschlüsse erstellt, deren
konsolidierte Bilanzsumme gemäß ihrem konsolidierten, geprüften Jahresabschluss), der für die Zwecke
des letzten geprüften, konsolidierten Abschlusses benutzt wurde, mindestens fünf Prozent der
konsolidierten Bilanzsumme [bei von HeidelbergCement begebenen Schuldverschreibungen: der
Emittentin] [bei von HeidelbergCement Finance begebenen Schuldverschreibungen: der Garantin] und
ihrer konsolidierten Tochtergesellschaften betragen hat, wie aus dem geprüften konsolidierten Abschluss
ersichtlich. Ein Bericht der Wirtschaftsprüfer
[bei von HeidelbergCement begebenen
Schuldverschreibungen: der Emittentin] [bei von HeidelbergCement Finance begebenen
Schuldverschreibungen: der Garantin] darüber, ob ihrer Meinung nach eine konsolidierte
Tochtergesellschaft zu einem bestimmten Zeitpunkt eine wesentliche Tochtergesellschaft ist oder war, ist,
sofern nicht ein offensichtlicher Irrtum vorliegt, für alle Beteiligten endgültig und bindend.
§ 10
NEGATIVVERPFLICHTUNG DER EMITTENTIN [, GARANTIE UND VERPFLICHTUNGSERKLÄRUNG
DER GARANTIN]
(1)
Negativverpflichtung.
Die
Emittentin
[bei
von
HeidelbergCement
begebenen
Schuldverschreibungen: und deren Tochtergesellschaften] [verpflichtet][verpflichten] sich, solange
Schuldverschreibungen ausstehen, weder ihr gesamtes noch einen Teil ihres gegenwärtigen oder
zukünftigen Unternehmens, Vermögens oder ihrer gegenwärtigen oder zukünftigen Erträge mit
Hypotheken, Grundpfandrechten, Pfandrechten oder sonstigen Sicherungsrechten zur Sicherung einer
relevanten Verbindlichkeit (oder einer von der Emittentin [bei von HeidelbergCement begebenen
Schuldverschreibungen: oder einer ihrer Tochtergesellschaften] gewährten Garantie oder Freistellung in
Bezug auf eine Kapitalmarktverbindlichkeit Dritter) zu belasten oder solche Rechte zu diesem Zweck
bestehen zu lassen, ohne gleichzeitig die Schuldverschreibungen [und die Zinsscheine] an derselben
Sicherheit (oder einer solchen anderen Sicherheit, die von einer unabhängigen, anerkannten
Wirtschaftsprüfungsgesellschaft als gleichwertige Sicherheit angesehen wird) teilnehmen zu lassen.
"Kapitalmarktverbindlichkeit" bezeichnet Verbindlichkeiten hinsichtlich der Rückzahlung geliehener
Geldbeträge, die durch einen Schuldschein oder Schuldverschreibungen oder sonstige Wertpapiere, die an
einer Börse oder an einem anderen anerkannten Wertpapiermarkt notiert oder gehandelt werden oder
werden können, verbrieft, verkörpert oder dokumentiert sind.
Bei von HeidelbergCement Finance begebenen Schuldverschreibungen:
[(2) Garantie. Die Garantin hat die unbedingte und unwiderrufliche Garantie (die "Garantie") für die
pünktliche Zahlung von Kapital und Zinsen und sonstiger auf die Schuldverschreibungen [oder Zinsscheine]
[oder Rückzahlungsscheine] zahlbarer Beträge übernommen. Darüber hinaus hat sich die Garantin in
dieser Garantie verpflichtet (die "Verpflichtungserklärung"), solange Schuldverschreibungen ausstehen,
weder ihr eigenes gegenwärtiges oder zukünftiges Unternehmen, Vermögen oder ihre gegenwärtigen oder
zukünftigen Einkünfte noch dasjenige bzw, diejenigen ihrer Tochtergesellschaften ganz oder teilweise mit
einer Hypotheken, Grundpfandrechten, Pfandrechten oder sonstigen Sicherungsrechten zur Besicherung
einer Kapitalmarktverbindlichkeit (wie vorstehend definiert) (oder einer von ihr oder einer ihrer
Tochtergesellschaften gewährten Garantie oder Freistellung in Bezug auf eine Kapitalmarktverbindlichkeit
Dritter) zu belasten oder solche Rechte zu diesem Zweck bestehen zu lassen, ohne gleichzeitig die
Schuldverschreibungen [,] [und] [Zinsscheine] [und Rückzahlungsscheine] an derselben Sicherheit (oder
einer
solchen
anderen
Sicherheit,
die
von
einer
unabhängigen,
anerkannten
Wirtschaftsprüfungsgesellschaft als gleichwertige Sicherheit angesehen wird,) teilnehmen zu lassen. Diese
Garantie einschließlich der Verpflichtungserklärung stellt einen Vertrag zu Gunsten jedes Gläubigers als
begünstigtem Dritten gemäß § 328 BGB dar, welcher das Recht jedes Gläubigers begründet, Erfüllung aus
der Garantie unmittelbar von der Garantin zu verlangen und die Garantie unmittelbar gegen die Garantin
durchzusetzen. Kopien der Garantie sind kostenlos bei der Hauptgeschäftsstelle der Garantin, Berliner
Straße 6, 69120 Heidelberg und bei der bezeichneten Geschäftsstelle der Zahlstelle, die in § 7 genannt ist,
erhältlich.]
§ 11
ERSETZUNG DER EMITTENTIN
(1) Ersetzung. Die Emittentin ist berechtigt, sofern sie sich nicht mit einer Zahlung von Kapital oder Zinsen
auf die Schuldverschreibungen in Verzug befindet, ohne Zustimmung der Gläubiger, [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen: entweder die Garantin oder eine] [bei
von HeidelbergCement begebenen Schuldverschreibungen: eine] 100 %-ige Tochtergesellschaft [bei
von HeidelbergCement begebenen Schuldverschreibungen:
der Emittentin] [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen: der Garantin] als Hauptschuldnerin
(die "Nachfolgeschuldnerin") in Bezug auf die Schuldverschreibungen einzusetzen, vorausgesetzt, dass:
(a) die Nachfolgeschuldnerin und die Emittentin die für die Wirksamkeit der Ersetzung erforderlichen
Verträge (die "Verträge") geschlossen haben, in denen die Nachfolgeschuldnerin sich zu Gunsten jedes
98
Gläubigers als begünstigtem Dritten gemäß § 328 BGB verpflichtet, als Schuldner in Bezug auf die
Schuldverschreibungen anstelle der Emittentin (oder jeder früheren Nachfolgeschuldnerin gemäß
diesem § 11) in die Verpflichtungen aus diesen Emissionsbedingungen und aus dem Agency
Agreement einzutreten;
(b) [bei von HeidelbergCement begebenen Schuldverschreibungen: die Emittentin] [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen: die Garantin, sofern sie nicht
selbst die Nachfolgeschuldnerin ist,] unwiderruflich und unbedingt die Zahlung aller von der
Nachfolgeschuldnerin auf die Schuldverschreibungen zahlbarer Beträge zu Bedingungen garantiert, die
den Bedingungen der Garantie [bei von HeidelbergCement begebenen Schuldverschreibungen: der
Emittentin vom 29.. Juni 2004 hinsichtlich der Schuldverschreibungen, die von der HeidelbergCement
Finance B. V. unter dem MTN Programme begeben werden,] entsprechen;
(c) die Verträge, aufgrund derer die Nachfolgeschuldnerin sämtliche Verpflichtungen der Emittentin
übernimmt, eine Zusicherung und Gewährleistung dahingehend enthalten, (i) dass die
Nachfolgeschuldnerin [,] [und] die Emittentin [bei von HeidelbergCement Finance begebenen
Schuldverschreibungen: und die Garantin] alle staatlichen und behördlichen Genehmigungen und
Zustimmungen erhalten haben, die für die Ersetzung und, ggf. für die Ausgabe einer Garantie durch die
[bei von HeidelbergCement begebenen Schuldverschreibungen: Emittentin] [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen: Garantin] in Bezug auf die
Verpflichtungen der Nachfolgeschuldnerin ("neue Garantie") erforderlich sind, und dass die
Nachfolgeschuldnerin alle staatlichen und behördlichen Genehmigungen und Zustimmungen erhalten
hat, die für die Erfüllung ihrer Verpflichtungen aus den Verträgen erforderlich sind, und dass diese
Genehmigungen und Zustimmungen rechtskräftig und wirksam sind und (ii) dass die von der
Nachfolgeschuldnerin in Bezug auf die Schuldverschreibungen und die von der [bei von
HeidelbergCement begebenen Schuldverschreibungen: Emittentin] [bei von HeidelbergCement
Finance begebenen Schuldverschreibungen: Garantin] unter der neuen Garantie übernommenen
Verpflichtungen jeweils wirksame und gemäß ihren jeweiligen Bedingungen verbindliche
Verpflichtungen darstellen, die von jedem Gläubiger durchgesetzt werden können;
(d) jede Börse, an der die Schuldverschreibungen notiert sind, bestätigt hat, dass die
Schuldverschreibungen nach erfolgter Ersetzung durch die Nachfolgeschuldnerin auch weiterhin an
dieser Börse notiert sein werden;
(e) die Nachfolgeschuldnerin einen Zustellungsbevollmächtigten als ihren Bevollmächtigten in Deutschland
für die Entgegennahme von Zustellungen im Zusammenhang mit gerichtlichen Maßnahmen oder
Gerichtsverfahren aus oder in Verbindung mit den Schuldverschreibungen [,] [oder] [Zinsscheinen]
[oder Rückzahlungsscheinen] bestellt hat; und
(f) der Emissionsstelle für jedes Land, in dem die Emittentin [,] [und] die Nachfolgeschuldnerin [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen: und die Garantin] ihren Sitz haben,
Rechtsgutachten von anerkannten Rechtsanwälten, welche [bei von HeidelbergCement begebenen.
Schuldverschreibungen: von der Emittentin] [bei von HeidelbergCement Finance begebenen
Schuldverschreibungen: von der Garantin] ausgewählt werden, vorgelegt wurden (Kopien dieser
Rechtsgutachten werden bei der Emissionsstelle erhältlich sein) (das Erstellungsdatum darf jeweils nicht
mehr als drei Tage vor dem vorgesehenen Ersetzungsdatum liegen). Diese Rechtsgutachten sollen
bestätigen, dass nach erfolgter Ersetzung (i) die Erfordernisse dieses § 11, ausgenommen die
Mitteilungspflicht gegenüber den Gläubigern, erfüllt sind und (ii) die neue Garantie eine rechtmäßige,
gültige und rechtsverbindliche Verpflichtung der [bei von HeidelbergCement begebenen
Schuldverschreibungen: Garantin] darstellt, welche gemäß ihren Bedingungen durchsetzbar ist und
(iii) die Schuldverschreibungen rechtmäßige, gültige und rechtsverbindliche Verpflichtungen der
Nachfolgeschuldnerin darstellen, die gemäß ihren Bedingungen durchsetzbar sind.
(2) Bezugnahmen auf die Emittentin. Im Falle einer solchen Ersetzung gilt jede Bezugnahme in diesen
Emissionsbedingungen auf die Emittentin ab dem Zeitpunkt der Ersetzung als Bezugnahme auf die
Nachfolgeschuldnerin, und jede Bezugnahme auf das Land, in dem die Emittentin ihren Sitz oder Steuersitz
hat, ab diesem Zeitpunkt als Bezugnahme auf das Land, in dem die Nachfolgeschuldnerin ihren Sitz oder
Steuersitz hat. Des Weiteren gilt im Fall einer Ersetzung folgendes:
[Im Fall von Schuldverschreibungen, die von HeidelbergCement begeben werden, einfügen:
(a) in § 8 und § 5(1) gilt eine alternative Bezugnahme auf die Bundesrepublik Deutschland als
aufgenommen (zusätzlich zu der Bezugnahme nach Maßgabe des vorstehenden Satzes auf das Land,
in dem die Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat);
(b) in § 9(a) bis (f) gilt eine alternative Bezugnahme auf die Emittentin in ihrer Eigenschaft als Garantin als
aufgenommen (zusätzlich zu der Bezugnahme auf die Nachfolgeschuldnerin) und die nachstehenden
Ereignisse gelten als zusätzliche Kündigungsgründe im Sinne des § 9:
99
Garantin; oder
(i) die Garantie aus irgendeinem Grund nicht mehr gilt.]
[Im Fall von Schuldverschreibungen, die durch HeidelbergCement Finance begeben werden,
einfügen: In § 8 und § 5(1) gilt eine alternative Bezugnahme auf die Niederlande als aufgenommen
(zusätzlich zu der Bezugnahme nach Maßgabe des vorstehenden Satzes auf das Land, in dem die
Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat).]
(3) Die Verträge werden bei der Emissionsstelle hinterlegt und von dieser verwahrt, solange
Schuldverschreibungen ausstehen und solange über irgendeinen von einem Gläubiger in Bezug auf die
Schuldverschreibungen oder die Verträge geltend gemachter Anspruch gegen die Nachfolgeschuldnerin
[bei von HeidelbergCement begebenen Schuldverschreibungen: oder die Emittentin] [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen: oder die Garantin] nicht ein
rechtskräftiges Urteil ergangen ist, oder dieser Anspruch befriedigt oder abgewiesen wurde. Die
Nachfolgeschuldnerin und, [bei von HeidelbergCement begebenen Schuldverschreibungen: die
Emittentin] [bei von HeidelbergCement Finance begebenen Schuldverschreibungen: die Garantin]
erkennen in diesen Verträgen das Recht eines jeden Gläubigers auf Vorlage der Verträge zur
Durchsetzung ihrer Rechte aus den Schuldverschreibungen oder Verträgen an.
(4) Spätestens 20 Tage nach Unterzeichnung der Verträge hat die Nachfolgeschuldnerin den Gläubigern
hierüber gemäß § 14 Mitteilung zu machen.
(5) Nach einer Ersetzung gemäß vorstehendem Absatz 1 ist die Nachfolgeschuldnerin jederzeit berechtigt,
ohne Zustimmung der Gläubiger eine weitere Ersetzung durchzuführen, mit der Maßgabe, dass alle in den
vorstehenden Absätzen 1, 2, 3 und 4 enthaltenen Bestimmungen entsprechend Anwendung finden und
Bezugnahmen in diesen Emissionsbedingungen auf die Emittentin, wo der Zusammenhang dies erfordert,
ohne Einschränkung als Bezugnahmen auf die weitere Nachfolgeschuldnerin gelten oder diese
einschließen.
§ 12
VORLEGUNGSFRIST [, VERLUST ODER BESCHÄDIGUNG DER ZINSSCHEINE]
Die in § 801 Absatz 1 Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf zehn
Jahre abgekürzt. [bei Einzelurkunde außer Nullkupon-Schuldverschreibungen: Die Vorlegungsfrist für
die Zinsscheine beträgt gemäß § 801 Absatz 2 BGB vier Jahre beginnend mit dem Ende des
Kalenderjahres, in dem der betreffende Zinsschein fällig wird. Der Anspruch gemäß § 804 Absatz 1, Satz 1
BGB wegen abhandengekommener oder vernichteter Zinsscheine ist ausgeschlossen (§ 804 Absatz 2
BGB).]
§ 13
BEGEBUNG WEITERER SCHULDVERSCHREIBUNGEN, ANKAUF UND ENTWERTUNGEN
(1) Begebung weiterer Schuldverschreibungen. Die Emittentin behält sich vor, jederzeit ohne Zustimmung
der Gläubiger weitere Schuldverschreibungen mit gleicher Ausstattung (gegebenenfalls mit Ausnahme des
Ausgabetages, des anfänglichen Verzinsungsbeginns und/oder des Ausgabepreises) in der Weise zu
begeben, dass sie mit diesen Schuldverschreibungen eine einheitliche Serie bilden.
(2) Ankauf. Die Emittentin ist jederzeit berechtigt, Schuldverschreibungen[,] [und] [Zinsscheine] [und]
[Rückzahlungsscheine] im Markt oder anderweitig zu jedem beliebigen Preis zu kaufen. Die von der
Emittentin erworbenen Schuldverschreibungen können nach ihrer Wahl von ihr gehalten, weiterverkauft
oder bei einer Zahlstelle zwecks Entwertung eingereicht werden. Sofern diese Käufe durch öffentliches
Angebot erfolgen, muss dieses Angebot allen Gläubigern gemacht werden.
(3) Entwertung. Sämtliche vollständig getilgten Schuldverschreibungen werden unverzüglich [bei
Einzelurkunden einfügen: zusammen mit allen noch nicht fälligen mit eingereichten oder beigefügten
Zinsscheinen] entwertet und dürfen nicht wiederverkauft werden.
§ 14
MITTEILUNGEN
[Bei von HeidelbergCement AG begebenen Schuldverschreibungen:
Alle die Schuldverschreibungen betreffenden Mitteilungen sind im elektronischen Bundesanzeiger und,
soweit gesetzlich erforderlich, in einem deutschen Börsenpflichtblatt, voraussichtlich [der Börsen-Zeitung]
[anderes Börsenpflichtblatt einfügen], zu veröffentlichen. Falls eine Veröffentlichung in diesem
Börsenpflichtblatt nicht mehr möglich ist, werden die Mitteilungen in einem anderen Börsenpflichtblatt
veröffentlicht. Jede derartige Mitteilung gilt am dritten Kalendertag nach dem Tag der Veröffentlichung (oder
bei mehreren Veröffentlichungen am dritten Kalendertag nach dem Tag der ersten solchen
Veröffentlichung) als wirksam erfolgt.]
100
[zusätzliche Bestimmungen sind ggf. hier einzufügen (z.B. auf der Internetseite der Luxemburger
Börse (www.bourse.lu))]
[Bei von HeidelbergCement Finance begebenen Schuldverschreibungen:
[Im Fall von Schuldverschreibungen, die an einer Börse notiert sind, einfügen: (1) Bekanntmachung.
Alle die Schuldverschreibungen betreffenden Mitteilungen sind in einer führenden Tageszeitung mit
allgemeiner Verbreitung in [Luxemburg] [anderen Ort einfügen], voraussichtlich [der Börsen-Zeitung] [d'
Wort] [dem Tageblatt] [andere Zeitung mit allgemeiner Verbreitung einfügen] zu veröffentlichen. Jede
derartige Mitteilung gilt am dritten Tag nach dem Tag der Veröffentlichung (oder bei mehreren
Veröffentlichungen am dritten Tag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.]
[(2)] Mitteilungen an das Clearing System.
[Im Fall von Schuldverschreibungen, die nicht notiert sind, einfügen: Die Emittentin wird alle die
Schuldverschreibungen betreffenden Mitteilungen an das Clearing System zur Weiterleitung an die
Gläubiger übermitteln. Jede derartige Mitteilung gilt am vierten [Londoner] [TARGET] [anderen relevanten
Ort einfügen] Geschäftstag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern
mitgeteilt.]
[Im Fall von Schuldverschreibungen, die an der Luxemburger Börse notiert sind, einfügen: Solange
Schuldverschreibungen an der Luxemburger Börse notiert sind, findet Absatz 1 Anwendung. Soweit dies
Mitteilungen über den Zinssatz betrifft oder die Regeln der Luxemburger Börse es zulassen, kann die
Emittentin eine Veröffentlichung nach Absatz 1 durch eine Mitteilung an das Clearing System zur
Weiterleitung an die Gläubiger ersetzen; jede derartige Mitteilung gilt am vierten [Londoner] [TARGET]
[anderen relevanten Ort einfügen] Geschäftstag nach dem Tag der Mitteilung an das Clearing System als
den Gläubigern mitgeteilt.]
[Im Fall von Schuldverschreibungen, die an einer anderen Börse als der Luxemburger Börse notiert
sind, einfügen: Die Emittentin ist berechtigt, eine Veröffentlichung nach Absatz 1 durch eine Mitteilung an
das Clearing System zur Weiterleitung an die Gläubiger zu ersetzen, vorausgesetzt, dass die Regeln der
Börse, an der die Schuldverschreibungen notiert sind, diese Form der Mitteilung zulassen. Jede derartige
Mitteilung gilt am vierten [Londoner] [TARGET] [anderen relevanten Ort einfügen] Geschäftstag nach
dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt.]
[(3)] Form der Mitteilung. Mitteilungen, die von einem Gläubiger gemacht werden, müssen schriftlich
erfolgen und zusammen mit der oder den betreffenden Schuldverschreibungen an die Emissionsstelle
geleitet werden. Solange Schuldverschreibungen durch eine Globalurkunde verbrieft sind, kann eine solche
Mitteilung von einem Gläubiger an die Emissionsstelle über das Clearing System in der von der
Emissionsstelle und dem Clearing System dafür vorgesehenen Weise erfolgen.]
§ 15
ANWENDBARES RECHT, ERFÜLLUNGSORT, GERICHTSSTAND
[ZUSTELLUNGSBEVOLLMÄCHTIGTE] UND GERICHTLICHE GELTENDMACHUNG
(1) Anwendbares Recht. Form und Inhalt der Schuldverschreibungen [,] [und] [Zinsscheine] [,] [und]
[Talons] [und Rückzahlungsscheine] sowie die Rechte und Pflichten der Gläubiger und der Emittentin
bestimmen sich in jeder Hinsicht nach deutschem Recht. [bei von HeidelbergCement Finance
begebenen Schuldverschreibungen: Auch die Garantie unterliegt deutschem Recht.]
(2) Erfüllungsort. Erfüllungsort ist Frankfurt am Main.
(3) Gerichtsstand. Gerichtsstand für alle Rechtsstreitigkeiten aus oder im Zusammenhang mit den
Schuldverschreibungen [,] [oder] den [Zinsscheinen] [oder den Talons] [oder den Rückzahlungsscheinen]
ist Frankfurt am Main. Die Gläubiger können ihre Ansprüche jedoch auch vor anderen zuständigen
Gerichten geltend machen. Die deutschen Gerichte sind ausschließlich zuständig für die Kraftloserklärung
abhandengekommener oder vernichteter Schuldverschreibungen. Die Emittentin unterwirft sich hiermit der
Gerichtsbarkeit der nach diesem Absatz zuständigen Gerichte.
bei von Heidelberger Finance begebenen Schuldverschreibungen:
[(4) Ernennung von Zustellungsbevollmächtigten. Für etwaige Rechtsstreitigkeiten oder sonstige Verfahren
vor deutschen Gerichten hat die Emittentin HeidelbergCement AG, Berliner Straße 6, 69120 Heidelberg [,]
Bundesrepublik Deutschland zu ihrem Zustellungsbevollmächtigten in Deutschland bestellt ].
[(5)] Gerichtliche Geltendmachung. Jeder Gläubiger von Schuldverschreibungen ist berechtigt, in jedem
Rechtsstreit
gegen
die
Emittentin
[bei
von
HeidelbergCement
Finance
begebenen
Schuldverschreibungen einfügen: bzw. die Garantin] oder in jedem Rechtsstreit, in dem der Gläubiger
und die Emittentin [bei von HeidelbergCement Finance begebenen Schuldverschreibungen einfügen:
bzw. die Garantin] Partei sind, seine Rechte aus diesen Schuldverschreibungen im eigenen Namen auf der
101
folgenden Grundlage zu schützen oder geltend zu machen: (i) er bringt eine Bescheinigung der Depotbank
bei, bei der er für die Schuldverschreibungen ein Wertpapierdepot unterhält, welche (a) den vollständigen
Namen und die vollständige Adresse des Gläubigers enthält, (b) den Gesamtnennbetrag der
Schuldverschreibungen bezeichnet, die unter dem Datum der Bestätigung auf dem Wertpapierdepot
verbucht sind und (c) bestätigt, dass die Depotbank gegenüber dem Clearing System eine schriftliche
Erklärung abgegeben hat, die die vorstehend unter (a) und (b) bezeichneten Informationen enthält; und (ii)
er legt eine Kopie der die betreffenden Schuldverschreibungen verbriefenden Globalurkunde vor, 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. Für die
Zwecke des Vorstehenden bezeichnet "Depotbank" jede Bank oder ein sonstiges anerkanntes
Finanzinstitut, das berechtigt ist, das Wertpapierverwahrungsgeschäft zu betreiben und bei der/dem der
Gläubiger ein Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich des Clearing
Systems. Unbeschadet des Vorstehenden kann jeder Gläubiger seine Rechte aus den
Schuldverschreibungen auch auf jede andere Weise schützen oder geltend machen, die im Land des
Rechtsstreits prozessual zulässig ist.]
[(5)] Gerichtliche Geltendmachung. Jeder Gläubiger von Schuldverschreibungen, die über ein Clearing
System gehalten werden, ist berechtigt, in jedem Rechtsstreit gegen die Emittentin [bei von
HeidelbergCement Finance begebenen Schuldverschreibungen einfügen: bzw. die Garantin] oder in
jedem Rechtsstreit, in dem der Gläubiger und die Emittentin [bei von HeidelbergCement Finance
begebenen Schuldverschreibungen einfügen: bzw. die Garantin] Partei sind, seine Rechte aus diesen
Schuldverschreibungen im eigenen Namen auf der folgenden Grundlage zu schützen oder geltend zu
machen: (i) er bringt eine Bescheinigung der Depotbank bei, bei der er für die Schuldverschreibungen ein
Wertpapierdepot unterhält, welche (a) den vollständigen Namen und die vollständige Adresse des
Gläubigers enthält, (b) den Gesamtnennbetrag der Schuldverschreibungen bezeichnet, die unter dem
Datum der Bestätigung auf dem Wertpapierdepot verbucht sind und (c) bestätigt, dass die Depotbank
gegenüber dem Clearing System eine schriftliche Erklärung abgegeben hat, die die vorstehend unter (a)
und (b) bezeichneten Informationen enthält; und (ii) er legt eine Kopie der die betreffenden
Schuldverschreibungen verbriefenden Globalurkunde oder der Einzelurkunde vor, 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 vorläufigen
Globalurkunde oder der Einzelurkunde [falls die vorläufige Globalurkunde gegen Einzelurkunden und
Sammelglobalurkunden ausgetauscht wird, einfügen: oder Sammelglobalurkunde] in einem solchen
Verfahren erforderlich wäre. Für die Zwecke des Vorstehenden bezeichnet "Depotbank" jede Bank oder ein
sonstiges anerkanntes Finanzinstitut, das berechtigt ist, das Wertpapierverwahrungsgeschäft zu betreiben
und bei der/dem der Gläubiger ein Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich
des Clearing Systems. Unbeschadet des Vorstehenden kann jeder Gläubiger seine Rechte aus den
Rechtsstreits prozessual zulässig ist.]
§ 16
SPRACHE
[Diese Emissionsbedingungen sind ausschließlich in [deutscher] [englischer] Sprache abgefasst.]
Diese Emissionsbedingungen sind in [deutscher] [englischer] Sprache abgefasst und mit einer Übersetzung
in die [englische] [deutsche] Sprache versehen. Der [deutsche] [englische] Text soll bindend und
maßgeblich sein. Die [englische] [deutsche] Übersetzung ist unverbindlich.]
102
GARANTIE
(ORIGINAL GERMAN LANGUAGE VERSION)
GARANTIE
der
HEIDELBERGCEMENT AG
Heidelberg, Bundesrepublik Deutschland,
zu Gunsten der Gläubiger von Schuldverschreibungen
(die „Schuldverschreibungen“),
die von der
HeidelbergCement Finance B.V.
(einer mit beschränkter Haftung in den Niederlanden errichteten Gesellschaft)
im Rahmen des Euro Medium Term Note Programm
(das „Programm“)
(wie jeweils abgeändert, ergänzt oder neu gefasst) begeben werden.
PRÄAMBEL:
(A)
HeidelbergCement Finance B.V. (die „Emittentin“)
Schuldverschreibungen unter dem Programm zu begeben.
beabsichtigt,
von
Zeit
zu
Zeit
(B)
HeidelbergCement AG (die „Garantin“) beabsichtigt, durch diese Garantie die Zahlung von Kapital
und Zinsen sowie von jeglichen sonstigen Beträgen zu garantieren, die aufgrund der von der Emittentin im
Rahmen des Programms begebenen Schuldverschreibungen zu leisten sind.
(C)
Die Garantin möchte gegenüber jedem Gläubiger der von HeidelbergCement Finance im Rahmen
des Programms begebenen Schuldverschreibungen eine Verpflichtungserklärung abgeben.
HIERMIT WIRD FOLGENDES VEREINBART:
(1)
Die Garantin übernimmt gegenüber den Gläubigern der Schuldverschreibungen (wobei dieser
Begriff jede vorläufige oder Dauerglobalurkunde, die Schuldverschreibungen verbrieft, einschließt),
Zinsscheine und Rückzahlungsscheine (jeder ein „Gläubiger“), die jetzt oder zu einem späteren Zeitpunkt
von der Emittentin im Rahmen des Programms begeben werden, die unbedingte und unwiderrufliche
Garantie für die ordnungsgemäße und pünktliche Zahlung von Kapital und Zinsen auf die
Schuldverschreibungen, Zinsscheine und Rückzahlungsscheine sowie von jeglichen sonstigen Beträgen,
die gemäß den Bedingungen auf eine Schuldverschreibung, einen Zinsschein oder Rückzahlungsschein
zahlbar sind, und zwar in der Form und zu dem Zeitpunkt, zu dem diese gemäß den Bedingungen fällig und
zahlbar werden.
(2)
Diese Garantie begründet eine unmittelbare, unbedingte, nicht nachrangige und nicht besicherte
Verpflichtung der Garantin, die mit allen sonstigen nicht besicherten Verpflichtungen der Garantin (mit
Ausnahme bestimmter kraft Gesetzes vorrangiger Verbindlichkeiten) im gleichen Rang steht (nachrangige
Verpflichtungen ausgenommen).
(3)
Alle Zahlungen aufgrund dieser Garantie sind frei von und ohne Einbehalt oder Abzug von oder
aufgrund von gegenwärtigen oder zukünftigen Steuern oder Abgaben jeder Art zu leisten, die von oder zu
Gunsten der Bundesrepublik Deutschland oder einer politischen Untergliederung oder Steuerbehörde von
oder in Deutschland erhoben werden, es sei denn, dieser Abzug ist gesetzlich vorgeschrieben. In diesem
Fall wird die Garantin außer in den nachstehend aufgeführten Ausnahmefällen diejenigen zusätzlichen
Beträge zahlen, die erforderlich sind, damit die an jeden Gläubiger einer Schuldverschreibung, eines
Zinsscheins oder eines Rückzahlungsscheins aus dieser Garantie zu zahlenden Nettobeträge nach einem
solchen Abzug oder Einbehalt den Beträgen entsprechen, die ohne einen solchen Einbehalt oder Abzug
von den Gläubigern empfangen worden wären; die Verpflichtung zur Zahlung solcher zusätzlichen Beträge
besteht jedoch nicht im Hinblick auf Steuern und Abgaben, die:
(a)
von einer als Depotbank oder Inkassobeauftragter des Gläubigers handelnden Person oder sonst
auf andere Weise zu entrichten sind als dadurch, dass die Garantin aus den von ihr zu leistenden
103
(b)
wegen einer gegenwärtigen oder früheren persönlichen oder geschäftlichen Beziehung des
Gläubigers zu der Bundesrepublik Deutschland zu zahlen sind, und nicht allein deshalb, weil
Zahlungen auf die Schuldverschreibungen aus Quellen in der Bundesrepublik Deutschland
stammen (oder für Zwecke der Besteuerung so behandelt werden) oder dort besichert sind; oder
(c)
aufgrund (i) einer Richtlinie oder Verordnung der Europäischen Union betreffend die Besteuerung
von Zinserträgen oder (ii) einer zwischenstaatlichen Vereinbarung über deren Besteuerung, an der
die Bundesrepublik Deutschland oder die Europäische Union beteiligt ist, oder (iii) einer
gesetzlichen Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder befolgt,
abzuziehen oder einzubehalten sind; oder
(d)
wegen einer Rechtsänderung zu zahlen sind, welche später als 30 Tage nach Fälligkeit der
Bereitstellung aller fälligen Beträge und einer diesbezüglichen Bekanntmachung wirksam wird,
oder
(e)
von einer Zahlstelle abgezogen oder einbehalten werden, wenn eine andere Zahlstelle die Zahlung
ohne einen solchen Abzug oder Einbehalt hätte leisten können, oder
(f)
nicht zahlbar wären, wenn die Schuldverschreibungen, Zinsscheine oder Rückzahlungsscheine bei
einer Bank oder einem vergleichbaren Institut verwahrt worden wären und die Bank oder das
vergleichbare Institut die Zahlungen eingezogen hätte.
(4)
Die Garantin verpflichtet sich (die „Verpflichtungserklärung“), solange Schuldverschreibungen
ausstehen, weder ihr eigenes gegenwärtiges oder zukünftiges Unternehmen, Vermögen oder ihre
gegenwärtigen oder zukünftigen Einkünfte noch dasjenige bzw. diejenigen ihrer Tochtergesellschaften ganz
oder teilweise mit Hypotheken, Grundpfandrechten, Pfandrechten oder sonstigen Sicherungsrechten zur
Besicherung einer relevanten Verbindlichkeit (wie nachstehend definiert) (oder einer von ihr oder einer ihrer
Schuldverschreibungen, Zinsscheine und Rückzahlungsscheine zu diesem Zweck an derselben Sicherheit
(oder
einer
solchen
anderen
Sicherheit,
die
von
einer
unabhängigen,
anerkannten
Wirtschaftsprüfungsgesellschaft als gleichwertige Sicherheit angesehen wird,) teilnehmen zu lassen.
„Kapitalmarktverbindlichkeit“ bezeichnet jede Verbindlichkeit hinsichtlich der Rückzahlung geliehener
(5)
Die Verpflichtungen der Garantin aus dieser Garantie (i) sind selbständig und unabhängig von den
Verpflichtungen der Emittentin aus den Schuldverschreibungen, Zinsscheinen oder Rückzahlungsscheinen,
(ii) bestehen unabhängig von der Rechtmäßigkeit, Gültigkeit, Verbindlichkeit und Durchsetzbarkeit der
Schuldverschreibungen, Zinsscheine oder Rückzahlungsscheine und (iii) werden nicht durch Ereignisse,
Bedingungen oder Umstände tatsächlicher oder rechtlicher oder sonstiger Natur berührt, außer durch die
vollständige, endgültige und unwiderrufliche Erfüllung aller in den Schuldverschreibungen, Zinsscheinen
oder Rückzahlungsscheinen eingegangenen Zahlungsverpflichtungen.
(6)
Die Verpflichtungen der Garantin aus der Garantie erstrecken sich, ohne dass eine weitere
Handlung vorgenommen werden oder ein weiterer Umstand vorliegen muss, auf die Verpflichtungen einer
nicht mit der Garantin identischen Nachfolgeschuldnerin, die infolge einer Schuldnerersetzung gemäß den
Bedingungen in Bezug auf die Schuldverschreibungen, Zinsscheine oder Rückzahlungsscheine entstehen.
(7)
Diese Garantie und alle hierin enthaltenen Vereinbarungen stellen einen Vertrag zu Gunsten jedes
Gläubigers der Schuldverschreibungen, Zinsscheine und Rückzahlungsscheine als begünstigtem Dritten
gemäß § 328 Absatz 1 BGB dar, welcher das Recht jedes Gläubigers begründet, Erfüllung der hierin
eingegangenen Verpflichtungen unmittelbar von der Garantin zu verlangen und diese Verpflichtungen
unmittelbar gegenüber der Garantin durchzusetzen.
(8)
Die Emissionsstelle handelt nicht als Treuhänder oder in einer ähnlichen Eigenschaft für die
Gläubiger von Schuldverschreibungen, Zinsscheinen oder Rückzahlungsscheinen.
(9)
Die hierin verwendeten und nicht anders definierten Begriffe haben die ihnen in den Bedingungen
zugewiesene Bedeutung.
(10)
Diese Garantie unterliegt hinsichtlich ihrer Anwendung und Auslegung deutschem Recht.
(11)
Diese Garantie ist in deutscher Sprache abgefasst und in die englische Sprache übersetzt. Die
deutschsprachige Fassung ist verbindlich und allein maßgeblich.
(12)
Das Original dieser Garantie wird der Emissionsstelle ausgehändigt und von dieser verwahrt.
104
(13)
Die Garantin unterwirft sich für alle aus oder im Zusammenhang mit dieser Garantie entstehenden
Rechtsstreitigkeiten unwiderruflich der Gerichtsbarkeit der Gerichte in Frankfurt am Main, Bundesrepublik
Deutschland. Die Garantin verzichtet unwiderruflich auf jeden Einwand, der ihr jetzt oder zu einem späteren
Zeitpunkt gegen diese Gerichtsstände zustehen kann, und zwar in dem größtmöglichen verbindlichen
Umfang und unterwirft sich unwiderruflich der Zuständigkeit dieser Gerichte in einem solchen gerichtlichen
Verfahren.
(14)
Jeder Gläubiger kann in jedem Rechtsstreit gegen die Garantin und in jedem Rechtsstreit, in dem
er und die Garantin Partei sind, seine Rechte aus dieser Garantie auf der Grundlage einer von einer
vertretungsberechtigten Person der Emissionsstelle beglaubigten Kopie dieser Garantie ohne Vorlage des
Originals im eigenen Namen wahrnehmen und durchsetzen.
Diese Garantie erstreckt sich auf sämtlich Schuldverschreibungen, die am oder nach dem Datum dieser
Garantie von der HeidelbergCement Finance unter dem Programm begeben werden. Die Garantie mit
Datum vom 17. September 2002 gilt für sämtliche Schuldverschreibungen, die von der HeidelbergCement
Finance zwischen dem 17. September 2002 (einschließlich) und dem Datum dieser Garantie
(ausschließlich) begeben wurden.
29. Juni 2004
HEIDELBERGCEMENT AG
Wir nehmen die Bedingungen der vorstehenden Garantie ohne Obligo, Zusicherung oder Haftung an.
29. Juni 2004
DEUTSCHE BANK AKTIENGESELLSCHAFT
als Emissionsstelle
105
Non-binding Translation of the Guarantee
HeidelbergCement AG and HeidelbergCement Finance confirm that the English translation set out below is
an accurate and complete translation of the German language version of the Guarantee. The German
language version shall be legally binding and controlling in all material respects.
GUARANTEE
of
HEIDELBERGCEMENT AG
Heidelberg, Federal Republic of Germany
for the benefit of the Holders of Notes
(the “Notes”)
issued by
HeidelbergCement Finance B.V.
(incorporated with limited liability in The Netherlands)
under the Euro Medium Term Note Programme
(the “Programme”) as amended, supplemented or restated from time to time
WHEREAS: (A)
HeidelbergCement Finance B.V. (the “Issuer”) intends to issue from time to time Notes under the
Programme.
(B)
HeidelbergCement AG (the “Guarantor”) wishes to guarantee by this Guarantee the due payment
of principal and interest and any other amounts payable in respect of any and all Notes that may be issued
by the Issuer under the Programme.
(C)
The Guarantor wishes to enter into an undertaking for the benefit of each Holder that may be
issued by HeidelbergCement Finance under the Programme.
IT IS HEREBY AGREED as follows:
(1)
The Guarantor unconditionally and irrevocably guarantees to the holder of each Note (which
expression shall include any Temporary Global Note or Permanent Global Note representing Notes),
Coupons or Receipts (each a “Holder”), now or at any time hereafter issued by the Issuer under the
Programme, the due and punctual payment of the principal of, and interest on, the Notes, Coupons or
Receipts, and any other amounts which may be expressed to be payable under any Note, Coupon or
Receipt, in accordance with the Conditions, as and when the same shall become due in accordance with
the Conditions.
(2)
This Guarantee constitutes a direct, unconditional, unsubordinated and unsecured obligation of the
Guarantor and ranks pari passu and (save for certain debts required to be preferred by law) equally with all
other unsecured obligations (other than subordinated obligations, if any) of the Guarantor from time to time
outstanding.
(3)
All payments under this Guarantee shall be made without withholding or deduction for or on
account of any present or future taxes or duties of whatever nature imposed or levied by or on behalf of the
Federal Republic of Germany or any political subdivision or any authority thereof or therein having power to
tax unless such withholding or deduction is required by law. In such event, the Guarantor shall pay such
additional amounts as shall be necessary in order that the net amounts received by the Holder of any Note,
Coupon or Receipt pursuant to this Guarantee, after such withholding or deduction, shall equal the
respective amounts of principal and interest which would otherwise have been receivable by the Holders in
the absence of such withholding or deduction; except that no such Additional Amounts shall be payable on
account of any taxes or duties which:
(a)
are payable by any person acting as custodian bank or collecting agent on behalf of a Holder, or
otherwise in any manner which does not constitute a deduction or withholding by the Guarantor
from payments of principal or interest made by it, or
(b)
are payable by reason of the Holder having, or having had, some personal or business connection
with the Federal Republic of Germany and not merely by reason of the fact that payments in
respect of the Notes are, or for purposes of taxation are deemed to be, derived from sources in, or
106
are secured in, the Federal Republic of Germany, or
(c)
are deducted or withheld pursuant to (i) any European Union Directive or Regulation concerning
the taxation of interest income, 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, or (iii)
any provision of law implementing, or complying with, or introduced to conform with, such Directive,
Regulation, treaty or understanding, or
(d)
are payable by reason of a change in law that becomes effective more than 30 days after the
relevant payment becomes due, or is duly provided for and notice thereof is published, whichever
occurs later, or
(e)
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
(f)
would not be payable if the Notes, Coupons or Receipts had been kept in safe custody with, and
the payments had been collected by, a banking institution.
As used herein, the “Relevant Date” means the date on which such payment first becomes due, except that,
if the full amount of the moneys payable has not been duly received by the Fiscal Agent on or prior to such
due date, it means the date on which, the full amount of such moneys having been so received, notice to
that effect is duly given to the Holders in accordance with the Conditions.
(4)
The Guarantor undertakes (the “Undertaking”), so long as any of the Notes remains outstanding,
that neither the Guarantor nor any of its subsidiaries will create or permit to subsist any mortgage, lien,
pledge, charge or other security interest upon the whole or any part of its undertaking, assets or revenues,
present or future, to secure any Capital Market Indebtedness (as defined below) (or to secure any
guarantee or indemnity given by it or any of its subsidiaries in respect of any Capital Market Indebtedness
of any other person) without at the same time according to the Notes and Coupons and Receipts the same
security (or such other security as shall be approved by an independent accounting firm of recognised
standing as being equivalent security). “Capital Market Indebtedness” means any obligation for the payment
of borrowed money which is in the form of, or represented or evidenced by, a certificate of indebtedness or
in the form of, or represented or evidenced by, bonds, notes, loan stock or other securities which are, or are
capable of being quoted, listed, dealt in or traded on a stock exchange or other recognised securities
market.
(5)
The obligations of the Guarantor under this Guarantee (i) shall be separate and independent from
the obligations of the Issuer under the Notes, Coupons or Receipts, (ii) shall exist irrespective of the legality,
validity and binding effect or enforceability of the Notes, Coupons or Receipts, and (iii) shall not be affected
by any event, condition or circumstance of whatever nature, whether factual or legal, save the full, definitive
and irrevocable satisfaction of any and all payment obligations expressed to be assumed under the Notes,
Coupons or Receipts.
(6)
The obligations of the Guarantor under this Guarantee shall, without any further act or thing being
required to be done or to occur, extend to the obligations of any Substitute Debtor which is not the
Guarantor arising in respect of any Note, Coupon or Receipt by virtue of a substitution pursuant to the
Conditions.
(7)
This Guarantee and all agreements herein contained constitute a contract for the benefit of the
Holders of Notes, Coupons or Receipts from time to time as third party beneficiaries pursuant to § 328(1)
BGB1 (German Civil Code), giving rise to the right of each such Holder to require performance of the
obligations undertaken herein directly from the Guarantor and to enforce such obligations directly against
the Guarantor.
(8)
The Fiscal Agent does not act as fiduciary or in any similar capacity for the Holders of Notes,
Coupons or Receipts.
(9)
Terms used herein and not otherwise defined herein shall have the meanings attributed to them in
the Conditions.
(10)
This Guarantee is governed by, and shall be construed in accordance with, the laws of the Federal
Republic of Germany.
(11)
This Guarantee is written in the German language and translated into the English language. The
German language version shall be legally binding and controlling in each and every respect.
1 In English translation § 328(1) BGB (German Civil Code) reads as follows:
“A contract may stipulate performance for the benefit of a third party, to the effect that the third party acquires the right directly to
demand performance.”
107
(12)
The original version of this Guarantee shall be delivered to, and kept by, the Fiscal Agent.
(13)
The Guarantor irrevocably agrees that any legal proceeding arising out of or based upon this
Guarantee may be instituted in the courts in Frankfurt am Main, Federal Republic of Germany. The
Guarantor irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now
or hereafter have to the laying of venue of any such legal proceeding and irrevocably submits to the
jurisdiction of such courts in any such legal proceeding.
(14)
Any Holder may in any proceedings against the Guarantor or to which such Holder and the
Guarantor are parties protect and enforce in his own name his rights arising under this Guarantee on the
basis of a copy of this Guarantee certified as being a true copy by a duly authorized officer of the Fiscal
Agent, without the need for production in such proceedings of this Guarantee.
This Guarantee is given in respect of any and all Notes which are or will be issued by HeidelbergCement
Finance under the Programme on or after the date hereof. The Guarantee dated 17 September 2002
extends to any and all Notes which have been issued by HeidelbergCement Finance under the Programme
between 17 September 2002 (inclusive) and the date hereof (exclusive).
29 June 2004
HEIDELBERGCEMENT AG
We accept the terms of the above Guarantee without recourse, warranty or liability.
29 June 2004
DEUTSCHE BANK AKTIENGESELLSCHAFT
as Fiscal Agent
108
In case of Notes listed on the official list of the Luxembourg Stock Exchange and traded on the Regulated
Market "Bourse de Luxembourg" or publicly offered in the Grand Duchy of Luxembourg, the Final Terms will
be displayed on the website of the Luxembourg Stock Exchange ( www.bourse.lu). In case of Notes listed
on any other stock exchange or publicly offered in one or more member states of the European Economic
Area other than the Grand Duchy of Luxembourg, the Final Terms will be displayed on the website of
HeidelbergCement AG (www.hzag.de).
FORM OF FINAL TERMS
MUSTER – ENDGÜLTIGE BEDINGUNGEN
[Date]
[Datum]
[Title of relevant Series of Notes]
[Bezeichnung der betreffenden Serie der Schuldverschreibungen]
issued pursuant to the
begeben aufgrund des
€ 3,000,000,000
Euro Medium Term Note Programme
of
der
HeidelbergCement AG
and
und
HeidelbergCement Finance B. V.
dated 13 April 2007
vom 13. April 2007
Issue Price: [
] per cent.
Ausgabepreis: [ ] %
Issue Date: [
]1
Tag der Begebung: [
]
These are the Final Terms of an issue of Notes under € 3,000,000,000 Euro Medium Term Note
Programme of HeidelbergCement AG and HeidelbergCement Finance B. V.. Full information on
HeidelbergCement AG and HeidelbergCement Finance B. V. and the offer of the Notes is only available on
the basis of the combination of the Euro Medium Term Note Programme Prospectus pertaining to the
Programme dated 13 April 2007 (the "Prospectus") and these Final Terms. The Prospectus [and any
supplement thereto] [is] [are] available for viewing in electronic form on the website of the Luxembourg
Stock Exchange (www.bourse.lu) and on the website of HeidelbergCement AG (www.hzag.de), and copies
may be obtained at HeidelbergCement AG, Berliner Strasse 6, D-69120 Heidelberg and HeidelbergCement
Finance B. V., Sint Teunislaan 1, NL-5231 BS 's-Hertogenbosch.
Dies sind die endgültigen Bedingungen einer Emission von Schuldverschreibungen unter dem
€ 3,000,000,000 Euro Medium Term Note Programm der HeidelbergCement AG und der
HeidelbergCement Finance B. V. (das "Programm"). Vollständige Informationen über HeidelbergCement
AG and HeidelbergCement Finance B. V. und das Angebot der Schuldverschreibungen sind nur verfügbar,
wenn die endgültigen Bedingungen und der Basisprospekt vom 13. April 2007 über das Programm (der
"Prospekt") zusammengenommen werden. Der Prospekt [sowie jeder Nachtrag] [kann] [können] in
elektronischer Form auf der Internetseite der Wertpapierbörse Luxemburg (www.bourse.lu) und der
Internetseite der HeidelbergCement AG (www.hzag.de) eingesehen werden. Kopien sind erhältlich bei
HeidelbergCement AG, Berliner Strasse 6, D-69120 Heidelberg and HeidelbergCement Finance B. V., Sint
Teunislaan 1, NL-5231 BS 's-Hertogenbosch.
1
The Issue Date is the date of payment and settlement of the Notes. In the case of free delivery, the Issue Date is the
delivery date.
Der Tag der Begebung ist der Tag, an dem die Schuldverschreibungen begeben und bezahlt werden. Bei freier Lieferung ist
der Tag der Begebung der Tag der Lieferung.
109
Part I.: TERMS AND CONDITIONS
Teil I.: EMISSIONSBEDINGUNGEN
[In case of Long-Form Conditions, insert:
[Im Fall von nicht konsolidierten Bedingungen einfügen:
This part I of the Final Terms is to be read in conjunction with the Terms and Conditions of the Notes (the
"Terms and Conditions") set forth in the Prospectus, as the same may be amended or supplemented from
time to time. Capitalized Terms not otherwise defined herein shall have the meanings specified in the
Terms and Conditions.
Dieser Teil I der Endgültigen Bedingungen ist in Verbindung mit den Emissionsbedingungen der
Schuldverschreibungen (die "Emissionsbedingungen") zu lesen, die in der jeweils geltenden Fassung des
Prospektes enthalten sind. Begriffe, die in den Emissionsbedingungen definiert sind, haben, falls die
Endgültigen Bedingungen nicht etwas anderes bestimmen, die gleiche Bedeutung, wenn sie in diesen
Endgültigen Bedingungen verwendet werden.
All references in these Final Terms to numbered paragraphs and subparagraphs are to paragraphs and
subparagraphs of the Terms and Conditions.
Bezugnahmen in diesen Endgültigen Bedingungen auf Paragraphen und Absätze beziehen sich auf die
Paragraphen und Absätze der Emissionsbedingungen.
All provisions in the Terms and Conditions corresponding to items in these Final Terms which are either not
selected or completed or which are deleted shall be deemed to be deleted from the Terms and Conditions
applicable to the Notes (the "Conditions")
Sämtliche Bestimmungen der Emissionsbedingungen, die sich auf Variablen dieser Endgültigen
Bedingungen beziehen und die weder angekreuzt noch ausgefüllt werden oder die gestrichen werden,
gelten als aus den auf die Schuldverschreibungen anwendbaren Emissionsbedingungen (die
"Bedingungen") gestrichen.]
[In case of Integrated Conditions, insert:
[Im Fall von konsolidierten Bedingungen einfügen:
The Integrated Conditions applicable to the Notes (the "Conditions") and the German or English language
translation thereof, if any, are attached hereto. They replace in full the Terms and Conditions of the Notes
set out in the Prospectus and take precedence over any conflicting term set forth in these Final Terms.]
Die für die Schuldverschreibungen geltenden konsolidierten Bedingungen (die "Bedingungen") und eine
etwaige deutsch- oder englischsprachige Übersetzung sind diesen Endgültigen Bedingungen beigefügt. Die
konsolidierten Bedingungen gehen etwaigen abweichenden Bestimmungen dieser Endgültigen
Bedingungen vor.]
110
Issuer
Emittentin
q HeidelbergCement AG
q HeidelbergCement Finance B. V.
Form of Conditions1
Form der Bedingungen
q Long-Form
Nicht-konsolidierte Bedingungen
q Integrated
Konsolidierte Bedingungen
Language of Conditions2
Sprache der Bedingungen
q German only
ausschließlich Deutsch
q English only
ausschließlich Englisch
q English and German (English controlling)
Englisch und Deutsch (englischer Text maßgeblich)
q German and English (German controlling)
Deutsch und Englisch (deutscher Text maßgeblich)
CURRENCY, DENOMINATION, FORM AND TITLE, CERTAIN DEFINITIONS (§ 1)
WÄHRUNG, STÜCKELUNG, FORM UND EIGENTUMSRECHT, DEFINITIONEN (§ 1)
Currency and Denomination3
Währung und Stückelung
Specified Currency
Festgelegte Währung
[
]
Aggregate Nominal Amount
Gesamtnennbetrag
[
]
Specified Denomination(s)
Festgelegte Stückelung(en)
[
]
1
To be determined in consultation with the Issuer. It is anticipated that Long-Form Conditions will generally be used for Notes
which are not publicly offered. Integrated Conditions will be required where the Notes are to be publicly offered, in whole or
in part, or to be distributed in whole or in part to non-professional investors.
In Abstimmung mit der Emittentin festzulegen. Es ist vorgesehen, daß nicht-konsolidierte Bedingungen für
Schuldverschreibungen verwendet werden, die nicht öffentlich zum Verkauf angeboten werden. Konsolidierte Bedingungen
sind erforderlich, wenn die Schuldverschreibungen insgesamt oder teilweise öffentlich zum Verkauf angeboten werden oder
insgesamt oder teilweise an nicht berufsmäßige Investoren verkauft werden.
2
To be determined in consultation with the Issuer. In general, German will be the controlling language in case of Notes
publicly offered, in whole or in part, in the Federal Republic of Germany or distributed, in whole or in part, to nonprofessional investors in Germany. If, however, such Notes are publicly offered, in whole or in part, in the Federal Republic
of Germany, or distributed, in whole or in part, to non-professional investors in Germany with English language Conditions,
a German language translation of the Conditions will be available from the Paying Agent and HeidelbergCement AG.
In Abstimmung mit der Emittentin festzulegen. In der Regel wird für insgesamt oder teilweise öffentlich zum Verkauf in der
Bundesrepublik Deutschland angebotene oder an nicht berufsmäßige Investoren in der Bundesrepublik Deutschland
vertriebene Schuldverschreibungen die deutsche Sprache maßgeblich sein. Falls diese Schuldverschreibungen mit
englischsprachigen Bedingungen in der Bundesrepublik Deutschland insgesamt oder teilweise öffentlich angeboten oder an
nicht berufsmäßige Investoren in der Bundesrepublik Deutschland vertrieben werden, wird eine deutschsprachige
Übersetzung der Bedingungen bei der Zahlstelle und der HeidelbergCement AG erhältlich sein.
3
The minimum denomination of the Notes will be, if in euro, € 1,000, or, if in any currency other than euro, in an amount in
such other currency exceeding the equivalent of € 1,000 at the time of the issue of the Notes.
Die Mindeststückelung der Schuldverschreibungen beträgt € 1.000, bzw. falls die Schuldverschreibungen in einer anderen
Währung als Euro begeben werden, einem Betrag in dieser anderen Währung, der zur Zeit der Begebung der
Schuldverschreibungen dem Gegenwert von € 1.000 entspricht oder diesen übersteigt.
111
Number of Notes to be issued in each Specified Denomination
Zahl der in jeder festgelegten Stückelung auszugebenden
q New Global Note
New Global Note
[
]
[Yes/No]
[Ja/Nein]
q TEFRA C
TEFRA C
q Permanent Global Note
Dauerglobalurkunde
q Temporary Global Note exchangeable for:
Vorläufige Globalurkunde austauschbar gegen:
q Definitive Notes
Einzelurkunden
q Definitive Notes and Collective Notes
Einzelurkunden und Sammelglobalurkunden
q TEFRA D
TEFRA D
Temporary Global Note exchangeable for:
Dauerglobalurkunde
q Definitive Notes
Einzelurkunden
q Neither TEFRA Cnor TEFRA D
Weder TEFRA C noch TEFRA D
Dauerglobalurkunde
q Definitive Notes
Einzelurkunden
Definitive Notes
Einzelurkunden
[Yes / No]
[Ja / Nein]
q Coupons
Zinsscheine
q Talons
Talons
q Receipts
Rückzahlungsscheine
Certain Definitions
Definitionen
Clearing System
Clearingssystem
q Euroclear Bank S. A./N. V., as operator of the Euroclear System (Euroclear)
1 Boulevard du Roi Albert II
B-1210 Brussels
112
q Clearstream Banking, société anonyme, Luxembourg (CBL)
42 Avenue JF Kennedy
L-1855 Luxembourg
q Clearstream Banking AG, Frankfurt am Main (CBF)
Neue Börsenstrasse 1
q Other – specify
sonstige angeben
Calculation Agent
Berechnungsstelle
[Yes/No]
[Ja/Nein]
q Fiscal Agent
Emissionsstelle
q Other (specify)
sonstige (angeben)
[
]
INTEREST (§ 3)
ZINSEN [§ 3]
q Fixed Rate Notes
Festverzinsliche Schuldverschreibungen
Rate of Interest and Interest Payment Dates
Zinssatz und Zinszahlungstage
Rate of Interest
Zinssatz
[
Interest Commencement Date
Fixed Interest Date(s)
] per cent. per annum
[
] % per annum
[
[
] Verzinsungsbeginn
] Festzinstermin(e)
First Interest Payment Date
Erster Zinszahlungstag
[
]
Initial Broken Amount(s) (per Specified Denomination)
Anfängliche(r) Bruchteilzinsbetrag (-beträge)
(für jede festgelegte Stückelung)
[
]
Fixed Interest Date preceding the Maturity Date
Festzinstermin, der dem Fälligkeitstag vorangeht
[
]
Final Broken Amount(s) (per Specified Denomination)
Abschließende(r) Bruchteilzinsbetrag(-beträge)
[
]
Deemed Interest Payment Date(s)1
Fiktive(r) Zinszahlungstag(e)
[
]
Verzinsungsbeginn
[
]
Specified Interest Payment Dates
Festgelegte Zinszahlungstage
[
]
q Floating Rate Notes
Interest Payment Dates
Zinszahlungstage
Specified Interest Period(s)
Festgelegte Zinsperiode(n)
[
[
] [weeks/months/other – specify]
][Wochen/Monate/andere – angeben]
Business Day Convention
Geschäftstagskonvention
1
Only relevant if Actual/Actual (ICMA) is applicable.
Nur relevant, falls der Zinstagequotient Actual/Actual (ICMA) anwendbar ist.
113
q Modified Following Business Day Convention
q FRN Convention (specify period(s)) (Zeitraum angeben)]
[
[
] [months/other – specify]
][Monate/andere – angeben]
q Following Business Day Convention
q Preceding Business Day Convention
Relevant Financial Centres
Relevante Finanzzentren
[
]
Rate of Interest
Zinssatz
q Screen Rate Determination
Bildschirmfeststellung
q LIBOR (11.00 a. m. London time/London Business Day/City of London/London Office/London
Interbank Market)
LIBOR (11.00 Uhr Londoner Ortszeit/Londoner Geschäftstag/City of London/Londoner
Geschäftsstelle/Londoner Interbankenmarkt)
q EURIBOR (11.00 a. m. Brussels time/[TARGET] Business Day/Euro-Zone Interbank Market)
EURIBOR (11.00 Uhr Brüsseler Ortszeit/ [TARGET] Geschäftstag/Euro-Zone-Interbankenmarkt)
q Euro-LIBOR (11.00 a. m. London time/London Business Day/City of London/London Office/London
Interbank Market)
Euro-LIBOR (11.00 Uhr Londoner Ortszeit/Londoner Geschäftstag/City of London/Londoner
Geschäftsstelle/Londoner Interbankenmarkt)
q Other (specify)
Sonstige (angeben)
[
]
Zinsperiode
Interest Period
q three months
drei Monate
q six months
sechs Monate
q twelve months
zwölf Monate
q Other (specify)
sonstige (angeben)
Margin
Marge
[
] per cent. per annum
[
] % per annum
q plus
plus
q minus
minus
Screen Page
Bildschirmseite
[
]
q other (specify)
sonstige (angeben)
[
]
Reference Banks (if other than as specified in § 3(2))
Referenzbanken (sofern abweichend von § 3 Absatz 2)
[
]
Interest Determination Date
Zinsfestlegungstag
q second Business Day prior to commencement of Interest Period
zweiter Geschäftstag vor Beginn der jeweiligen Zinsperiode
114
q ISDA Determination1
ISDA-Feststellung
[specify details]
[Einzelheiten angeben]
q Other Method of Determination (insert details (including Interest Determination Date, Margin, Reference
Banks, fall-back provisions))
Andere Methoden der Bestimmung (Einzelheiten angeben (einschließlich Zinsfestlegungstag, Marge,
Referenzbanken, Ausweichbestimmungen))
Minimum and Maximum Rate of Interest
Mindest- und Höchstzinssatz
q Minimum Rate of Interest
Mindestzinssatz
Maximum Rate of Interest
Höchstzinssatz
q Zero Coupon Notes
Accrual of Interest
Auflaufende Zinsen
Amortisation Yield
Emissionsrendite
q Dual Currency Notes
Doppelwährungs-Schuldverschreibungen
(set forth details in full here (including exchange rate(s)
or basis for calculating exchange rate(s) to determine
principal and/or interest/fall-back provisions))
(Einzelheiten vollständig einfügen (einschließlich
Wechselkurs(e) oder Grundlage für die Berechnung des/der
Wechselkurs(e) zur Bestimmung von Kapital- und oder
Zinsbeträgen/Ausweichbestimmungen))
q Instalment Notes
Raten-Schuldverschreibungen
(set forth details in full here)
(Einzelheiten vollständig einfügen)
q Index Linked Notes
(set forth details in full here (including index/formula,
basis for calculating interest and fall back provisions))
(Einzelheiten vollständig einfügen (einschließlich Index/
Formel, Grundlagen für die Berechnung der Zinsbeträge
sowie Ausweichbestimmungen))
[
]
[
]
[
]
[
]
q Other structured Floating Rate Notes
Sonstige struckturierten variable verzinslichen Schuldverschreibungen
(set forth details in full here (including fall back provisions,
if the relevant reference date is not available))
(Einzelheiten einfügen (einschließlich Ausweichsbestimmungen,
wenn der maßgebliche Referenzsatz nicht verfügbar ist))
q other Notes
sonstige Schuldverschreibungen
(set forth details in full here (including basis for calculating interest and fall back provisions))
(Einzelheiten einfügen (einschließlich der Grundlagen für die Berechnung der Zinsbeträge
sowie Ausweichbestimmungen))
1
ISDA Determination should only be applied in the case of Notes permanently represented by a Global Note because the
ISDA Agreement and the ISDA Definitions have to be attached to the relevant Notes.
ISDA Feststellung sollte nur dann gewählt werden, wenn die betreffenden Schuldverschreibungen durch eine
Dauerglobalurkunde verbrieft warden, weil das ISDA-Agreement und die ISDA Definitions den Schuldverschreibungen
beizufügen sind.
115
Day Count Fraction
Zinstagequotient
q Actual/Actual (ISMA Rule 251)
q Actual/365 (Actual/Actual (ISDA))
q Actual/365 (Fixed)
q Actual/365 (Sterling)
q Actual/360
q 30/360 or 360/360 (Bond Basis)
q 30E/360 (Eurobond Basis)
FINAL REDEMPTION (§ 4)
RÜCKZAHLUNG BEI ENDFÄLLIGKEIT (§ 4)
Notes other than Instalment Notes
Schuldverschreibungen außer Raten-Schuldverschreibungen
Maturity Date
Fälligkeitstag
[
]
Redemption Month
Rückzahlungsmonat
[
]
[
]
Instalment Date(s)
Ratenzahlungstermin(e)
[
]
Instalment Amount(s)
Rate(n)
[
]
Final Redemption Amount
Rückzahlungsbetrag
q Principal amount
Nennbetrag
q Final Redemption Amount (per Specified Denomination)
Rückzahlungsbetrag bei Endfälligkeit (für jede festgelegte
Stückelung)
Instalment Notes
EARLY REDEMPTION (§ 5)
VORZEITIGE RÜCKZAHLUNG (§ 5)
Early Redemption at the Option of the Issuer
Vorzeitige Rückzahlung nach Wahl der Emittentin
[Yes/No]
[Ja/Nein]
Minimum Redemption Amount
Mindestrückzahlungsbetrag
[
]
Higher Redemption Amount
Höherer Rückzahlungsbetrag
[
]
Call Redemption Date(s)
Wahlrückzahlungstag(e) (Call)
[
]
Call Redemption Amount(s)
Wahlrückzahlungsbetrag/-beträge (Call)
[
]
Minimum notice period
Mindestkündigungsfrist
[
[
] days
] Tage
Maximum notice period
Höchstkündigungsfrist
[
[
] days
] Tage
116
Early Redemption at the Option of a Holder
Vorzeitige Rückzahlung nach Wahl des Gläubigers
[Yes/No]
[Ja/Nein]
Put Redemption Date(s)
Wahlrückzahlungstag(e) (Put)
[
]
Put Redemption Amount(s)
Wahlrückzahlungsbetrag/-beträge (Put)
[
]
Minimum notice period
Mindestkündigungsfrist
[
[
Maximum notice period
(never more than 60 days)
[
] days
(nie mehr als 60 Tage)
[
] Tage
Höchstkündigungsfrist
] days
] Tage
Early Redemption Amount
Vorzeitiger Rückzahlungsbetrag
q Zero Coupon Notes:
q Addition of accrued interest
Abzinsung
Reference Price
Referenzpreis
q Deduction of unaccrued interest
Abzinsung
[
]
[
]
Doppelwährungs-Schuldverschreibungen:
(set forth details in full here (including exchange rate(s) or basis for calculating exchange rate(s) to
determine principal/fall-back provisions))
(Einzelheiten einfügen (einschließlich Wechselkurs(e) oder Grundlage für die Berechnung des/der
Wechselkurs(e) zur Bestimmung von Kapitalbeträgen/Ausweichbestimmungen) )
q Instalment Notes
Raten- Schuldverschreibungen
(set forth details in full here or in an attachment)
(Einzelheiten hier oder in einer Anlage einfügen)
q Other Structured Notes
Andere Strukturierte Schuldverschreibungen
PAYMENTS (§ 6)
ZAHLUNGEN (§ 6)
Manner of Payment
Zahlungsweise
Principal Financial Centre of Country of Specified Currency
Hauptfinanzzentrum des Landes der festgelegten Währung
[
]
[
]
Payment Business Day
Zahlungstag
Relevant Financial Centre(s) (specify all)
Relevante(s) Finanzzentum/-zentren) (alle angeben)
117
FISCAL AGENT AND PAYING AGENT[S] [AND CALCULATION AGENT] (§ 7)
EMISSIONSSTELLE UND DIE ZAHLSTELLE[N] [UND DIE BERECHNUNGSSTELLE] (§ 7)
Paying Agent(s)/specified office(s)
Zahlstelle(n)/bezeichnete Geschäftsstelle(n)
[
]
Calculation Agent/specified office
Berechnungsstelle/bezeichnete Geschäftsstelle
[
]
q required location of Calculation Agent (specify)
vorgeschriebener Ort für Berechnungsstelle (angeben)
[
]
Stock Exchange/location
Börse/Ort der Börse
[
]
[
]
NOTICES (§ 14)
MITTEILUNGEN (§ 14)
Place and medium of publication
Ort und Medium der Bekanntmachung
q Luxembourg (d' Wort)
Luxemburg (d' Wort)
q Luxembourg (Tageblatt)
Luxemburg (Tageblatt)
q Germany (electronic Federal Gazette)
Deutschland (elektronischer Bundesanzeiger)
q Germany (Börsen-Zeitung)
Deutschland (Börsen-Zeitung)
q Other (specify)
sonstige (angeben)
Governing Law
Anwendbares Recht
German Law
Deutsches Recht
118
Part II.: OTHER INFORMATION
Teil II.: ZUSÄTZLICHE INFORMATION
[Specific Risk Factors1
Spezielle Risikofaktoren]
Interest of natural and legal persons involved in the issue/offer
[none] [specify details]
[keine] [Einzelheiten einfügen]
q Save as discussed in the Prospectus under "Interest of natural and legal persons involved in the
issue/offer", so far the Issuer is aware, no person involved in the offer of the Notes has an interest
material to the offer.
Mit Ausnahme der im Prospekt im Abschnitt "Interest of natural and legal persons involved in the
issue/offer" angesprochenen Interessen bestehen bei den an einer Emission beteiligten Personen nach
Kenntniss der Emittentin keine Interessen, die für das Angebot bedeutsam sind.
q Other interest (specify)
Andere Interessen (angeben)
Reasons for the offer2
Gründe für das Angebot
[specify details]
[Einzelheiten einfügen]
Estimated net proceeds3
Geschätzter Nettobetrag der Erträge
[
]
Estimated total expenses of the issue 4
Geschätzte Gesamtkosten der Emission
[
]
Eurosystem eligibility5
EZB-Fähigkeit
Intended to be held in a manner which would allow Eurosystem eligibility
Soll in EZB-fähiger Weise gehalten werden
[Yes/No]
[Ja/Nein]
Securities Identification Numbers
Wertpapier-Kenn-Nummern
Common Code
[
]
ISIN
[
]
German Securities Code
Wertpapierkennnummer (WKN)
[
]
Any other securities number
Sonstige Wertpapier-Kenn-Nummer
[
]
1
Include only product specific risk factors which are not covered under "Risk Factors" in the Prospectus.
Nur produktbezogene Risikofaktoren aufnehmen, die nicht bereits im Abschnitt "Risk Factors" des Prospekts enthalten sind.
2
Not required for Notes with a Specified Denomination of at least € 50,000. See "Use of Proceeds" wording in the
Prospectus. If reasons for the offer is different from making profit and/or hedging certain risks include those reasons here.
Nicht erforderlich für Schuldverschreibungen mit einer festgelegten Stückelung von mindestens € 50.000. Siehe "Use of
Proceeds" im Prospekt. Sofern die Gründe für das Angebot nicht in der Gewinnerzielung und/oder der Absicherung
bestimmter Risiken bestehen, sind die Gründe hier anzugeben.
3
If the Notes are derivative securities to which Annex XII of the Commission Regulation (EC) No. 809/2004 of 29 April 2004
(the "Commission Regulation") applies it is only necessary to include a disclosure of estimated net proceeds where a
disclosure regarding reasons for the offer is included.
Sofern es sich um derivative Wertpapiere handelt, auf die Anhang XII der EG-Verordnung 809/2004 vom 29. April 2004 (die
"EG-Verordnung") Anwendung findet, sind Angaben zu dem geschätzten Nettoerlös nur dann zu veröffentlichen, wenn
Angaben zu den Gründen für das Angebot gemacht worden sind.
4
If the Notes are derivative securities to which Annex XII of the Commission Regulation applies it is only necessary to include
disclosure of total expenses where disclosure regarding reasons for the offer is included.
Sofern es sich um derivative Wertpapiere handelt, auf die Anhang XII der EG-Verordnung Anwendung findet, sind Angaben
zu den geschätzten Gesamtkosten nur dann zu veröffentlichen, wenn Angaben zu den Gründen für das Angebot gemacht
worden sind.
5
Complete only if the Notes are to be kept in custody by a common safekeeper on behalf of the ICSDs. If "yes" is selected,
the Notes must be issued in NGN form.
Nur auszufüllen, falls die Schuldverschreibungen von einer gemeinsamen Verwahrstelle im Namen der ICSDs gehalten
werden sollen. Falls "ja" gewählt wird, müssen die Schuldverschreibungen als NGN begeben werden.
119
Yield1
Rendite
[
]
Method of calculating the yield2
Berechnungsmethode der Rendite
q ICMA method:
ICMA Methode:
The ICMA method determines the effective interest rate of notes taking into
account accrued interest on a daily basis
Die ICMA Methode ermittelt die Effektivverzinsung von Schuldverschreibungen
unter Berücksichtigung der täglichen Stückzinsen
q Other method (specify)
Andere Methoden (angeben)
q Historic Interest Rates3
Zinssätze der Vergangenheit
Details of historic [EURIBOR][EURO-LIBOR][LIBOR][OTHER] rates can be obtained from [insert relevant
Screen Page]
Einzelheiten der Entwicklung der [EURIBOR][EURO-LIBOR][LIBOR][ANDERE] Sätze in der Vergangenheit können abgerufen werden unter [relevante Bildschirmseite einfügen]
q Details relating to the Underlying and to the Performance of the [Index][Formula][Other
Variable].4
Einzelheiten über den Basiswert und hinsichtlich der Entwicklung des [Index][der Formel][einer
anderen Variablen].
[specify details here (including where information relating to past and future performance and volatility of
the index/formula/other variable can be obtained)].
[Einzelheiten hier angeben (einschließlich, wo Informationen über die vergangene und künftige
Weiterentwicklung sowie die Volatilität des Index/der Formel/einer anderen Variablen eingeholt werden
können)].
[Underlying is a security
Basiswert ist ein Wertpapier
[[Underlying is an Index
Basiswert ist ein Index
Name of Index
Name des Index
[Description of Index]5 [Details of where information
about the Index can be obtained]6
[Indexbeschreibung][Angaben, wo Informationen zum
Index zu finden sind]]
[
]
[specify details here]
[Einzelheiten hier angeben]
[Underlying is an Interest Rate
Basiswert ist ein Zinssatz
Description of Interest Rate
Beschreibung des Zinssatzes]
[Underlying is a Basket of Underlyings
Basiswert ist ein Korb von Basiswerten
1
Only applicable for Fixed Rate Notes.
Nur bei festverzinslichen Schuldverschreibungen anwendbar.
2
Not required for Notes with a Specified Denomination of at least € 50,000.
Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von mindestens € 50.000.
3
Only applicable for Floating Rate Notes. Not required for Notes with a Specified Denomination of at least € 50,000.
Nur bei variabel verzinslichen Schuldverschreibungen anwendbar. Nicht anwendbar auf Schuldverschreibungen mit einer
festgelegten Stückelung von mindestens € 50.000.
4
Only applicable for Index-linked or other variable-linked Notes.
Nur bei Index-linked und variable-linked Schuldverschreibungen anwendbar.
5
Only applicable if the Index is composed by the Issuer.
Nur anwendbar, sofern der Index von der Emittentin zusammengestellt wird.
6
Only applicable, if the Index is not composed by the Issuer
Nur anwendbar, sofern der Index nicht von der Emittentin zusammengestellt wird.
120
Weightings of each underlying in the basket
Gewichtung jedes einzelnen Basiswertes im Korb]] 1
Comprehensive explanation of how the value of the investment
is affected by the underlying and the circumstances when risks
are most evident2
Umfassende Erläuterung darüber, wie der Wert der Anlage
durch den Wert des Basiswerts beeinflusst wird, insb.
in den Fällen, in denen die Risiken offensichtlich sind
Market disruption or settlement disruption events that may
affect the underlying3
Störungen des Markts oder bei der Abrechnung, die den
Basiswert beeinflussen
Adjustment rules with relation to events concerning the
underlying
Korrekturvorschriften in Bezug auf Vorfälle, die den Basiswert
beeinflussen
q Details Relating to the Performance of Rate(s) of Exchange
and Explanation of Effect on Value of Investment 4
Einzelheiten der Entwicklung des bzw. der Wechselkurse
und Erläuterung der Auswirkungen auf den Wert der Anlage
sowie verbundene Risiken
[insert details here]
[Einzelheiten hier einfügen]
Selling Restrictions
Verkaufsbeschränkungen
The Selling Restrictions set out in the Prospectus shall apply.
Es gelten die im Prospekt wiedergegebenen Verkaufsbeschränkungen.
q TEFRA C
TEFRA C
q TEFRA D
TEFRA D
q Neither TEFRA C nor TEFRA D
Additional Selling Restrictions (specify)
Zusätzliche Verkaufsbeschränkungen (angeben)
[
]
Taxation
Besteuerung
Information on taxes on the income from the Notes withheld
at source in respect of countries where the offer is being
[none][specify details]
1
Where the underlying does not fall within the categories Index/Interest Rate/Basket of Underlyings, include equivalent
information.
Fällt der Basiswert nicht unter eine der Kategorien Index/Zinssatz/Korb von Basiswerten, sind vergleichbare Informationen
einzufügen.
2
Not required for Notes with a Specified Denomination of at least € 50,000 or a minimum transfer amount of at least
€ 50,000.
Nicht erforderlich bei Schuldverschreibungen anwendbar mit einer festgelegten Stückelung von mindestens € 50.000 oder
Schuldverschreibungen, die lediglich für mindestens € 50.000 pro Wertpapier erworben werden können.
3
To be completed only if applicable.
Nur falls anwendbar einzufügen.
4
Only applicable for Dual Currency Notes. Need to include details of where past and future performance and volatility of the
relevant rate(s) can be obtained. In case of Notes with a Specified Denomination of less than € 50,000 need to include a
clear and comprehensive explanation of how the value of the investment is affected by the underlying and the
circumstances when the risks are most evident.
Nur bei Doppelwähruns-Schuldverschreibungen anwendbar. Angaben darüber erforderlich, wo Informationen über die
vergangene und künftige Wertentwicklung und Volatilität der maßgeblichen Wechselkurse eingeholt werden können. Bei
Schuldverschreibungen mit einer festgelegten Stückelung von weniger als € 50.000 ist eine umfassende Erläuterung
vorzunehmen, wie der Wert der Anlage durch den Wert des Basiswerts beeinflusst wird, insbesondere in Fällen, in denen
die Risiken offensichtlich sind.
121
made or admission to trading is being sought 1.
Informationen über die an der Quelle einbehaltene
Einkommensteuer auf Schuldverschreibungen hinsichtlich
der Länder in denen das Angebot unterbreitet oder
die Zulassung zum Handel beantrag wird.
Restrictions on the free transferability of the Notes
Beschränkung der freien Übertragbarkeit der
[keine][Einzelheiten einfügen]
[None] [specify details]
[Keine] [Einzelheiten einfügen]
Methode of return payments, payment/delivery date,
method of calculation
[specify details]
Terms and Conditions of the Offer
Bedingungen und Konditionen des Angebots
[Conditions to which the offer is subject 2
Bedingungen, denen das Angebot unterliegt
Total amount of the issue/offer and description of the arrangements and time for announcing to the public
the amount of the offer
Gesamtsumme der Emission/des Angebots und Beschreibung der Vereinbarungen und des Zeitpunkts für
die Ankündigung des endgültigen Angebotsbetrags an das Publikum
Time period, including any possible amendments, during which the offer will be open
Frist – einschließlich etwaiger Änderungen – während der das Angebot vorliegt
Description of the application process
Beschreibung des Prozesses für die Umsetzung des Angebots
A description of the possibility to reduce subscriptions and the manner for refunding excess amount paid by
applicants
Beschreibung der Möglichkeit zur Reduzierung der Zeichnungen und der Art und Weise der Erstattung des
zu viel gezahlten Betrags an die Zeichner
Details of the minimum and/or maximum amount of application, (whether in number of notes or aggregate
amount to invest)
Einzelheiten zum Mindest- und/oder Höchstbetrag der Zeichnung entweder in Form der Anzahl der
Schuldverschreibungen oder des aggregierten zu investierenden Betrags)
Method and time limits for paying up the notes and for delivery of the notes
Methode und Fristen für die Bedienung der Wertpapiere und ihre Lieferung
Manner and date in which results of the offer are to be made public
Art und Weise und Termin, auf die bzw. an dem die Ergebnisse des Angebots offen zu legen sind
The procedure for the exercise of any right of pre-emption, the negotiability of subscription rights and the
treatment of subscription rights not exercised.
Verfahren für die Ausübung eines etwaigen Vorzugsrechts, die Marktfähigkeit der Zeichnungsrechte und
die Behandlung der nicht ausgeübten Zeichnungsrechte
Various categories of potential investors to which the notes are offered
Angabe der verschiedenen Kategorien der potentiellen Investoren, denen die Schuldverschreibungen
angeboten werden
Process for notification to applicants of the amount allotted and indication whether dealing may begin before
notification is made
Verfahren zur Meldung des den Zeichnern zugeteilten Betrags und Angabe, ob eine Aufnahme des
Handels vor dem Meldeverfahren möglich ist
1
Unless specified in the Prospectus. Only applicable for Notes with a Specified Denomination of less than € 50,000 per
Notes.
Soweit nicht bereits im Prospekt beschrieben. Nur bei Schuldverschreibungen mit einer festgelegten Stückelung von
weniger als € 50.000 anwendbar.
2
The following items only to be specified if applicable in the event of a public offer (in each case).
Einzelheiten zu nachstehenden Unterpunkten nur einfügen, falls jeweils anwendbar für ein öffentliches Angebot.
122
Expected price at which the notes will be offered / method of determining the price and the process for its
disclosure and mount of any expenses and taxes specifically charged to the subscriber or purchaser
Kurs, zu dem die Schuldverschreibungen angeboten werden / Methode, mittels deren der Angebotskurs
festgelegt wird und Angaben zum Verfahren für die Offenlegung sowie der Kosten und Steuern, die speziell
dem Zeichner oder Käufer in Rechnung gestellt werden
Name and address of the co-ordinator(s) of the global offer and of single parts of the offer and, to the extent
known to the Issuer or the offeror, or the placers in the various countries where the offer takes place.
Name und Anschrift des Koordinator/der Koordinatoren des globalen Angebots oder einzelner Teile des
Angebots und – sofern dem Emittenten oder dem Bieter bekannt – Angaben zu den Plazieren in den
einzelnen Ländern des Angebots]
Method of distribution
Vertriebsmethode
[insert details]
q Non-syndicated
Nicht syndiziert
q Syndicated
Syndiziert
Date of Subscription Agreement1
Datum des Übernahmevertrages
[
]
Dealer/Management Group (specify name and address)
Plazeur/Bankenkonsortium (Name und Adresse angeben)
[
]
q firm commitment
feste Zusage
[
]
q no firm commitment/best efforts arrangements
keine feste Zusage/zu den bestmöglichen Bedingungen
[
]
Management/Underwriting Commission (specify)
Management- und Übernahmeprovision (angeben)
[
]
Selling Concession (specify)
Verkaufsprovision (angeben)
[
]
Listing Commission (specify)
Börsenzulassungsprovision (angeben)
[
]
Other (specify)
Andere (angeben)
[
]
Management Details including form of commitment2
Einzelheiten bezüglich des Bankenkonsortiums
einschließlich der Art der Übernahme
Commissions3
Provisionen
Stabilising Dealer/Manager
Kursstabilisierender Dealer/Manager
[insert details/None
[Einzelheiten einfügen/ keiner]
Listing(s)
Börsenzulassung(en)
[Yes/No]
[Ja/Nein]
q Official List, Luxembourg Stock Exchange (Regulated Market)
Amtlicher Markt, Luxemburger Börse (amtlicher Markt)
q Frankfurt am Main
1
2
3
To be completed in consultation with the Issuer.
In Abstimmung mit der Emittentin auszuführen.
123
q Other (insert details)
sonstige (Einzelheiten einfügen)
[
]
Expected date of admission1
Erwarteter Termin der Zulassung
[
]
[
]
Estimate of the total expenses related to admission to
trading2
Geschätzte Gesamtkosten für die Zulassung zum Handel
Regulated markets or equivalent markets on which, to the knowledge of the Issuer, notes of the same class
of the notes to be offered or admitted to trading are already admitted to trading 3
Angabe geregelter oder gleichwertiger Märkte, auf denen nach Kenntnis der Emittentin
Schuldverschreibungen der gleichen Wertpapierkategorie, die zum Handel angeboten oder zugelassen
werden sollen, bereits zum Handel zugelassen sind
q Luxembourg (Regulated Market "Bourse de Luxembourg")
Luxemburg (Regulierter Markt "Bourse de Luxembourg")
q Frankfurt am Main
Name and address of the entities which have committed
themselves to act as intermediaries in secondary trading,
providing liquidity through bid and offer rates and
description of the main terms of their commitment4
Name und Anschrift der Institute, die aufgrund einer
Zusage als Intermediäre im Sekundärhandel tätig sind und
Liquidität mittels Geld- und Briefkursen erwirtschaften,
und Beschreibung der Hauptbedingungen der Zusagevereinbarung
[
]
[not applicable] [specify details]
[nicht anwendbar] Einzelheiten
einfügen]
Rating5
Rating
[
]
Other relevant terms and conditions (specify)
Andere relevante Bestimmungen (einfügen)
[
]
[Listing:6
[Börsenzulassung:
The above Final Terms comprise the details required to list this issue of Notes (as from [insert Issue Date
for the Notes]) pursuant to the € 3,000,000,000 Medium Term Note Programme of HeidelergCement AG
and HeidelbergCement Finance B. V..]
Die vorstehenden Endgültigen Bedingungen enthalten die Angaben, die für die Zulassung dieser Emission
von Schuldverschreibungen (ab dem [Tag der Begebung der Schuldverschreibungen einfügen]) gemäß
1
To be completed only if known.
Nur auszufüllen, soweit bekannt.
2
Not required for Notes with a Specified Denomination of less than € 50,000
Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von weniger als € 50.000.
3
In case of a fungible issue, need to indicate that the original notes are already admitted to trading. Not required for Notes
with a Specified Denomination of at least € 50,000.
Im Falle einer Aufstockung, die mit einer vorangegangenen Emission fungibel ist, ist die Angabe erforderlich, dass die
ursprünglichen Schuldverschreibungen bereits zum Handel zugelassen sind. Nicht erforderlich bei Schuldverschreibungen
mit einer festgelegten Stückelung von mindestens € 50.000.
4
5
Do not complete, if the Notes are not rated on an individual basis. In case of Notes with a Specified Denomination of less
than € 50,000, need to include a brief explanation of the meaning of the ratings if this has been previously published by the
rating provider.
Nicht auszufüllen, wenn kein Einzelrating für die Schuldverschreibungen vorliegt. Bei Schuldverschreibungen mit einer
festgelegten Stückelung von weniger als € 50.000, kurze Erläuterung der Bedeutung des Ratings wenn dieses vorher von
der Ratingagentur erstellt wurde.
6
Include only in the version of the Final Terms which is submitted to the relevant stock exchange in the case of Notes to be
listed on such stock exchange.
Nur in derjenigen Fassung der Endgültigen Bedingungen einfügen, die der betreffenden Börse, bei der die
Schuldverschreibungen zugelassen werden sollen, vorgelegt wird.
124
dem € 3.000.000.000 Medium Term Note Programme of HeidelergCement AG and HeidelbergCement
Finance B. V..]
Responsibility
Verantwortlichkeit
The Issuer accepts responsibility for the information contained in the Final Terms as set out in the
Responsibility Statement in the Prospectus, provided that, with respect to any information included herein
and specified to be sourced from a third party (i) the Issuer confirms that any such information has been
accurately reproduced and as far as the Issuer is aware and is able to ascertain from information available
to it from such third party, no facts have been omitted, the omission of which would render the reproduced
information inaccurate or misleading and (ii) the Issuer has not independently verified any such information
and accepts no responsibility for the accuracy thereof.
Die Emittentin übernimmt für die Verantwortung für die in diesen Endgültigen Bedingungen enthaltenen
Informationen wie im Prospekt dargestellt. Hinsichtlich der hierin enthaltenen und als solche
gekennzeichneten Informationen von Seiten Dritter gilt Folgendes: (i) Die Emittentin bestätigt, dass diese
Informationen zutreffend wiedergegeben worden sind und – soweit es der Emittentin bekannt ist und sie
aus den von diesen Dritten zur Verfügung gestellten Informationen ableiten konnte – wurden keine Fakten
ausgelassen, deren Fehlen die reproduzierten Informationen unzutreffend oder irreführend gestalten
würden; (ii) die Emittentin hat diese Informationen nicht selbständig überprüft und übernimmt keine
Verantwortung für ihre Richtigkeit.
HeidelbergCement AG
_________________________________
[Name & title of signatory]
[Name und Title des Unterzeichnenden]
_________________________________
[Name und Titel des Unterzeichnenden]
125
TAXATION
The following is a general discussion of certain German, The Netherlands and Luxembourg tax
consequences of the acquisition and ownership of Notes. This discussion does not purport to be a
comprehensive description of all tax considerations which may be relevant to a decision to purchase Notes.
In particular, this discussion does not consider any specific facts or circumstances that may apply to a
particular purchaser. This summary is based on the laws of the Federal Republic of Germany, The
Netherlands and the Grand-Duchy of Luxembourg 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 NOTES ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS
AS TO THE TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF
NOTES, INCLUDING THE EFFECT OF ANY STATE OR LOCAL TAXES, UNDER THE TAX LAWS
APPLICABLE IN THE FEDERAL REPUBLIC OF GERMANY, THE NETHERLANDS, THE GRAND
DUCHY OF LUXEMBOURG AND EACH COUNTRY OF WHICH THEY ARE RESIDENTS.
1. Federal Republic of Germany
Tax Residents
Payments of interest on the Notes 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)). Such interest may also be subject to trade tax if the Notes form part of the property
of a German trade or business. If coupons or interest claims are disposed of separately (i. e. without the
Notes), the proceeds from the disposition are subject to tax. The same applies to proceeds from the
redemption of coupons or interest claims if the Note is disposed of separately.
Upon the disposition of a Note carrying interest a holder of the Note will also have to include in his taxable
income any consideration invoiced separately for such portion of the interest of the current interest payment
period which is attributable to the period up to the disposition of the Note ( "Accrued Interest"). Accrued
Interest paid upon the acquisition of the Notes may be declared as negative income if the Note is held as a
non-business asset.
If for the determination of the issue price of the Note the redemption amount is reduced by a discount or if
the redemption amount is increased as compared with the issue price of the Note (as, for example, in the
case of a discounted Note or a Note with accrued interest added), the difference between the redemption
amount and the issue price of the Note ("Original Issue Discount") realized when a Note held as a nonbusiness asset is redeemed to its initial subscriber will be taxable investment income, however, only if the
Original Issue Discount exceeds certain thresholds; in such case, the Note qualifies as a financial
innovation under German tax law.
If the Note qualifies as a financial innovation (Finanzinnovation) (including, among other things, zero
coupon Notes or other discounted Notes or Notes with accrued interest added as well as floating rate
Notes) and is disposed of while outstanding or redeemed at maturity, such portion of the proceeds from the
disposition of the Note or of the redemption amount of the Note which equals the yield to maturity of the
Note attributable to the period over which the holder has held such Note, minus interest, including Accrued
Interest, already taken into account, will be subject to income tax (plus solidarity surcharge), provided the
holder of the Note is an individual. The yield to maturity is determined by taking into account the Original
Issue Discount. If the Notes do not have a predetermined yield to maturity (e. g. in the case of floating rate
Notes) or the holder does not give proof thereof, the difference between the proceeds from the disposition,
assignment or redemption and the issue or purchase price of the Note is subject to income tax (plus
solidarity surcharge) in the year of the disposition, assignment, or redemption of the Note. Where the Note
is issued in a currency other than euro, such difference will be computed in the foreign currency. Where a
Note forms part of the property of a German trade or business, in each fiscal year the yield to maturity of the
Note to the extent attributable to such period has to be taken into account as interest income by the initial
subscriber of the Note and is subject to personal or corporate income tax (plus solidarity surcharge) and
trade tax.
Capital gains from the disposition of Notes, other than income described in the preceding paragraph, are
only taxable to a German tax-resident individual if the Notes are disposed of within one year after their
126
acquisition or form part of the property of a German trade or business. In the latter case the capital gains
may also be subject to trade tax.
Capital gains derived by German-resident corporate holders of Notes will be subject to corporate income
tax (plus solidarity surcharge) and trade tax, even if the Notes do not qualify as financial innovations.
If the Notes are held in a custodial account which the Noteholder maintains with a German branch of a
German or non-German bank or financial services institution (the "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 tax charge of 31.65 % of the gross interest payment. Withholding tax is also imposed on
Accrued Interest.
If the Notes qualify as financial innovations, as explained above, withholding tax at the aforementioned rate
will also be withheld from the difference between the proceeds from the disposition, assignment or
redemption and the issue or purchase price of the Notes if the Note has been kept in a custodial account
with such Disbursing Agent since the time of issuance or acquisition, respectively. If the Notes have been
transferred into the custodial account of the Disbursing Agent only after such point in time, withholding tax
at the aforementioned rate will be levied on a lumpsum basis on 30 % of the proceeds from the disposition,
assignment or redemption of the Notes. Where the Note is issued in a currency other than euro, the
aforementioned difference will be computed in the foreign currency.
In computing the tax to be withheld the Disbursing Agent may deduct from the basis of the withholding tax
any Accrued Interest paid by the holder of a Note to the Disbursing Agent during the same calendar year. In
general, no withholding tax will be levied if the holder of a Note is an individual (i) whose Note does not form
part of the property of a German 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 Note together with other investment
income does not exceed the maximum exemption amount shown on the withholding exemption certificate.
Similarly, no withholding tax will be deducted if the holder of the Note 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 holder of a Note to a refund, based on an assessment to tax.
Nonresidents
Interest, including Accrued Interest and (in the case of financial innovations) Original Issue Discount, and
capital gains are not subject to German taxation, unless (i) the Notes form part of the business property of a
permanent establishment, including a permanent representative, or a fixed base maintained in Germany by
the holder of a Note or (ii) the interest income otherwise constitutes German source income (such as
income from the letting and leasing of certain German-situs property). If the nonresident of Germany is
subject to German taxation with income from the Notes, a tax regime similar to that explained above at "Tax
Residents" applies; capital gains from the disposition of Notes are, however, only taxable in the case of (i).
Nonresidents 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 the Notes are held in a custodial account with a Disbursing Agent, withholding tax
is levied as explained above at "Tax Residents".
Inheritance and Gift Tax
No inheritance or gift taxes with respect to any Note 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 Note is 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 citizens who previously maintained a residence in
Germany.
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 Notes. Currently, net assets tax is not levied in Germany.
127
Proposal for the introduction of a flat tax on investment income
On 14 March 2007 the German Federal Government published draft legislation for a “Corporate Tax Reform
Act 2008” (“the draft bill”). As of the date of the Prospectus, it remains unclear whether and in which form
the envisaged legislative changes will become effective.
The draft bill includes the introduction of measures to broaden the tax base and that may have an adverse
effect on the taxation of a Holder.
Where the Notes are held as non-business assets interest income and capital gains from the alienation or
redemption of the Notes (“Private Capital Gains”) shall be subject to a flat tax on investment income
(Abgeltungssteuer). Private Capital Gains would be subject to the flat tax irrespective of any holding period.
The flat tax would be collected at a rate of 25% (plus 5.5% solidarity surcharge thereon and, if applicable,
church tax) of the relevant gross income. The relevant gross income would be the gross interest income, or,
in case of Private Capital Gains, generally the difference between the proceeds from the alienation or
redemption (less any expenses incurred in connection with the alienation or redemption) and the costs
incurred for the acquisition (Anschaffungskosten) of the Notes. The relevant gross income subject to the flat
tax will only be decreased by a lump sum deduction from investment income (Sparer-Pauschbetrag) of
Euro 801 (Euro 1,602 for married couples filing jointly). A deduction of the expenses actually incurred for
the purpose of producing the income shall not be permitted. Payment of the flat tax would satisfy any
income tax liability of the investor in respect of such interest income or Private Capital Gains. However,
Holders may instead apply for a tax assessment on the basis of applicable general rules if the resulting
income tax burden is lower. Even in this case, the relevant gross income would be taken into account and a
deduction of the expenses actually incurred would not be allowed.
The flat tax would be levied by way of withholding if a Disbursing Agent in Germany is involved in the
payment process and subject to further withholding tax requirements. Otherwise, the flat tax would be
collected by way of assessment, provided the Holder is a tax resident of Germany or the interest or the
Private Capital Gains constitute income from German sources and are therefore taxable to a nonresident
Holder.
The flat tax would apply on interest income received after 31 December 2008. Private Capital Gains shall
only be subject to the flat tax where the Notes will have been acquired after 31 December 2008, unless they
qualify as financial innovations.
The flat tax shall not apply where the Notes form part of a business property. In this case, the
effective tax burden on the interest income and on gains from an alienation (including a redemption)
of the Notes may increase as a consequence of other modifications introduced by the “Corporate
Tax Reform Act 2008”.2. The Netherlands
The following is intended as general information only and it does not purport to present any comprehensive
or complete picture of all aspects of Dutch tax laws which could be of relevance to a holder of a Note.
Prospective holders of a Note (hereinafter referred to as "Noteholder") should therefore consult their tax
adviser regarding the tax consequences of any purchase, ownership or disposal of Notes.
The following summary is based on the Dutch tax law as applied and interpreted by Dutch tax courts and as
published and in effect on the date hereof, without prejudice to any amendments introduced at a later date
and implemented with or without retroactive effect.
The Issuer has been advised that under Dutch tax law the following treatment will apply to the Notes.
For the purpose of this paragraph, "Dutch Taxes" shall mean taxes of whatsoever nature imposed, levied,
withheld or assessed by the Netherlands or any political subdivision or taxing authority thereof or therein.
Withholding Tax
Any payments made under the Notes will not be subject to withholding tax or deduction for, or on account
of, any Dutch Taxes.
Individual and Corporate Income Tax
A Noteholder will not be subject to any Dutch Taxes on any payment made to the Noteholder under the
Notes or on any capital gain made by the Noteholder from the disposal, or deemed disposal, or redemption
of, the Notes, provided that none of the following applies:
(i) the Noteholder is, or is deemed to be, a resident of the Netherlands; or
128
(ii) the Noteholder is an individual and has opted to be taxed as a resident of the Netherlands for Dutch
income tax purposes; or
(iii) the Noteholder derives profits from an enterprise, whether as entrepreneur (ondernemer) or pursuant to
a co-entitlement to the net worth of the enterprise other than as an entrepreneur or a shareholder, which
enterprise is, in whole or in part, carried on through a permanent establishment (vaste inrichting) or a
permanent representative (vaste vertegenwoordiger) in the Netherlands to which the Notes are
attributable; or
(iv) the Noteholder is an individual and has a substantial interest (aanmerkelijk belang) in the Issuer or
derives benefits from miscellaneous activities (overige werkzaamheden) carried out in the Netherlands
in respect of the Notes, including (without limitation) activities which are beyond the scope of active
portfolio investment activities; or
(v) the Noteholder is not an individual and has a substantial interest, or a deemed substantial interest ( fictief
aanmerkelijk belang), in the Issuer, which is not part of the assets of an enterprise; or
(iv) the Noteholder is entitled other than by way of the holding of securities to a share in the profits of an
enterprise effectively managed in the Netherlands to which the Notes are attributable.
Generally, a Noteholder has a substantial interest if such Noteholder, alone or together with his partner,
has, or if certain relatives of the holder or his partner have, directly or indirectly;
(i) the ownership of, or certain rights over, shares representing five percent or more of the total issued and
outstanding capital of the Issuer, or of the issued and outstanding capital of any class of shares of the
Issuer; or
(ii) rights to acquire shares, whether or not already issued, representing five percent or more of the total
issued and outstanding capital of the Issuer, or of the issued and outstanding capital of any class of
shares of the Issuer; or
(iii) the ownership of, or certain rights on, profit participating certificates that relate to five percent or more of
the annual profit of the Issuer or to five percent or more of the liquidation proceeds of the Issuer.
Generally, a Noteholder has a deemed substantial interest if (a) he has disposed of, or is deemed to have
disposed of, all or part of a substantial interest or (b) he is an individual and has transferred a business
enterprise in exchange for shares, on a non-recognition basis.
Gift tax or inheritance tax
No Dutch Taxes are due in respect of any gift of the Notes by, or inheritance of the Notes on the death of, a
Noteholder, except if:
(a) the Noteholder is a resident, or is deemed to be a resident, of the Netherlands; or
(b) the Noteholder, at the time of the gift or death, has an enterprise (or an interest in an enterprise) which
is, in whole or in part, carried on through a permanent establishment or permanent representative in the
Netherlands to which the Notes are attributable; or
(c) the Noteholder passes away within 180 days after the date of the gift of the Notes and is not, or not
deemed to be, at the time of the gift, but is, or deemed to be, at the time of his death, resident of the
Netherlands; or
(d) the Noteholder is entitled to a share in the profits of an enterprise effectively managed in the
Netherlands, other than by way of the holding of securities or through an employment contract, to which
enterprise the Notes are attributable.
For purposes of Dutch gift or inheritance tax, an individual who is of Dutch nationality will be deemed to be
a resident of the Netherlands if he has been resident in the Netherlands at any time during the ten years
preceding the date of the gift or his death. For purposes of Dutch gift tax, any individual, irrespective of his
nationality, will be deemed to be a resident of the Netherlands if he has been a resident of the Netherlands
at any time during the 12 months preceding the date of the gift. Furthermore, under circumstances, a
Noteholder will be deemed to be a resident of the Netherlands for purposes of Dutch gift and inheritance
tax, if the heirs jointly or the recipient of the gift, as the case may be, so elect.
129
Other taxes
No other Dutch Taxes, such as capital tax, turnover tax, or other similar tax or duty (including stamp duty
and court fees), are due by the Issuer or a Noteholder by reason only of the issue, acquisition or transfer of
the Notes.
Residency
Subject to the exceptions above, a Noteholder will not become a resident, or a deemed resident, of the
Netherlands for tax purposes, or become subject to Dutch Taxes, by reason only of the Issuer's
performance, or the Noteholder's acquisition (by way of issue or transfer to it), holding and/or disposal of the
Notes.
3. EU Savings Tax Directive
On 3 June 2003 the Council of the European Union approved a directive regarding the taxation of savings
income in the form of interest payments (the "EU Savings Tax Directive"). Accordingly, each EU Member
State must require paying agents (within the meaning of such directive) established within its territory to
provide to the competent authority of this state details of the payment of interest made to any individual
resident in another EU Member State as the beneficial owner of the interest. The competent authority of the
EU Member State of the paying agent (within the meaning of the EU Savings Tax Directive) is then required
to communicate this information to the competent authority of the EU Member State of which the beneficial
owner of the interest is a resident.
For a transitional period, Austria, Belgium and Luxembourg may opt instead to withhold tax from interest
payments within the meaning of the EU Savings Tax Directive at a rate of 15 % for the first three years from
application of the provisions of such directive, of 20 % for the subsequent three years, and of 35 % from the
seventh year after application of the provisions of such directive.
In conformity with the prerequisites for the application of the EU Savings Tax Directive, Switzerland,
Liechtenstein, San Marino, Monaco and Andorra have confirmed that from 1 July 2005 they will apply
measures equivalent to those contained in such directive, in accordance with agreements entered into by
them with the European Community. It has also been confirmed that certain dependent or associated
territories (the Channel Islands, the Isle of Man and certain dependent or associated territories in the
Caribbean) will apply from that same date an automatic exchange of information or, during the transitional
period described above, apply a withholding tax in the described manner. Consequently, the Council of the
European Union noted that the conditions have been met to enable the provisions of the EU Savings Tax
Directive to enter into force as from 1 July 2005.
By legislative regulations dated 26 January 2004 the German Federal Government enacted the provisions
for implementing the EU Savings Tax Directive into German law. These provisions apply as from 1 July
2005. The Directive was implemented in Luxembourg by a law which was adopted on 21 June 2005 and in
the Netherlands by a law which was adopted on 18 December 2003.
Holders who are individuals should note that the relevant Issuer will not pay additional amounts under § 7(c)
of the Terms and Conditions of the Notes in respect of any withholding tax imposed as a result of the EU
Savings Tax Directive.
4. Grand Duchy of Luxembourg
Non-Residents
Under the existing laws of Luxembourg and except as provided for by the Luxembourg law of 20 June 2005
implementing the EU Savings Tax Directive (as defined above), there is no withholding tax on the payment
of interest on, or reimbursement of principal of, the Notes made to non-residents of Luxembourg.
Under the Luxembourg law of 20 June 2005 implementing the EU Savings Tax Directive and as a result of
ratification by Luxembourg of certain related Accords with the relevant dependent and associated territories,
payments of interest or similar income made or ascribed ("attribuer") by a paying agent established in
Luxembourg to or for the immediate benefit of an individual or certain residual entities as defined by the law,
who, as a result of an identification procedure implemented by the paying agent, are identified as residents
or are deemed to be residents of an EU Member State other than Luxembourg or certain of those
dependent or associated territories referred to under "EU Savings Tax Directive" above, will be subject to a
withholding tax unless the relevant beneficiary has adequately instructed the relevant paying agent to
provide details of the relevant payments of interest or similar income to the fiscal authorities of his/her
130
country of residence or deemed residence or has provided a tax certificate from his/her fiscal authority in
the format required by law to the relevant paying agent. Where withholding tax is applied, it will be levied at
a rate of 15 per cent. during the first three-year period starting 1 July 2005, at a rate of 20 per cent. for the
subsequent three-year period and at a rate of 35 per cent. thereafter.
When used in the preceding paragraph "interest" and "paying agent" have the meaning given thereto in the
Luxembourg law of 20 June 2005 (or the relevant Accords) "Interest" will include accrued or capitalised
interest at the sale, repayment or redemption of the Notes. "Paying agent" is defined broadly for this
purpose and in the context of the Notes means any economic operator established in Luxembourg who
pays interest on the Notes to or ascribes the payment of such interest to or for the immediate benefit of the
beneficial owner, whether the operator is, or acts on behalf of, the Issuer or is instructed by the beneficial
owner to collect such payment of interest.
Payments of interest or similar income under the Notes to the Clearstream Banking AG ("CBF"),
Clearstream Banking société anonyme, Luxembourg ("CBL"), Euroclear Bank S. A./N. V. ("Euroclear") and
payments by or on behalf of Clearstream Banking, société anonyme, Luxembourg, to financial
intermediaries will not give rise to a withholding tax under Luxembourg law.
Residents
According to the law of 23 December 2005, interest or similar income on Notes paid by a Luxembourg
paying agent to an individual holder who is a resident of Luxembourg will be subject to a withholding tax of
10 percent which will operate a full discharge of income tax due on such payments. This withholding tax will
also apply in the case such payments are made to Residual Entities for the benefit of Luxembourg resident
individuals; notwithstanding the above, the withholding tax will not apply in this last case if, for purposes of
the application of the Savings Tax directive, the Residual Entity elects for exchange of information or elects
to be treated as an Undertaking for Collective Investment.
131
SELLING RESTRICTIONS
The Dealers have entered into an amended and restated dealer agreement of even date herewith (the "Dealer
Agreement") as a basis upon which they or any of them may from time to time agree to purchase Notes.
1. General
Each Dealer has represented and agreed that it will comply with all applicable laws and regulations in force
in any jurisdiction in which it purchases, offers, sells or delivers Notes or possesses or distributes the
Prospectus and will obtain any consent, approval or permission required by it for the purchase, offer, sale or
delivery by it of Notes under the laws and regulations in force in any jurisdiction to which it is subject or in
which it makes such purchases, offers, sales or deliveries and neither the Issuer nor the Guarantor (if
HeidelbergCement Finance is the Issuer) nor any other Dealer shall have any responsibility therefor.
With regard to each Tranche, the relevant Dealer will be required to comply with such other additional
restrictions as the Issuer and the relevant Dealer shall agree and as shall be set out in the applicable Final
Terms.
2. United States of America (the "United States")
(a) Each Dealer has acknowledged that the Notes have not been and will not be registered under the
Securities Act and may not be offered or sold within the United States except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the Securities Act. Each Dealer
has represented and agreed that it has not offered or sold, and will not offer or sell, any Note constituting
part of its allotment within the United States except in accordance with Rule 903 of Regulation S under
the Securities Act. Accordingly, each Dealer further has represented and agreed that neither it, its
affiliates nor any persons acting on its or their behalf have engaged or will engage in any directed selling
efforts with respect to a Note.
(b) From and after the time that the Issuer notifies the Dealers in writing that it is no longer able to make the
representation set forth in Article 4 (1) (m) (i) of the Programme Agreement, each Dealer (i)
acknowledges that the Notes 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 or pursuant to an exemption from the
registration requirements of the Securities Act; (ii) has represented and agreed that it has not offered
and sold any Notes, and will not offer and sell any Notes, (x) as part of its distribution at any time and (y)
otherwise until 40 days after the later of the commencement of the offering and closing date, only in
accordance with Rule 903 of Regulation S under the Securities Act; and accordingly, (iii) has further
represented and agreed that neither it, its affiliates nor any persons acting on its or their behalf have
engaged or will engage in any directed selling efforts with respect to any Note, and it and they have
complied and will comply with the offering restrictions requirements of Regulation S; and (iv) has also
agreed that, at or prior to confirmation of any sale of Notes, it will have sent to each distributor, dealer or
person receiving a selling concession, fee or other remuneration that purchases Notes from it during the
distribution compliance period a confirmation or notice to substantially the following effect:
"The Securities covered hereby have not been registered under the U. S. Securities Act of 1933 (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 by any person referred to in Rule 903 (b)(2)(iii) (i) as part of its distribution at
any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the
closing date, except in either case in accordance with Regulation S under the Securities Act. Terms
used above have the meanings given to them by Regulation S."
(c) Each Dealer who has purchased Notes of a Tranche hereunder (or in the case of a sale of a Tranche of
Notes issued to or through more than one Dealer, each of such Dealers as to the Notes of such Tranche
purchased by or through it or, in the case of a syndicated issue, the relevant Lead Manager) shall
determine and notify to the Fiscal Agent the completion of the distribution of the Notes of such Tranche.
On the basis of such notification or notifications, the Fiscal Agent agrees to notify such Dealer/Lead
Manager of the end of the restricted period with respect to such Tranche.
Terms used in this paragraph 2 have the meanings given to them by Regulation S.
132
(d) Each Dealer has represented and agreed that it has not entered and will not enter into any contractual
arrangement with respect to the distribution or delivery of Notes, except with its affiliates or with the prior
written consent of the Issuer.
(e) Notes, other than Notes with an initial maturity of one year or less, will be issued in accordance with the
provisions of United States Treasury Regulation § 1.163-5(c)(2)(i)(C) (the "C Rules"), or in accordance
with the provisions of United States Treasury Regulation § 1.163-5(c)(2)(i)(D) (the "D Rules"), as
specified in the applicable Final Terms.
In addition, where the C Rules are specified in the relevant Final Terms as being applicable to any
Tranche of Notes, Notes in bearer form must be issued and delivered outside the United States and its
possessions in connection with their original issuance. Each Dealer has represented and agreed that it
has not offered sold or delivered and will not offer, sell or deliver, directly or indirectly, Notes in bearer
form within the United States or its possessions in connection with their original issuance. Further, each
Dealer has represented and agreed in connection with the original issuance of Notes in bearer form, that
it has not communicated, and will not communicate, directly or indirectly, with a prospective purchaser if
either such Dealer or purchaser is within the United States or its possessions and will not otherwise
involve its U. S. office in the offer or sale of Notes in bearer form. Terms used in this paragraph have the
meanings given to them by the U. S. Internal Revenue Code and regulations thereunder, including the C
Rules.
In addition, in respect of Notes issued in accordance with the D Rules, each Dealer has represented and
agreed that:
(i) except to the extent permitted under U. S.Treas.Reg. Section 1.163-5(c)(2)(i)(D), (i) it has not offered
or sold, and during the restricted period will not offer or sell, Notes in bearer form to a person who is
within the United States or its possessions or to a United States person, and (ii) such Dealer has not
delivered and will not deliver within the United States or its possessions definitive Notes in bearer
form that are sold during the restricted period;
(ii) 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 Notes in bearer form are
aware that such Notes 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 the D
Rules;
(iii) if such Dealer is a United States person, it represents that it is acquiring the Notes in bearer form for
purposes of resale in connection with their original issuance and if such Dealer retains Notes in
bearer form for its own account, it will only do so in accordance with the requirements of
U. S.Treas.Reg. Section 1.163-5(c)(2)(i)(D)(6); and
(iv) with respect to each affiliate that acquires from such Dealer Notes in bearer form for the purposes of
offering or selling such Notes during the restricted period, such Dealer either (x) repeats and
confirms the representations and agreements contained in sub-clauses (i), (ii) and (iii) on such
affiliate's behalf or (y) agrees that it will obtain from such affiliate for the benefit of the Issuer the
representations and agreements contained in sub-clauses (i), (ii) and (iii).
Terms used in this paragraph (e) have the meanings given to them by the U. S. Internal Revenue
Code and regulations thereunder, including the D Rules.
(f) Each issue of index-, commodity- or currency-linked Notes shall be subject to such additional U. S.
selling restrictions as the Issuer and the relevant Dealer may agree as a term of the issue and purchase
of such Notes, which additional selling restrictions shall be set out in the Final Terms. Each Dealer
agrees that it shall offer, sell and deliver such Notes only in compliance with such additional U. S. selling
restrictions.
3. 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 Dealer has represented and agreed, and each further
Dealer appointed under the Programme will be required to represent and agree, that with effect from and
including the date on which the Prospectus Directive is implemented in that Relevant Member State (the
"Relevant Implementation Date") it has not made and will not make an offer of Notes to the public in that
Relevant Member State, except that it may, with effect from and including the Relevant Implementation
Date, make an offer of Notes to the public in that Relevant Member State:
133
(a) in the period beginning on the date of publication of a prospectus in relation to those Notes which has
been approved by the competent authority in that Relevant Member State in accordance with the
Prospectus Directive or, where appropriate, approved in another Relevant Member State and notified to
the competent authority in that Relevant Member State in accordance with the Prospectus Directive and
ending on the date which is 12 months after the date of such publication;
(b) at any time 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;
(c) at any time to any legal entity which has two or more of (1) an average of at least 250 employees during
the last financial year; (2) a total balance sheet of more than € 43,000,000 and (3) an annual net
turnover of more than € 50,000,000, as shown in its last annual or consolidated accounts; or
(d) at any time 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 Notes to the public" in relation to any Notes 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 Notes to be offered so as to enable an investor to decide to
purchase or subscribe the Notes, 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.
4. United Kingdom of Great Britain and Northern Ireland ("United Kingdom")
Each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be
required to represent and agree, that:
(i) in relation to Notes which have a maturity of less than one year, (a) it is a person whose ordinary
activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for
the purposes of its business, and (b) it has not offered or sold and will not offer or sell any such Notes
other than to persons whose ordinary activities involve them in acquiring, holding, managing or
disposing of investments (as principal or agent) for the purposes of their businesses or who it is
reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the
purposes of their businesses where the issue of the Notes would otherwise constitute a contravention of
Section 19 of the Financial Services and Markets Act 2000 ("FSMA") by the Issuer;
(ii) it has only communicated or caused to be communicated and will only communicate or cause to be
communicated any invitation or inducement to engage in investment activity (within the meaning of
Section 21 of the FSMA) received by it in connection with the issue or sale of any Notes in
circumstances in which Section 21 (1) of the FSMA does not apply to the Issuer; and
(iii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done
by it in relation to any Notes in, from or otherwise involving the United Kingdom.
5. The Netherlands
Each Dealer has furthermore represented and agreed that it has complied and will comply with the
requirement under the Dutch Savings Certificates Act (Wet inzake spaarbewijzen) that bearer Zero Coupon
Notes and other Notes which qualify as savings certificates as defined in the Dutch Savings Certificates Act
may be transferred and accepted only through the mediation of either the relevant Issuer or a Member of
Euronext Amsterdam N. V. with due observance of the Dutch Savings Certificates Act (including registration
requirements), except in the case of (i) the initial issue of such Notes to the first holders thereof, (ii) any
transfer and acceptance by individuals who do not act in the conduct of a profession or trade, and (iii) any
transfer and acceptance of such Notes, if they are physically issued outside The Netherlands and are not
distributed in The Netherlands in the course of primary trading or immediately thereafter.
6. Japan
Each Dealer has acknowledged that the Notes have not been and will not be registered under the
Securities and Exchange Law of Japan (the "Securities and Exchange Law"). Each Dealer has
represented and agreed that it will not offer or sell any Notes, 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,
134
directly or indirectly, in Japan or to a resident of Japan except only pursuant to an exemption which will
result in compliance with the Securities and Exchange Law and any applicable laws, regulations and
guidelines of Japan.
135
GENERAL INFORMATION
Interest of Natural and Legal Persons involved in the Issue/Offer
Certain of the Dealers and their affiliates may be customers of, borrowers from or creditors of
HeidelbergCement AG, HeidelbergCement Finance and its affiliates. In addition, certain Dealers and their
affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking
transactions with, and may perform services from HeidelbergCement AG, HeidelbergCement Finance and
its affiliates in the ordinary course of business.
Use of Proceeds
The net proceeds from each issue of Notes by HeidelbergCement AG will be applied for its general
corporate purposes.
The net proceeds from each issue of Notes by HeidelbergCement Finance will be applied towards the
purposes of on-lending to or investing in companies belonging to the same group of companies to which it
belongs.
Authorisation
The establishment of the Programme and the issue of Notes have been duly authorised by a resolution of
the Managing Board of HeidelbergCement AG dated 11 October 1996 and a resolution of the Board of
Directors of HeidelbergCement Finance dated 11 October 1996 and the giving of the Guarantee in respect
of the Notes has been authorised by a resolution of the Managing Board of HeidelbergCement AG dated 11
October 1996. The amendments to, and increases in the nominal amount of, the programme have been
duly authorised by resolutions of the Managing Board and the Supervisory Board of HeidelbergCement AG
dated 1 December 1999 and 11 September 2001 and by resolutions of the Board of Directors of
HeidelbergCement Finance dated 1 December 1999, 4 October 2001 and 4 September 2002.
Post Issuance Information
With regard to any assets underlying derivative securities none of the Issuers will provide post-issuance
information with regard to derivative securities within the meaning of Annex XII of the Commission
Regulation (EC) No. 809/2004 of 29 April 2004.
Listing and Admission to Trading
Luxembourg Stock Exchange
of the Luxembourg Stock Exchange and to trade Notes on the Regulated Market "Bourse de Luxembourg"..
136
DOCUMENTS ON DISPLAY
So long as Notes are capable of being issued under the Programme, copies of the Articles of Association
and Consolidated Annual Accounts of the two preceeding business years will, when published, be available
free of charge from the registered office of the relevant Issuer and from the specified offices of the Paying
Agents for the time being in Frankfurt am Main and Luxembourg.
of the Luxembourg Stock Exchange and to trade Notes on the Regulated Market "Bourse de Luxembourg"..
In the case of Notes traded on the regulated market of the Luxembourg Stock Exchange or publicly offered
in the Grand Duchy of Luxembourg, the Final Terms will be displayed on the website of the Luxembourg
Stock Exchange (www.bourse.lu). In the case of Notes listed on any other stock exchange or publicly
offered in one or more member states of the European Economic Area other than the Grand Duchy of
Luxembourg, the Final Terms will be displayed on the website of HeidelbergCement AG (www.hzag.de).
The documents mentioned in this Prospectus are available free of charge and may be inspected during
usual business hours on any working day from the date hereof for the whole life of the Prospectus in
respect of Notes listed on the official list of the Luxembourg Stock Exchange and traded on the Regulated
Market "Bourse de Luxembourg" at the offices of Deutsche Bank AG, Grosse Gallusstrasse 10-14, D-60272
Frankfurt am Main and at the offices of Deutsche Bank Luxembourg S. A., 2, Boulevard Konrad Adenauer,
L-1115 Luxembourg.
137
DOCUMENTS INCORPORATED BY REFERENCE [to be reviewed]
The following documents which have previously been published or are published simultaneously with this
Prospectus and which have been filed with the CSSF are incorporated by reference into this Prospectus
and are available in the English language (translation from the German language of the German
consolidated financial statements and the auditor's report concerning the audit of the consolidated financial
statements and the combined management report of HeidelbergCement Group and HeidelbergCement AG
prepared in German):
1) HeidelbergCement AG
– the audited consolidated financial statements of the HeidelbergCement Group for the fiscal year
ended on 31 December 2005 consisting of
•
Balance Sheet (page 70–71 of the Annual Report 2005)
•
Profit and loss account (page 68 of the Annual Report 2005)
•
Statement of recognized income and expenses (page 72 of the Annual Report 2005)
•
Equity capital grid/notes (page 72–73 of the Annual Report 2005)
•
Cash Flow Statement (page 69 of the Annual Report 2005)
•
Notes (page 74–135 of the Annual Report 2005)
•
The Auditor's Report (page 136 of the Annual Report 2005)
– the audited consolidated financial statements of the HeidelbergCement Group for the fiscal year
ended on 31 December 2006 consisting of
•
Balance Sheet (pages 68-69 of the Annual Report 2006)
•
•
Statement of recognized income and expenses (page 73 of the Annual Report 2006)
•
Equity capital grid/notes (page 71 of the Annual Report 2006)
•
Cash Flow Statement (page 67 of the Annual Report 2006)
•
Notes (pages 74-128 of the Annual Report 2006)
•
Segment reporting/notes (pages 72-128 of the Annual Report 2006)
•
2) HeidelbergCement Finance B. V.
– the audited financial statements of the HeidelbergCement Finance for the fiscal year ended on 31
December 2005 consisting of
•
Balance Sheet (page 6 of the Annual Report 2005)
•
•
Notes (page 8–14 of the Annual Report 2005)
•
– the audited financial statements of the HeidelbergCement Finance for the fiscal year ended on 31
December 2006 consisting of
•
Balance Sheet (page 6 of the Annual Report 2006)
•
•
Notes (pages 9-15 of the Annual Report 2006)
•
138
Any information not listed in the list above but included in the documents incorporated by reference, is given
for information purposes only.
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 Notes are listed on the market of the Luxembourg Stock
Exchange appearing on the list of regulated markets issued by the European Commission (Regulated
Market "Bourse de Luxembourg") and the rules of such stock exchange so require.
139
ADDRESSES
THE ISSUERS
HeidelbergCement AG
Berliner Strasse 6
69120 Heidelberg
Germany
Sint Teunislaan 1
5231 BS 's-Hertogenbosch
The Netherlands
FISCAL AGENT
Grosse Gallusstrasse 10–14
60272 Frankfurt am Main
LUXEMBOURG PAYING AGENT
1115 Luxembourg
Luxembourg
LEGAL ADVISERS
To the Dealers
as to Netherlands law
To the Dealers
As to German law
De Brauw Blackstone Westbroek N. V.
Tripolis
Burgerweeshuispad 301
1076 HR Amsterdam
The Netherlands
Hengeler Mueller
Partnerschaft von
Rechtsanwälten
Bockenheimer Landstrasse 24
Germany
AUDITORS TO THE ISSUERS
To HeidelbergCement AG
To HeidelbergCement Finance B. V.
Ernst & Young AG
Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
Mittlerer Pfad 15
70499 Stuttgart
Germany
Ernst & Young Accountants
Europalaan 28c,
5232 BC 's-Hertogenbosch,
The Netherlands
140
DEALERS
ABN AMRO Bank NV
250 Bishopsgate
London EC2M 4AA
United Kingdom
Bayerische Hypo- und Vereinsbank AG
Arabellastrasse 12
81925 München
Germany
Bayerische Landesbank
Brienner Strasse 18
80333 München
Germany
BNP PARIBAS
10 Harewood Avenue
London NW1 6AA
United Kingdom
CALYON
9, quai du Président Paul Doumer
92920 Paris la Défense Cedex
France
Citigroup Global Markets Limited
Citigroup Centre
Canada Square
Canary Wharf
London E14 5LB
United Kingdom
Commerzbank Aktiengesellschaft
60 Gracechurch Street
London EC3V 0HR
United Kingdom
Germany
Dresdner Bank Aktiengesellschaft
Jürgen-Ponto-Platz 1
Germany
ING Bank N. V.
Foppingadreef 7
1102 BD Amsterdam
The Netherlands
Landesbank Berlin AG
Alexanderplatz 2
10178 Berlin
Germany
Landesbank Hessen-Thüringen Girozentrale
Neue Mainzer Strasse 52–58
Germany
Nordea Bank AB (publ)
Hamngatan 10
10571 Stockholm
Sweden
Skandinaviska Enskilda Banken AB (Publ)
2 Cannon Street
London EC4M 6XX
United Kingdom
The Royal Bank of Scotland plc
135 Bishopsgate
London EC2M 3UR
United Kingdom
WestLB AG
Herzogstrasse 15
D-40217 Düsseldorf
Germany
141
ANNEX 2
First Supplement dated 27 September 2007
142
Supplement to the Medium Term Note Programme Prospectus dated 13 April 2007
dated 27 September 2007
This document (the "Supplement") constitutes a supplement in accordance with Art. 13 of the
Luxembourg Law relating to prospectuses for securities (Loi relative aux prospectus pour valeurs
mobilières) to two base prospectuses: (i) the base prospectus of HEIDELBERGCEMENT AG in
respect of non-equity securities within the meaning of Art. 22 No. 6(4) of the Commission Regulation
(EC) No. 809/2004 of 29 April 2004 ("Non-Equity Securities"), and (ii) the base prospectus of
HEIDELBERGCEMENT FINANCE B. V. in respect of Non-Equity Securities dated 13 April 2007
(together, the "Medium Term Note Programme Prospectus" or the "Prospectus").
HEIDELBERGCEMENT AG
and
(the "Programme")
Each Issuer has requested the Commission de Surveillance du Secteur Financier of the Grand Duchy
of Luxembourg (the "Commission") in its capacity as competent authority under the Luxembourg Law
relating to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières) which
implements Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003
into Luxembourg law to provide the competent authorities in the Federal Republic of Germany, the
Republic of Austria, the Republic of Ireland, the United Kingdom of Great Britain and Northern Ireland,
and The Netherlands with a certificate of approval attesting that the Supplement has been drawn up in
accordance with the Loi relative aux prospectus pour valeurs mobilières ("Notification"). Each Issuer
may request the Commission to provide competent authorities in additional Member States within the
European Economic Area with a Notification.
HeidelbergCement AG, with its registered office in Heidelberg, Federal Republic of Germany and HeidelbergCement Finance B. V., with its registered office in 's-Hertogenbosch, The Netherlands (each an
"Issuer") are solely responsible for the information given in this Supplement. Each Issuer hereby declares
that, having taken all reasonable care to ensure that such is the case, the information contained in this
Supplement is, to the best of its knowledge, in accordance with the facts and contains no omission likely to
affect its import.
Unless otherwise provided in this Supplement, terms defined or otherwise attributed meanings in the
Prospectus have the same meaning in this Supplement. This Supplement shall only be distributed in
connection with the Prospectus. To the extent that there is any inconsistency between any statement
in this Supplement and any other statement in or incorporated by reference in the Prospectus, the
statements in this Supplement will prevail.
This Supplement has been approved by the Commission, has been filed with said authority and will be
published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu).
In accordance with Article 13 paragraph 2 of the Loi relative aux prospectus pour valeurs mobilières,
investors who have already agreed to purchase or subscribe for Non-Equity Securities before this
Supplement is published have the right, exercisable within a time limit of minimum two working days
after the publication of this Supplement, to withdraw their acceptances.
143
SUPPLEMENTAL INFORMATION
I.
Supplemental information pertaining to the amount of the Programme
1. All references in the Prospectus to the amount € 3,000,000,000 shall be deemed to be replaced
by the amount € 10,000,000,000, respectively.
2. On page 149 of the Prospectus, the sub-section entitled "Authorisation" shall be supplemented by
the following sentence at the end of that sub-section:
"The increase of the aggregate amount of the Programme from € 3,000,000,000 to
€ 10,000,000,000 has been duly authorised by resolutions of the Managing Board and the Supervisory Board of HeidelbergCement AG dated 17 September 2007, respectively, and by a
resolution of the Board of Directors of HeidelbergCement Finance dated 17 September 2007."
II.
Supplemental information pertaining to the acquisition of Hanson Limited
1. Unless otherwise provided in this Supplement, all references in the Prospectus to "HeidelbergCement Group" or "HC Group" or "Group" shall be understood to exclude Hanson and its
subsidiaries, respectively.
2.
On page 11 of the Prospectus, the last two paragraphs of the sub-section entitled "Summary regarding
HeidelbergCement AG" shall be replaced by the following two paragraphs:
"The subscribed share capital of HeidelbergCement AG amounts to € 360,000,000 and is divided into
120,000,000 bearer shares with a proportional amount of share capital of € 3.00 each. All shares have
been issued and are fully paid in.
According to the information available to the Company, the main holders of HeidelbergCement AG's
share capital are Spohn Cement GmbH with 60.59 %, Senator h.c. Dr. med. h.c. Adolf Merckle with
17.98 % (thereof 17.78 % via VEM Vermögensverwaltung GmbH) and SCHWENK Beteiligungen
GmbH & Co. KG with 7.20 % of the share capital. The free float amounts to 14.23 % of the share
capital."
3.
On page 42 of the Prospectus, the sub-section entitled "Managing Board (Vorstand)" shall be
supplemented by the following paragraph at the end of that sub-section:
"On 6 August 2007, the Supervisory Board of HeidelbergCement AG has appointed Dr. Dominik
von Achten, Düsseldorf, as additional member of the Managing Board with effect as of 1 October
2007. Dr. von Achten will be exclusively in charge of the integration of Hanson Limited (formerly
Hanson PLC) and its subsidiaries into the HeidelbergCement Group. On the same date, the
Supervisory Board has also appointed Dr. Albert Scheuer, Wiesloch, as member of the Managing
Board with effect as of 1 January 2008. Dr. Scheuer will replace Mr. Erhard who will retire from his
position at the end of 2007. Furthermore, on 17 September 2007, the Supervisory Board of
HeidelbergCement AG has appointed Mr. Alan Murray, CEO of Hanson, as additional member of
the Managing Board with immediate effect."
4.
On page 54 of the Prospectus, the first paragraph of the sub-section entitled "Share Capital" shall be
replaced by the following paragraph:
"On 13 May 2007, the Managing Board of HeidelbergCement AG resolved, with the consent of the
Supervisory Board, to make use of authorised capital and to implement a cash capital increase.
The capital increase was entered into the commercial register on 1 June 2007. VEM Vermögensverwaltung GmbH, Dresden/Germany, a Merckle group company, subscribed approximately
4.4 million new shares at a subscription price of € 120 per share. The cash proceeds amount to
approximately € 527 million. After the capital increase, the subscribed share capital of HeidelbergCement AG amounts to € 360,000,000 and is divided into 120,000,000 bearer shares with a
proportional amount of share capital of € 3.00 each. All shares have been issued and are fully paid
in."
144
5.
After the section of the Prospectus entitled "Description of HeidelbergCement Finance B. V." (i.e. at the
beginning of page 62 of the Prospectus), the following new section shall be inserted:
"ACQUISITION OF HANSON LIMITED
Acquisition of Hanson Limited by Lehigh UK Limited, a wholly owned direct
subsidiary of HeidelbergCement AG
On 15 May 2007, Hanson PLC, a public limited company incorporated in England and Wales (which
was re-registered as a private limited company and renamed "Hanson Limited" on 11 September
2007) ("Hanson", and together with its subsidiaries, "Hanson Group"), and HC AG announced that
they had reached agreement on the terms of the recommended acquisition of the entire issued and to
be issued share capital of Hanson by Lehigh UK Limited, a wholly owned direct subsidiary of HC AG
("Lehigh"), at a price of 1,100 pence in cash for each Hanson share (the "Acquisition"). The
Acquisition was completed on 23 August 2007.
Reasons for the Acquisition and strategy
HeidelbergCement pursues a dual growth strategy with a focus on cement in emerging markets and
on aggregates in mature markets, such as North America. Complementing the cement business with
aggregates protects markets along the value chain, as it is more and more difficult to get mining
permits in many countries. Aggregates are a long-term oriented business with high market entry
barriers and comparatively stable earnings.
The new organisation will be a fully-integrated building materials company of larger scale and size that
is expected to strengthen HeidelbergCement's competitive positions in individual regions and markets.
Hanson provides a good geographic fit into HeidelbergCement's UK and US business. The United
States are considered a market with growth potential due to the sustainable population growth.
There are synergy and cost saving potentials that will be further evaluated immediately after the
closing of the Acquisition. These potentials consist of top line synergies (e.g. vertical integration),
increased economies of scale (e.g overhead reduction, shared services consolidation, joint procurement, logistics and sales force, IT integration etc.) and operational improvement (e.g. efficiency
increases, production streamlining, network optimisations, exchange of best practices).
Summary of the terms of the Acquisition
Following the acquisition of 27.6% of the share capital in Hanson over the stock exchange by
HeidelbergCement, the Acquisition of the remaining shares was implemented by way of a court
approved procedure known as a scheme of arrangement under section 425 of the UK Companies Act
1985 (the "Scheme"). The Scheme governed the transfer of all ordinary shares in Hanson, including
those represented by American depositary shares ("ADS") listed on the New York Stock Exchange
(with one ADS representing five ordinary Hanson shares) as well as those represented by Chess
Depository Interests ("CDI") listed on the Australian Stock Exchange (with one CDI representing one
ordinary Hanson share), however excluding any shares in Hanson held by any members of the
HeidelbergCement Group or by Hanson as treasury shares (the transferred shares together, the
"Scheme Shares", and the holders of such shares, the "Hanson Shareholders"). Under the terms of
the Scheme, all of the Hanson Shareholders were entitled to receive 1,100 pence in cash for each
Scheme Share. This represents a price of 5,500 pence in cash for each ADS and of 1,100 pence in
cash for each CDI. As an alternative to some or all of the aforementioned cash consideration, certain
Hanson Shareholders (excluding, in particular, those Hanson Shareholders resident in the United
States of America, Australia, Canada and Japan) were granted the opportunity to elect to receive loan
notes, such loan notes to be issued by Lehigh on the basis of GBP 11 nominal value of loan notes for
each Scheme Share. The aggregate value of loan notes issued in that context amounted to
GBP 120,846,825. Further, small amounts of loan notes will be available for issue to those Hanson
employees under the Hanson sharesave schemes who requested on or before 13 July 2007 to receive
145
loan notes on any exercise of their options under those schemes and such exercise takes place at any
time prior to or on 23 February 2008.
The terms of the Acquisition value the entire existing issued and to be issued ordinary share capital of
Hanson at approximately GBP 8 billion and represent:
• a premium of approximately 50 % to the average closing mid-market price of 734 pence per
Hanson share for the twelve months ended 2 May 2007, being the last business day prior to the
announcement by HC AG that it was reviewing its options with respect to its interest in Hanson,
including the possibility of seeking to acquire Hanson;
• a premium of approximately 34 % to the average closing mid-market price of 820 pence per
Hanson share for the three months ended 2 May 2007; and
• a premium of approximately 29 % to the closing mid-market price of 852 pence per Hanson share
on 2 May 2007.
The Scheme was approved by the Hanson Shareholders at a court meeting as well as at an
extraordinary general meeting held in London on 31 July 2007. The sanction of the Scheme by the
court was granted on 20 August 2007.
The Scheme became effective on 23 August 2007. As a consequence, the Scheme became binding
on all Hanson Shareholders (including ADS holders and CDI holders) as well as on the ADS
depositary and the CDI registrar in respect of the Hanson shares underlying the ADSs and CDIs.
Hanson's shares were both cancelled from the official list of the UK Listing Authority and ceased to be
admitted to trading on the London Stock Exchange's market for listed securities on 30 August 2007.
Furthermore, the ADSs were removed from listing on the New York Stock Exchange on 4 September
2007. Similarly, both the termination of the quotation of the CDIs and the removal of Hanson from the
official list of the ASX took place on 30 August 2007.
The total transaction fees, excluding social security charges (which vary by country), incurred by
HC AG in connection with the Acquisition are estimated to amount to approximately EUR 20 million.
These costs include, but are not limited to, financing fees and advisor costs.
Integration of Hanson into the HeidelbergCement Group
In order to integrate Hanson into the organisational structure of the HeidelbergCement Group and its
existing Group area organisation, HeidelbergCement has initiated an integration process. On 6 August
2007, the Supervisory Board has appointed Dr. Dominik von Achten, Düsseldorf, as additional
member of the Managing Board with effect as of 1 October 2007. Mr. von Achten will be exclusively in
charge of the integration of Hanson. The integration process aims at integrating Hanson fast and
smoothly into the HeidelbergCement organisation.
Financing of the Acquisition
In order to finance the Acquisition, HC Finance B. V. and HC AG have entered into a facilities
agreement dated 14 May 2007 as amended on 11 July 2007 under which an international syndicate of
banks arranged by Deutsche Bank AG and The Royal Bank of Scotland Plc made available credit
facilities in an aggregate amount of GBP 7.72 billion and EUR 3.4 billion (the "Facilities Agreement").
An amount of EUR 8.32 billion drawn by HC Finance B. V. under the Facilities Agreement has been
on-lent to HeidelbergCement UK Holding Ltd. which has provided a corresponding amount in GBP as
equity to Lehigh to satisfy the consideration payable to the Hanson Shareholders under the terms of
the Scheme. The remainder of the facilities was partly used to finance the acquisition of shares in
Hanson by HeidelbergCement before the implementation of the Scheme (see sub-section "Summary
of the terms of the Acquisition" above), whereas other parts of the remainder will be used to fund
redemptions of loan notes issued under the Scheme as an alternative to some or all of the cash
consideration, to refinance certain of HC AG's existing debts and parts of the existing debt of the
Hanson Group, to provide working capital for the enlarged HeidelbergCement Group and to pay
146
certain fees and expenses associated with the Acquisition. The facilities made available under the
Facilities Agreement will be partly refinanced through capital market transactions (issuance of Notes
under the Programme described herein, and as the case may be, issuance of a hybrid bond) and the
divestment of selected non-core activities (such as the sale of maxit Group – see "Recent Developments" below). As a consequence of the Acquisition, the long-term financial liabilities of the
HeidelbergCement Group including the Hanson Group increased by approximately EUR 10 billion.
Taking into account that such increase was partly caused by the refinancing of short-term financial
liabilities, the total increase of all liabilities on a consolidated basis amounts to approximately EUR
9 billion. It is HC AG's intention to maintain an investment grade rating for the enlarged group, and in
order to support its objective it has, in addition to raising the funds required to finance the Acquisition,
increased its capital in an amount of approximately EUR 527 million with effect from 1 June 2007.
Unaudited illustrative financial information (HeidelbergCement Group including
Hanson Group)
The following tables of the unaudited illustrative financial information for HeidelbergCement Group
including Hanson Group provide a summary of the selected underlying historical audited consolidated
financial information about HeidelbergCement and Hanson for the year ended 31 December 2006 as
well as selected underlying historical unaudited interim consolidated financial information about
HeidelbergCement and Hanson as of and for the six months ended 30 June 2007, and the resulting
unaudited illustrative financial information for HeidelbergCement Group including Hanson Group.
The selected underlying historical consolidated financial information for the year ended 31 December
2006 was obtained from HeidelbergCement's and Hanson's audited consolidated financial statements
prepared on the basis of IFRS, as adopted by the EU, for the fiscal year ended on 31 December 2006.
The selected underlying historical unaudited interim consolidated financial information as of and for
the six months ended 30 June 2007 was obtained from HeidelbergCement's and Hanson's unaudited
interim consolidated financial statements prepared under IFRS, as adopted by the EU which apply to
interim reporting, for the period from 1 January to 30 June 2007.
The illustrative financial information for HeidelbergCement Group including Hanson Group contained
in this Prospectus as of and for the six months ended 30 June 2007 and for the year ended 31 December 2006 has not been audited. The illustrative financial information for HeidelbergCement Group
including Hanson Group includes Hanson Group in addition to the subsidiaries consolidated in HeidelbergCement Group. For purposes of the preparation of the illustrative financial information in the
illustrative condensed consolidated profit and loss statement for the period from 1 January through
31 December 2006, it was assumed the Acquisition had taken place as of 1 January 2006. For
purposes of the preparation of the illustrative financial information in the illustrative condensed
consolidated balance sheet as of 30 June 2007 and the illustrative condensed consolidated profit and
loss statement for the period from 1 January through 30 June 2007, it was assumed the Acquisition
had taken place as of 1 January 2007.
The unaudited illustrative financial information for HeidelbergCement Group including Hanson Group
as included in this Prospectus does not qualify as pro forma financial information within the meaning of
Commission Regulation (EC) 809/2004 of 29 April 2004 and does not comply with IDW Accounting
Practice Statement: Preparation of Pro Forma Financial Information (AcPS AAB 1.004) [IDW
Rechnungslegungshinweis: Erstellung von Pro-Forma-Finanzinformationen (IDW RH HFA 1.004)]
promulgated by the Institute of German Public Auditors (IDW), or those standards promulgated by the
U.S. Securities and Exchange Commission in Article 11 of Regulation S-X, Form and Content of and
Requirements for Financial Statements, or any other international accounting standards for preparing
pro forma financial information. Although the Acquisition has been completed on 23 August 2007,
HeidelbergCement is currently not yet able to incorporate the Hanson Group's information about the
details of the accounting policies and the acquired assets (including intangible assets) and assumed
liabilites and contingent liabilities in the unaudited illustrative financial information due to the time
required to obtain and prepare this information. In particular, the consistency of the accounting policies
applied in the underlying historical financial information of HeidelbergCement Group and Hanson
Group is not guaranteed and a provisional allocation of the purchase price according to IFRS 3 cannot
be executed.
147
The unaudited illustrative financial information for HeidelbergCement Group including Hanson Group
is prepared purely for illustrative purposes and contains uncertainties and assumptions. For this
reason, the illustrative financial information is not an indicator of what HeidelbergCement's actual
financial condition and results of operations would have been if the structure assumed in the
illustrative financial information for HeidelbergCement Group including Hanson Group had already
existed as of 1 January 2006 or as of 1 January 2007, as the case may be. In addition, this information
is not intended to be used to forecast HeidelbergCement's future financial condition or results of
operations. The illustrative financial information for HeidelbergCement Group including Hanson Group
must be read in conjunction with HeidelbergCement's and Hanson's relevant historical consolidated
financial statements.
148
Basis of preparation and general assumptions
(HeidelbergCement Group including Hanson Group):
of
the
unaudited
illustrative
financial
information
This unaudited illustrative financial information (HeidelbergCement including Hanson Group) is prepared purely for
illustrative purposes. The entire acquisition costs considered for the preparation of the illustrative financial information
(HeidelbergCement including Hanson Group) amount to 11,624 mEUR. Transaction fees of the acquisition are not
considered. The costs for Hanson's stock option program are neglected for materiality reasons.
With regard to the financing of the Acquisition, the capital increase of 527 mEUR million has been reflected, and it is
assumed that additional liabilities amounting to 11,097 mEUR are contracted. Tax effects are calculated at a hypothetical
tax rate of 25 %, which is the weighted effective tax rate of HeidelbergCement Group and Hanson Group in 2006. All
financing costs related to the Acquisition are considered as fully tax deductible in the combined group.
maxit Group is still included in the unaudited illustrative financial information (HeidelbergCement Group including Hanson
Group) since the share purchase agreement in respect of maxit Group was signed after the period which forms subject of
the unaudited illustrative financial information.
As HeidelbergCement has currently not yet obtained and prepared the necessary information about the accounting policies
and the acquired assets (including intangible assets) and assumed liabilites and contingent liabilites of Hanson Group, no
detailed purchase price allocation in accordance with IFRS 3 is performed for purposes of the unaudited illustrative
financial information (HeidelbergCement Group including Hanson Group).
The underlying assumptions for the preparation of the illustrative condensed consolidated profit and loss statement for the
period from 1 January to 30 June 2007 and the illustrative condensed consolidated balance sheet as of 30 June 2007 are
that the Acquisition of Hanson and the related financing of the Acquisition with the capital increase of 527 mEUR and
additional liabilities amounting to 11,097 mEUR had taken place as of 1 January 2007.
The preparation of the illustrative condensed consolidated profit and loss statement for the period from 1 January to
31 December 2006 is based on the assumptions that the Acquisition of Hanson and the related financing of the Acquisition
with the capital increase of 527 mEUR and additional liabilities amounting to 11,097 mEUR had taken place as of
1 January 2006.
149
Illustrative condensed consolidated profit and loss statements
Illustrative
adjustments
Consolidated financial information
HeidelbergCement
Group
mEUR
Turnover a)
Total net cost before
depreciation b)
Operating income
before depreciation
(OIBD)
Depreciation of
tangible assets and
amortisation of
intangible assets
Operating income
Additional ordinary
result
Result from
associated
companies and
other participation d)
Earnings before
interest and
income taxes
(EBIT) e)
Financing result f)
Profit before tax
Taxes on income g)
Profit for the
financial
period/year
Minority interests
Group share in profit
Earnings per share
(EPS) in EUR
Number of shares in
'000s (weighted
average)
Hanson
Group
Illustrative financial
information
(HeidelbergCement
Group including
Hanson Group)
1 January 1 January 1 January 1 January 1 January 1 January 1 January 1 January
to 31
to 30 June
to 31
to 30 June
to 31
to 30 June
to 31
to 30 June
2007
December
2007
December
2007
December
2007
December
2006
2006
2006
2006
(unaudited) (audited) (unaudited) (audited) (unaudited) (unaudited) (unaudited) (unaudited)
9,234
3,029
6,063
7,840
15,297
4,811
-3,836
-7,259
-2,552
-4,961
-6,388
-12,220
974
1,975
477
1,103
1,452
3,077
-255
-514
-167
-327
-422
-841
720
829
1,460
25
310 h)
13
776 c)
-5
1,030
842
2,236
19
107
180
26
49
-37 2)
95
229
1,656
1,665
349
820
-37
1,967
2,485
-120
1,536
-194
1,342
-226
1,439
-412
1,026
-64
285
-46
239
-114
706
-117
589
-296 1)
-333
76 3)
-257
-479
1,488
-164
1,324
-951
1,534
-377
1,158
-39
1,303
-76
951
-1
238
-2
587
-40
1,284
-77
1,080
11.20
8.22
10.70
9.00
116,314
115,602
120,000
119,996
3,686 4)
-610 5)
-610
153 6)
-458
4,394 7)
Amounts for the Hanson Group are derived from the Annual Report and form 20-F of Hanson plc for the year ended
31 December 2006 and the Interim Report of Hanson plc for the period ended 30 June 2007 as follows:
a) Group* turnover from continuing operations
b) Group*, continuing operations
c) Group* Operating Profit continuing operations before impairments
d) Share of joint ventures and associates profit after tax
e) Operating Profit
f)
Net Finance Costs
g) Tax on continuing operations
h) Group* Operating Profit before impairments and transaction costs, continuing operations
*
The use of the word "Group" reflects the fact that the results of joint ventures and associates that are accounted for
under the equity method are excluded.
150
Notes to the historical consolidated financial information of Hanson for the period from 1 January to 30 June 2007
and the period from 1 January to 31 December 2006:
Hanson's income and expenses from 1 January to 30 June 2007 are translated into euro at the average rate for the first
half of the year 2007, amounting 0.674782 GBP/EUR. Hanson's income and expenses from 1 January to 31 December
2006 are translated at the average rate for fiscal 2006, amounting 0.681576 GBP/EUR.
Hanson's share of joint-ventures' and associates' profit is accounted net of tax. The amount is presented as result from
associated companies and other participations.
Notes to the illustrative condensed consolidated profit and loss statement for the period from 1 January to 30
June 2007:
1) An implied interest rate of 5.5 % leads to supplemental interest expenses of 305 mEUR from 1 January to 30 June
2007 taking into account the additional liabilities amounting to 11,097 mEUR. Besides, 9 mEUR accrued interest
expenses are reversed. These interest expenses are caused by the financing of 2,598 mEUR, related to the acquisition
of 27.6 % of Hanson's shares, which are included in HeidelbergCement's historical consolidated financial information
for the period from 1 January to 30 June 2007. A tax reduction for the elimination of the accrued interest expenses
amounting to 9 mEUR is not considered for materiality reasons.
2) As of 30 June 2007, HeidelbergCement holds 27.6 % in Hanson and consolidates this investment with the equity
method. Therefore 37 mEUR result from participations due to the at equity consolidation from 16 May to 30 June 2007
in HeidelbergCement's consolidated financial information are reversed.
3) A tax reduction of 76 mEUR on the recognised financing costs amounting to 305 mEUR, calculated at a hypothetical
tax rate of 25 %, is considered.
4) The EPS calculation includes additional 4,393,749 shares due to the capital increase. Since the EPS calculation is
being done using weighted average outstanding numbers of shares of HeidelbergCement, this amount is reduced to
3,685,867 as the new shares are already partly considered in HeidelbergCement's historical number of shares, which
amounts to 116,314,133.
Notes to the illustrative condensed consolidated profit and loss statement for the period from 1 January to
31 December 2006:
5) An implied interest rate of 5.5 % leads to supplemental interest expenses of 610 mEUR from 1 January to
31 December 2006 taking into account the additional liabilities amounting to 11,097 mEUR.
6) A tax reduction of 153 mEUR on the recognised financing costs amounting to 610 mEUR, calculated at a hypothetical
tax rate of 25 %, is considered.
7) The EPS calculation includes additional 4,393,749 shares due to the capital increase.
151
Illustrative condensed consolidated balance sheet
Consolidated financial information
mEUR
Goodwill
Long-term assets (excluding
goodwill)
Short-term assets (excluding cash
at bank and in hand and
investments and similar rights)
Cash at bank and in hand and
investments and similar rights
Total assets
HeidelbergCement
Group
30 June
2007
(unaudited)
2,829
Illustrative
adjustments
Hanson
Group
30 June
2007
(unaudited)
1,804
30 June
2007
(unaudited)
7,359 1)
-3,162 2)
Illustrative
financial
informatio
n
(Heidelber
gCement
Group
including
Hanson
Group)
30 June
2007
(unaudited)
11,992
9,777
5,417
2,772
2,158
4,930
294
1,124
1,417
15,670
10,502
4,197
30,370
Capital entitled to shareholders
Minority interests
Shareholder's equity and minority
interests
Long-term provisions and liabilities
7,078
512
7,590
4,265
9
4,274
-4,521 3)
6,821
-4,521
7,343
4,486
3,431
4)
16,711
Short-term provisions and liabilities
3,595
2,797
-76 5)
6,316
15,670
10,502
4,197
30,370
a)
b)
Total equity and liabilities
8,795
12,031
Amounts for the Hanson Group are derived from the Annual Report and form 20-F of Hanson plc for the year ended
31 December 2006 and the Interim Report of Hanson plc for the period ended 30 June 2006 as follows:
a) Total non-current liabilities
b) Total current liabilities
Notes to the historical consolidated financial information of Hanson as of 30 June 2007:
Hanson's assets and liabilities are converted into euro at the rate prevailing on the reporting date of 30 June 2007, amounting 0.673950 GBP/EUR.
Notes to the illustrative condensed consolidated balance sheet as of 30 June 2007:
1) The carrying amount of the investment in Hanson is recognised in the amount of 11,624 mEUR. The entire difference
of 7,359 mEUR between the carrying amount of the investment less Hanson's equity before purchase price allocation
amounting to 4,265 mEUR is allocated to goodwill.
2) As of 30 June 2007, HeidelbergCement holds 27.6 % in Hanson and consolidates this investment with the equity
method. Therefore the carrying amount of the investment in Hanson totalling 3,125 mEUR and the result from participations amounting to 37 mEUR due to the at equity consolidation from 16 May to 30 June 2007 in HeidelbergCement's
historical consolidated financial information are reversed.
3) Apart from the consolidation measures of Hanson's equity before purchase price allocation amounting to 4,265 mEUR
outlined in point (1) in this section, accrued interest expenses amounting to 9 mEUR are reversed (see point (1) in the
notes to the illustrative condensed consolidated profit and loss statements). Furthermore, the result from participations
amounting to 37 mEUR due to the at equity consolidation of Hanson from 16 May to 30 June 2007 in HeidelbergCement's historical consolidated financial information is reversed. An additional adjustment is carried out due to the
financing of the share purchase amounting to 305 mEUR, which is partly offset by the tax reduction of 76 mEUR.
4) The additional liabilities totalling 11,097 mEUR are adjusted by 2,598 mEUR, which are considered in HeidelbergCement's historical consolidated financial information for the financing of 27.6 % of Hanson's shares. Other adjustments
are carried out to consider the net amount of additional accrued interest expenses amounting to 296 mEUR.
5) A tax reduction of 76 mEUR on the recognised financing costs is considered (see point (3) in the notes to the
illustrative condensed consolidated profit and loss statements)."
6. After the new section of the Prospectus entitled "Acquisition of Hanson Limited", the following section shall be inserted:
152
"GENERAL INFORMATION ABOUT HANSON LIMITED
Formation, incorporation, registered office and share capital
Hanson Limited was incorporated in England and Wales on 31 December 2002 as Broadcast
Sales Limited, changed its name to Hanson Building Materials Limited on 27 May 2003, was reregistered as a public limited company and changed its name to Hanson Building Materials PLC
on 16 June 2003, changed its name to Hanson PLC on 14 October 2003, and was re-registered
as a private limited company and renamed Hanson Limited on 11 September 2007. The company
number of Hanson is 4626078. Hanson's registered office is at 1 Grosvenor Place, London, SW1X
7JH, telephone number + 44 (0) 20 7245 1245, its internet address is www.hanson.biz.
Management of Hanson
The board of directors of Hanson consists of Alan Murray, Pavi Binning (who, however, will resign
as a director of Hanson with effect from 30 September 2007), and Graham Dransfield. The
management of Hanson can be reached at the company address of Hanson set out above.
Employees
As at 31 December 2006, the Hanson Group employed 25,900 employees (excluding joint-venture
and associates), operating from over 1,500 sites in 15 countries. The following table shows the
distribution of the average number of employees by division and by geographic location to the
nearest 100 employees (excluding joint-ventures and associates).
Average number of persons employed during the year by geographic location:
2006
2005
13,500
12,400
UK
6,500
6,500
Australia
2,900
2,800
Continental Europe
1,200
1,200
Asia
1,300
1,400
–
100
25,400
24,400
North America
Discontinued
Business overview of the Hanson Group
Hanson became a business focused on building materials in 1997 following the demerger of
various businesses forming part of the old Hanson conglomerate.
Hanson management transformed the business into a world leading building materials company
through a series of disposals and acquisitions, the largest of which was the acquisition of the
Australian construction materials business, Pioneer International, in May 2000.
Following a series of restructurings, Hanson now operates as four identifiable trading regions:
North America (48.4 % of 2006 continuing turnover), UK (30.3 % of 2006 continuing turnover),
Australia and Asia Pacific (14.7 % of 2006 continuing turnover), and Continental Europe (6.6 % of
2006 continuing turnover).
Hanson is one of the world's leading heavy building materials companies operating in 15 countries
with prominent market positions in North America and the UK. In 2006, more than half of Hanson
153
Group's operating profit was generated in North America. Hanson Group products fall into two
categories: "aggregates" and "building products". Within its divisions, Hanson Group has good
local market positions with a favourable aggregates mineral reserve and resource position of 92
years in North America and 58 years in the UK.
The following is a list of the significant subsidiaries of Hanson (none of which is held directly by
Hanson) as at 31 December 2006, including the name, principal activity, proportion of ownership
and country of incorporation:
Company
Principal activity
% owned
Country
Hanson Quarry Products Europe
Ltd
Quarry operations
100
UK
Hanson Building Products Ltd
Building products manufacturer
100
UK
Hanson Construction Materials
Pty Limited
Quarry operations and supply of
ready-mixed concrete
100
Australia
Hanson Pipe and Precast, Inc
Supply of pipe and products
100
USA
According to the financial results for 2006, Hanson Group's turnover amounted to GBP
4,132.7 million (approximately EUR 6,063.4 million) in 2006, which represents an increase of
GBP 417 million compared to turnover of GBP 3,715.7 million (approximately EUR 5451.6) in
2005. Hanson Group's operating profit before impairments (excluding joint ventures and
associates) increased from GBP 448.3 million (approximately EUR 657.7 million) in 2005 to
GBP 529.0 million (approximately EUR 776.1 million) in 2006.
Acquisitions
Hanson paid a total of GBP 558.0 million to invest in 16 acquisitions during 2006. Civil and Marine
(Holdings) Ltd, acquired in March 2006 for GBP 248.1 million, completes Hanson Group's product
integration in the UK, making Hanson the UK's leading supplier of ground granulated blast furnace
slag (GGBF), a high quality cement substitute with significant environmental benefits. Material
Service Corporation, acquired in June for GBP 166.3 million, is one of the leading aggregates
producers in Illinois. PaverModule, Inc., a Florida-based concrete paver company acquired in
January 2006, forms the basis of a new product offering for the North America Building Products
division. The other transactions included operations in North America, UK, Austria and Spain.
Business organisation
Hanson's business is divided into six divisions, namely Aggregates North America, Building
Products North America, Aggregates UK, Building Products UK, Australia and Asia Pacific, and
Continental Europe.
North America
Hansons's North American operations are organised into two operating groups, Aggregates North
America and Building Products North America.
Aggregates North America, the main business headquartered in Dallas, Texas, produces aggregates, ready-mixed concrete, asphalt and cement. Building Products North America is divided into
three sub-groups, Pipe & Precast, Brick & Tile and Concrete Paving. Pipe & Precast, also headquartered in Dallas, produces concrete pipes, and products and precast concrete for the US and
Canadian markets. Brick & Tile, with its headquarters in Charlotte, North Carolina, produces brick
for the US and Canadian markets from its principal manufacturing factories in Canada, Texas and
the Carolinas, and roof tiles from its plants in Florida, California, Texas and Arizona. Concrete
Paving has operations in Florida.
UK
154
Hanson's UK operations are also organised into two operating groups, Aggregates UK and
Buildings Products UK.
Aggregates UK produces aggregates, slag cement, ready-mixed concrete and asphalt in the UK
through its own operations and is a partner in a number of joint-venture companies, the most
significant of which is Midland Quarry Products Limited, owned jointly with a member of the
Tarmac group of companies. Included within Aggregates UK are Hanson's marine dredging
operations which, through a wholly owned subsidiary and United Marine Holdings Limited, a jointventure with a member of the Tarmac group of companies, supply seadredged aggregates to the
UK, Belgium and Holland.
Building Products UK supplies bricks, blocks, concrete products, concrete flooring, precast
concrete and packed aggregates products throughout the UK.
Australia and Asia Pacific
In Australia, Hanson is a major supplier of construction materials to the Australian market. Its
operations are divided into two operating groups: Construction Materials, which produces readymixed concrete and aggregates and Building Products, which produces blocks, pavers, retaining
walls and precast products. Its other major interests include (i) its 25 % share in Cement Australia
Holdings Pty Ltd., jointly owned with Rinker Group Ltd and Holcim Ltd, which operates cement
plants in New South Wales, Tasmania and Queensland, and (ii) Pioneer Road Services Pty Ltd.,
jointly owned with Shell Australia Ltd., which operates as an asphalt and contracting business.
In Asia Pacific, Hanson operates principally in Malaysia, Hong Kong and Singapore.
Continental Europe
In Continental Europe, Hanson operates various aggregates, ready-mixed concrete and asphalt
operations in Spain, the Czech Republic, The Netherlands, Belgium, Germany, Austria and Israel.
Property, plant and equipment
As of 31 December 2006, the net book value of property, plant and equipment was GBP 2,901.5
million, predominantly held by the operating divisions.
Patents and trademarks
Hanson's operating units have various patents, registered trademarks, trade names and trade
secrets and applications for, or licences in respect of, the same that relate to various businesses.
Hanson believes that certain of these intellectual property rights are of material importance to the
businesses to which they relate. Hanson believes that the material patents, trademarks, trade
names and trade secrets of its operating subsidiaries and divisions are adequately protected and
that the expiration of patents and patent licences should not have a material adverse effect upon
its business, financial condition or results of operations.
Litigation/administrative proceedings
Environmental liabilities
Approximately 100 present and former US operating sites, or portions thereof, currently or
previously owned and/or leased by current or former companies acquired by Hanson
(responsibility for which remains with a member of the Hanson group) are the subject of claims,
investigations, monitoring or remediation under the US Federal Comprehensive Environmental
Response, Compensation and Liability Act ("CERCLA"), the US federal Resource Conservation
and Recovery Act or comparable US state statutes or agreements with third parties. These
proceedings are in various stages, ranging from initial enquiries to active settlement negotiations
155
to implementation of response actions. In addition, a number of present and former Hanson
operating units (responsibility for which remains with a member of the Hanson group) have been
named as potentially responsible parties ("PRPs") at approximately 40 off-site landfills under
CERCLA or comparable state statues. In each of these matters the relevant Hanson operating unit
is working with the governmental agencies involved and other PRPs to address environmental
claims in a responsible and appropriate manner. A substantial majority of these operating and
landfill sites is covered by the environmental insurance policy referred to below. Hanson does not
believe that any of the above proceedings relating to operating sites and off-site landfills not
covered by the environmental insurance policy should materially adversely affect its business,
financial condition or results of operations.
During 1998 an agreement was signed under which, for a one-off premium and related transaction
costs totalling USD 275.0 million, insurance cover of USD 800.0 million in perpetuity (after
payment by subsidiaries of Hanson of the first USD 100.0 million of remediation costs arising
since 1 January 1998) was provided by subsidiaries of two reinsurance companies, Centre
Solutions and Swiss Re. At the end of 2006, USD 467.9 million of the USD 800.0 million insurance
cover had been utilised. The estimate of future probable cost (after discounting) is shown as a
provision of GBP 104.9 million at 31 December 2006 in Hanson's accounts. These costs are the
responsibility of the insurers and hence a receivable of GBP 104.9 million is recorded at
31 December 2006. Based on existing known circumstances, Hanson considers the remaining
USD 332.1 million of insurance cover to be sufficient to meet substantially all of the related future
costs of the above-mentioned liability, recognising that the estimate of future probable costs could
increase and new sites may arise to which the insurance cover does not apply. Factors which
could cause actual costs to increase include: (i) unknown adverse conditions arising at sites; (ii)
third party claims in excess of estimates; (iii) changes to regulatory requirements; (iv) changes in
remediation techniques; and (v) any other significant variations to assumptions made in support of
these cost estimates. Should this insurance cover be insufficient to meet the related future costs,
this could have a material impact on Hanson Group's financial condition, results of operations and
cash flow and profitability and, consequently, on HeidelbergCement's financial condition.
At 31 December 2006, Hanson had accrued GBP 171.1 million for environmental obligations,
including legal and other costs, at such sites as are not covered by the above-mentioned environmental insurance policy. Costs associated with environmental assessments and remediation
efforts are accrued when determined to represent a probable loss and to be capable of being
reasonably estimated. There can be no assurance that the ultimate resolution of these matters will
not differ materially from Hanson's estimates.
Hanson cannot predict whether future developments in laws and regulations concerning environmental and health and safety protection will affect its earnings or cash flow in a materially adverse
manner or whether its operating units will be successful in meeting future demands of regulatory
agencies in a manner which will not materially adversely affect its business, financial condition or
results of operations.
Litigation relating to asbestos, coal by-products and chemicals
Certain of Hanson's US subsidiaries, either directly or as a result of indemnity obligations, are the
subject of claims or lawsuits both on an individual and a class action basis for bodily injury or
property damage, relating to products incorporating asbestos, coal by-products and chemicals, in
particular for the wood treating industry.
Asbestos. Approximately 107,150 asbestos-related claims were outstanding as at 30 June 2007,
which means a reduction of 450 claims compared to the 107,600 claims outstanding as at
31 December 2006. The amounts of compensation formally claimed in the cases initially filed by
these claimants vary but typically follow standard formulations that are used in various jurisdictions
by various plaintiffs' law firms. Of the claims outstanding as of 31 December 2006, Hanson
estimates that approximately 36 % do not specify a US dollar claim for damages, approximately
57 % claim an amount "greater than USD 10,000" and approximately 7 % specify various
amounts, typically "greater than" specified amounts between USD 50,000 and USD 1 million.
Hanson is not aware of any claim specifying an amount greater than USD 40 million. Hanson does
not believe that the specific dollar amount mentioned in any claim is an accurate gauge of what
156
relief, if any, the claimant may eventually recover from one of Hanson's US subsidiaries, and most
claimants fail to allocate their alleged claims of liability amongst the various named defendants.
Hanson's approach to accounting for the asbestos claims against its US subsidiaries is to provide
for those costs of resolution which are both probable and reliably estimable. The costs of resolving
possible claims are disclosed as contingent liabilities. At present, based on detailed analysis and
the assumptions noted below, the provision for those costs which are both probable and reliably
estimable equates to approximately eight years of gross cost. As at 31 December 2006, those
provisions equated to USD 502.3 million. Whilst further claims are likely to be resolved beyond this
eight year period, the associated costs of resolution are not able to be reliably estimated and
hence no provision has been made to cover these possible liabilities.
Assumptions made in establishing the provision relate to the number, disease mix and location of
future claimants, trends in dismissal rates, settlement and defence costs, resolution of all existing
claimants, time scale of resolution of new claimants, the continued solvency of co-defendants and
expected insurance recoveries. In light of the significant uncertainty associated with asbestos
claims, there can be no guarantee that the assumptions used to estimate the provision for the cost
of resolving asbestos claims will be an accurate prediction of the actual costs that may be
incurred, and as a result the provision will be subject to potential revision from time to time as
additional information becomes available and to reflect any changes in trends. Factors which
would cause actual results to differ from these estimates include: (i) adverse trends in the ultimate
number of claimants filing asbestos claims against Hanson's US subsidiaries; (ii) increases in the
cost of resolving current and future asbestos claims as a result of adverse trends relating to
settlement and/or defence costs, dismissal rates, and/or judgement amounts; (iii) increases or
decreases in the amount of insurance available to cover asbestos claims; (iv) the emergence of
new trends or legal theories that enlarge the number of potential claimants; (v) the impact of
bankruptcies of other defendant companies whose share of liability may be imposed on Hanson's
US subsidiaries under certain state liability laws; (vi) the unpredictable aspects of the US litigation
process; (vii) adverse changes in the mix of asbestos-related diseases with respect to which
asbestos claims are made against Hanson's US subsidiaries; and (viii) potential legislative
changes.
In light of such factors, the costs of Hanson's US subsidiaries involved in resolving asbestos
claims may be materially different from current estimates and consequently might have a material
adverse effect on Hanson's consolidated financial condition, results of operations and cash flow.
However, assuming that current trends continue, Hanson does not expect that such costs will
have such material adverse effect and, even assuming a material deterioration in current trends,
on the evidence available to it, Hanson does not expect that such claims would impact the ability
of Hanson to continue as going concern.
Coal by-products and chemicals. These claims and lawsuits relate primarily to former US
chemical products and operations, in particular those relating to the wood treating and coal tar
derivative industries, products and operations which are unrelated to the group's present business
and activities. In such cases where one of Hanson's subsidiaries is involved, there are often
several potential defendants named in the claim or lawsuit. Since the final demerger of the old
Hanson conglomerate in 1997 no settlements have been paid by, or judgments rendered against,
any of Hanson's subsidiaries which have had or could have a material adverse effect on Hanson's
consolidated financial condition, results of operations or cash flow in connection with any such
claims or lawsuits. In a number of instances, the claim or lawsuit against the subsidiary has not
been pursued and has been dismissed. With respect to those claims or lawsuits that have been or
are being pursued, the subsidiary concerned generally believes itself to have had or to have meritorious defences and such claims and lawsuits have been and are being vigorously defended.
The costs of defence and the amounts that are claimed by the plaintiffs, particularly in those
lawsuits which involve numerous claimants, can be significant with claims amounting to tens of
millions of US dollars. The unpredictable aspects of the US litigation process and the potential for
juries to award punitive damages involve the possibility that Hanson's subsidiary may suffer at
some stage a significant adverse verdict. Insurance issues do arise on these claims and lawsuits,
both in terms of settlement and defence coverage, the outcome of which can be uncertain. In
certain instances no insurance coverage may be available to the relevant subsidiary. The
insurance cover relating to the environmental obligations of Koppers (for further details see
"Environmental liabilities of Koppers Company, Inc." above) does not apply to the bodily injury
157
claims and lawsuits described in this section, although it will address certain of the property
damages claims.
Other litigation
Several of Hanson's US subsidiaries are subject to litigation in California courts arising out of sand
dredging operations on submerged lands leased from the state of California. The litigation involves
allegations that these subsidiaries underpaid royalties due under the leases and that sand was
dredged from state owned lands without authorisation. The litigation includes claims by the state
of California under California statutes providing for the recovery of treble damages and certain
fines, penalties and attorney fees where the wrongful conduct involves false statements or
conversion of state owned property. A press release by the California Attorney General states that
he is seeking damages of USD 200 million, although the complaint actually filed in court does not
specify the amount of damages sought. The court's decision on a declaratory motion regarding the
interpretation of the royalty provisions of the relevant leases has not served to clarify the situation.
The parties are now engaged in litigation on all matters arising out of the case. In light of the
uncertainties involved in any litigation, no assurances or predictions can be made on the outcome
of this litigation. However, discussions have taken place, and are continuing, as regards a possible
settlement, but there can be no guarantee that a settlement will be reached which will avoid
litigation.
Various subsidiaries of Hanson are also the subject of a number of other pending legal proceedings. Hanson does not anticipate that the outcome of these proceedings, either individually or in
aggregate, will have a material adverse effect upon its consolidated financial condition, results of
operations or cash flow. However, in light of the uncertainties involved in any litigation and in
particular in litigation in the USA, where there is the added potential for punitive damage awards,
there can be no guarantee that a settlement might have to be made by, or an unfavorable judgement may be rendered against, Hanson or one of its subsidiaries, which could have a material
adverse effect on Hanson's consolidated financial condition, results of operations or cash flow in
connection with the above mentioned non-asbestos claims and lawsuits."
III. Supplemental information pertaining to the sale of maxit Group
After the new section of the Prospectus entitled "General Information about Hanson Limited", the
following section shall be inserted:
"RECENT DEVELOPMENTS
On 7 August 2007, HeidelbergCement announced that it has entered into an agreement with
Compagnie de Saint Gobain on the sale of maxit Group. The preliminary purchase price amounts to
EUR 2,125 million. Cash inflow will be EUR 2,065 million. The closing is subject to regulatory approval
by the European Commission as well as the Turkish and Swiss competition authorities, and HeidelbergCement expects the transaction to close in late 2007."
IV. Supplemental information pertaining to documents incorporated into the Prospectus by
reference
The previously published unaudited interim financial statements of the HeidelbergCement Group for the
period from 1 January 2007 to 30 June 2007 have been filed with the CSSF and are incorporated by
reference into this Supplement. On page 151 of the Prospectus, sub-section 1) entitled
"HeidelbergCement AG" shall be supplemented at the end of that sub-section as follows:
"– the unaudited interim consolidated financial statements of the HeidelbergCement Group for
the period 1 January 2007 to 30 June 2007 consisting of
•
Balance Sheet (pages 10–11 of the Half-Year Financial Report January to June 2007)
•
Profit and loss account (page 8 of the Half-Year Financial Report January to June 2007)
•
Cash Flow Statement (page 9 of the Half-Year Financial Report January to June 2007)
158
•
Statement of recognised income and expenses (page 12 of the Half-Year Financial Report
January to June 2007)
•
Equity capital grid/notes (page 13 of the Half-Year Financial Report January to June 2007)
•
Segment reporting/notes (pages 14–15 of the Half-Year Financial Report January to June
2007)
•
Additional comments/notes (pages 16–19 of the Half-Year Financial Report January to June
2007)"
Any information not listed in the list above but included in the documents incorporated into this
Supplement by reference is given for information purposes only.
The documents incorporated into this Supplement 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 Notes
are listed on the market of the Luxembourg Stock Exchange appearing on the list of regulated
markets issued by the European Commission (Regulated Market "Bourse de Luxembourg") and
the rules of such stock exchange so require.
159
Annex 3
Second Supplement dated 3 October 2007
160
Second Supplement dated 3 October 2007
to the Medium Term Note Programme Prospectus dated 13 April 2007
as supplemented by a prospectus supplement dated 27 September 2007 (the "First Supplement")
This document (the "Second Supplement") constitutes a supplement in accordance with Art. 13 of
the Luxembourg Law relating to prospectuses for securities (Loi relative aux prospectus pour valeurs
mobilières) to two base prospectuses: (i) the base prospectus of HEIDELBERGCEMENT AG in
respect of non-equity securities within the meaning of Art. 22 No. 6(4) of the Commission Regulation
(EC) No. 809/2004 of 29 April 2004 ("Non-Equity Securities"), and (ii) the base prospectus of
HEIDELBERGCEMENT FINANCE B. V. in respect of Non-Equity Securities dated 13 April 2007
(together, the "Medium Term Note Programme Prospectus" or the "Prospectus"), in each case as
supplemented by the First Supplement.
HEIDELBERGCEMENT AG
and
(the "Programme")
Each Issuer has requested the Commission de Surveillance du Secteur Financier of the Grand Duchy of
Luxembourg (the "Commission") in its capacity as competent authority under the Luxembourg Law relating to
prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières) which implements Directive
2003/71/EC of the European Parliament and of the Council of 4 November 2003 into Luxembourg law to provide
the competent authorities in the Federal Republic of Germany, the Republic of Austria, the Republic of Ireland,
the United Kingdom of Great Britain and Northern Ireland, and The Netherlands with a certificate of approval
attesting that the Second Supplement has been drawn up in accordance with the Loi relative aux prospectus pour
valeurs mobilières ("Notification"). Each Issuer may request the Commission to provide competent authorities in
additional Member States within the European Economic Area with a Notification.
HeidelbergCement AG, with its registered office in Heidelberg, Federal Republic of Germany and HeidelbergCement Finance B. V., with its registered office in 's-Hertogenbosch, The Netherlands (each an " Issuer") are solely
responsible for the information given in this Second Supplement. Each Issuer hereby declares that, having taken
all reasonable care to ensure that such is the case, the information contained in this Second Supplement is, to the
best of its knowledge, in accordance with the facts and contains no omission likely to affect its import.
Unless otherwise provided in this Second Supplement, terms defined or otherwise attributed meanings in the
Prospectus, as supplemented by the First Supplement, have the same meaning in this Second Supplement. This
Second Supplement shall only be distributed in connection with the Prospectus, as supplemented by the First
Supplement. To the extent that there is any inconsistency between any statement in this Second Supplement and
any other statement in or incorporated by reference in the Prospectus, as supplemented by the First Supplement,
the statements in this Second Supplement will prevail.
This Second Supplement has been approved by the Commission, has been filed with said authority and will be
published in electronic form on the website of the Luxembourg Stock Exchange ( www.bourse.lu).
In accordance with Article 13 paragraph 2 of the Loi relative aux prospectus pour valeurs mobilières, investors
who have already agreed to purchase or subscribe for Non-Equity Securities before this Second Supplement is
published have the right, exercisable within a time limit of minimum two working days after the publication of this
Second Supplement, to withdraw their acceptances.
161
SUPPLEMENTAL INFORMATION
On page 19 of the Prospectus, the last two paragraphs of the sub-section entitled "Zusammenfassung
HeidelbergCement AG betreffend" shall be replaced by the following two paragraphs:
"Das gezeichnete Kapital der HeidelbergCement AG beläuft sich auf € 360.000.000 und ist in
120.000.000 Inhaberaktien unterteilt mit einem anteiligen Betrag am Grundkapital von jeweils € 3,00.
Alle Aktien sind ausgegeben und voll eingezahlt.
Gemäß den der Gesellschaft vorliegenden Informationen sind die Hauptaktionäre der HeidelbergCement AG die Spohn Cement GmbH mit 60,59 %, Senator h.c. Dr. med. h.c. Adolf Merckle mit
17,98 % (davon 17,78 % über VEM Vermögensverwaltung GmbH) sowie die SCHWENK Beteiligungen
GmbH & Co. KG mit 7,20 %. Im Streubesitz befinden sich 14,23 % der Aktien."
162
Annex 4
Final Terms and Conditions
163
In case of Notes listed on the official list of the Luxembourg Stock Exchange and traded on the Regulated
Market "Bourse de Luxembourg" or publicly offered in the Grand Duchy of Luxembourg, the Final Terms will
be displayed on the website of the Luxembourg Stock Exchange ( www.bourse.lu). In case of Notes listed
on any other stock exchange or publicly offered in one or more member states of the European Economic
Area other than the Grand Duchy of Luxembourg, the Final Terms will be displayed on the website of
HeidelbergCement AG (www.hzag.de and www.heidelbergcement.com).
FINAL TERMS
ENDGÜLTIGE BEDINGUNGEN
4 October 2007
4. Oktober 2007
€ 5.625 per cent. Notes due 4 January 2018
(The Aggregate Principal Amount will be determined on the basis of offers received during the offering
period and promptly published in accordance with § 14 of the conditions.)
€ 5,625% Schuldverschreibungen fällig am 4. Januar 2018
(Der Gesamtnennbetrag wird auf Basis der eingegangenen Angebote bestimmt und unverzüglich gem. § 14
der Bedingungen veröffentlicht.)
issued pursuant to the
begeben aufgrund des
€ 10,000,000,000
Euro Medium Term Note Programme
of
der
HeidelbergCement AG
and
und
dated 13 April 2007
vom 13. April 2007
Issue Price: 94.00 per cent. 1
Ausgabepreis: 94,00%
Issue Date: 22 October 2007
Tag der Begebung: 22. Oktober 2007
These are the Final Terms of an issue of Notes under € 10,000,000,000 Euro Medium Term Note
Programme of HeidelbergCement AG and HeidelbergCement Finance B. V. (the “Programme”). Full
information on HeidelbergCement AG and HeidelbergCement Finance B. V. and the offer of the Notes is
only available on the basis of the combination of the Euro Medium Term Note Programme Prospectus
pertaining to the Programme dated 13 April 2007 and the Supplements hereto dated 27 September 2007
and 3 October 2007 (together the "Prospectus") and these Final Terms. The Prospectus and any
supplement thereto are available for viewing in electronic form on the website of the Luxembourg Stock
Exchange (www.bourse.lu) and on the website of HeidelbergCement AG (www.hzag.de and
www.heidelbergcement.com), and copies may be obtained at HeidelbergCement AG, Berliner Strasse 6, D69120 Heidelberg and HeidelbergCement Finance B. V., Sint Teunislaan 1, NL-5231 BS 's-Hertogenbosch.
Dies sind die endgültigen Bedingungen einer Emission von Schuldverschreibungen unter dem
€ 10.000.000.000 Euro Medium Term Note Programm der HeidelbergCement AG und der
HeidelbergCement Finance B. V. (das "Programm"). Vollständige Informationen über HeidelbergCement
AG und HeidelbergCement Finance B. V. und das Angebot der Schuldverschreibungen sind nur verfügbar,
wenn die endgültigen Bedingungen, der Basisprospekt vom 13. April 2007 und die Nachträge dazu vom
27. September 2007 und 3. Oktober 2007 über das Programm (zusammen der "Prospekt")
zusammengenommen werden. Der Prospekt sowie jeder Nachtrag können in elektronischer Form auf der
1
In addition to the Issue Price, certain fees and commissions may be payable.
Zusätzlich zum Ausgabepreis können bestimmte Gebühren und Provisionen zahlbar sein.
164
Internetseite der Wertpapierbörse Luxemburg (www.bourse.lu) und der Internetseite der HeidelbergCement
AG (www.hzag.de und www.heidelbergcement.com) eingesehen werden. Kopien sind erhältlich bei
HeidelbergCement AG, Berliner Strasse 6, D-69120 Heidelberg and HeidelbergCement Finance B. V., Sint
Teunislaan 1, NL-5231 BS 's-Hertogenbosch.
Part I.: TERMS AND CONDITIONS
Teil I.: EMISSIONSBEDINGUNGEN
The Integrated Conditions applicable to the Notes (the "Conditions") and the German or English language
translation thereof, if any, are attached hereto. They replace in full the Terms and Conditions of the Notes
set out in the Prospectus and take precedence over any conflicting term set forth in these Final Terms.
Die für die Schuldverschreibungen geltenden konsolidierten Bedingungen (die "Bedingungen") und eine
etwaige deutsch- oder englischsprachige Übersetzung sind diesen Endgültigen Bedingungen beigefügt. Die
konsolidierten Bedingungen gehen etwaigen abweichenden Bestimmungen dieser Endgültigen
Bedingungen vor.
Issuer
Emittentin
q HeidelbergCement AG
x HeidelbergCement Finance B. V.
Form of Conditions
Form der Bedingungen
q Long-Form
Nicht-konsolidierte Bedingungen
x Integrated
Konsolidierte Bedingungen
Language of Conditions
Sprache der Bedingungen
q German only
ausschließlich Deutsch
q English only
ausschließlich Englisch
q English and German (English controlling)
Englisch und Deutsch (englischer Text maßgeblich)
x German and English (German controlling)
Deutsch und Englisch (deutscher Text maßgeblich)
CURRENCY, DENOMINATION, FORM AND TITLE, CERTAIN DEFINITIONS (§ 1)
WÄHRUNG, STÜCKELUNG, FORM UND EIGENTUMSRECHT, DEFINITIONEN (§ 1)
Currency and Denomination
Währung und Stückelung
Specified Currency
Festgelegte Währung
€
€
Aggregate Nominal Amount
Will be determined on the basis of offers received during the
offering period and promptly published in accordance with §14 of the conditions.
Gesamtnennbetrag
Wird auf Basis der eingegangenen Angebote
bestimmt und unverzüglich gem. § 14 der Bedingungen veröffentlicht.
Specified Denomination(s)
Festgelegte Stückelung(en)
Number of Notes to be issued in each Specified Denomination
Zahl der in jeder festgelegten Stückelung auszugebenden
New Global Note
New Global Note
€ 1,000
€ 1.000
To be determined
Noch zu bestimmen
No
Nein
165
x TEFRA C
TEFRA C
x Permanent Global Note
Dauerglobalurkunde
q Definitive Notes
Einzelurkunden
q TEFRA D
TEFRA D
Temporary Global Note exchangeable for:
Dauerglobalurkunde
q Definitive Notes
Einzelurkunden
Certain Definitions
Definitionen
Clearing System
Clearingssystem
q Euroclear Bank S. A./N. V., as operator of the Euroclear System (Euroclear)
1 Boulevard du Roi Albert II
B-1210 Brussels
qClearstream Banking, société anonyme, Luxembourg (CBL)
42 Avenue JF Kennedy
L-1855 Luxembourg
x Clearstream Banking AG, Frankfurt am Main (CBF)
Neue Börsenstrasse 1
q Other – specify
sonstige angeben
Calculation Agent
Berechnungsstelle
No
Nein
q Fiscal Agent
Emissionsstelle
q Other (specify)
sonstige (angeben)
INTEREST (§ 3)
ZINSEN (§ 3)
x Fixed Rate Notes
Festverzinsliche Schuldverschreibungen
Rate of Interest and Interest Payment Dates
Zinssatz und Zinszahlungstage
Rate of Interest
Zinssatz
5.625 per cent. per annum
5,625 % per annum
166
Verzinsungsbeginn
Fixed Interest Date(s)
Festzinstermin(e)
22 October 2007
22. Oktober 2007
4 January of each year
4. Januar eines jeden Jahres
First Interest Payment Date
Erster Zinszahlungstag
Initial Broken Amount(s) (per Specified Denomination)
Anfängliche(r) Bruchteilzinsbetrag (-beträge)
4 January 2009
4. Januar 2009
€ 67.65 per denomination
€ 67,65 pro festgelegter Stückelung
Fixed Interest Date preceding the Maturity Date
Festzinstermin, der dem Fälligkeitstag vorangeht
Deemed Interest Payment Date(s)
Fiktive(r) Zinszahlungstag(e)
4 January 2017
4. Januar 2017
Not applicable
Nicht anwendbar
q Floating Rate Notes
q Zero Coupon Notes
Doppelwährungs-Schuldverschreibungen
q Instalment Notes
q Other structured Floating Rate Notes
Sonstige struckturierten variable verzinslichen Schuldverschreibungen
q other Notes
sonstige Schuldverschreibungen
Day Count Fraction
Zinstagequotient
q Actual/Actual (ISMA Rule 251)
x Actual/365 (Actual/Actual (ISDA))
q Actual/365 (Fixed)
q Actual/365 (Sterling)
q Actual/360
q 30/360 or 360/360 (Bond Basis)
q 30E/360 (Eurobond Basis)
FINAL REDEMPTION (§ 4)
RÜCKZAHLUNG BEI ENDFÄLLIGKEIT (§ 4)
Maturity Date
Fälligkeitstag
4 January 2018
4. Januar 2018
Final Redemption Amount
Rückzahlungsbetrag
x Principal amount
Nennbetrag
q Final Redemption Amount (per Specified Denomination)
Rückzahlungsbetrag bei Endfälligkeit (für jede festgelegte
Stückelung)
167
EARLY REDEMPTION (§ 5)
VORZEITIGE RÜCKZAHLUNG (§ 5)
Early Redemption at the option of a Holder
Yes
Ja
§ 5 (2) of the Terms and Conditions will be worded as follows:
“(2) Change of Control.
If any person or group of persons Acting in Concert other than a Permitted Holder gains control of the
Guarantor a ("Put Event"):
(a) the Guarantor shall promptly inform the Issuer and the Holders in accordance with § 14 upon
becoming aware of that Put Event;
(b) if a Holder so requires and notifies within 30 Business Days of being informed of the Put Event the
Issuer and the Guarantor (“Request”), the Issuer shall redeem the Notes of that Holder at their
principle amount together with accrued interest to but excluding the relevant early repayment day
latest 30 days after the Request of the Holder;
(c) “Control” means the control over more than 50 per cent. of (i) the issued share capital of the
Guarantor or (ii) of the voting rights in the shares of the Guarantor, by contract or otherwise;
(d) “Acting in Concert” shall have the meaning given to such term in Section 2(5) of the German
Securities and takeover Act (Wertpapiererwerbs- und Übernahmegesetz);
(e) a “Permitted Holder” means any of (x) Spohn Cement GmbH, (y) any of the shareholders of Spohn
Cement GmbH on the 22 October 2007 including the beneficial owners of the shareholders of Spohn
Cement GmbH or their heirs (Erben, Vermächtnisnehmer) or (z) any entity or any trust (Stiftung) or
comparable arrangement controlled by such persons to which shares of the Guarantor are
transferred y the persons named under (x) to (z);”
§ 5 Absatz (2) der Emissionsbedingungen wird wie folgt gefasst:
"(2) Kontrollwechsel.
Sollte eine Person oder eine gemeinsam handelnde Gruppe von Personen außer den Zugelassenen
Gesellschaftern die Kontrolle über die Garantin erlangen (ein "Rückzahlungsereignis"):
(a) hat die Garantin dies der Emittentin und den Gläubigern unverzüglich gemäß § 14 mit zu teilen,
sobald sie von dem Rückzahlungsereignis Kenntnis erlangt;
(b) wird die Emittentin, falls ein Gläubiger innerhalb von 30 Geschäftstagen nach der Bekanntmachung
des Rückzahlungsereignisses die Emittentin und die Garantin darüber informiert (die " Information"),
dass er von seinem vorzeitigen Rückzahlungsrecht Gebrauch macht, die Teilschuldverschreibungen
dieses Gläubigers zum Nennbetrag zuzüglich aufgelaufener Zinsen bis zum vorzeitigen
Rückzahlungstag (ausschließlich) spätestens 30 Tage nach Eingang der Information an den
Gläubiger zahlen;
(c) "Kontrolle" bedeutet die Kontrolle von mehr als 50% des (i) ausgegebenen Aktienkapitals der
Garantin oder (b) der Stimmrechte der Aktien der Garantin, durch Vertrag oder anders;
(d) "abgestimmt handeln" hat die Bedeutung gemäß § 2 Absatz 5 des Wertpapiererwerbs- und
Übernahmegesetzes;
(e) "Zugelassener Gesellschafter" meint die (x) Spohn Cement GmbH oder (y) jeden
Gesellschafter der Spohn Cement GmbH am 22. Oktober 2007 einschließlich Erben und
Vermächtnisnehmern von Gesellschaftern der Spohn Cement GmbH oder (z) jede juristische Person
oder Stiftung oder vergleichbare Einrichtung, die von solchen Personen geführt wird, an die Aktien
der Garantin von unter (x) bis (z) genannten Personen übertragen wurden
Early Redemption at the Option of the Issuer
Vorzeitige Rückzahlung nach Wahl der Emittentin
No
Nein
Early Redemption at the Option of a Holder
No
Nein
168
PAYMENTS (§ 6)
ZAHLUNGEN (§ 6)
Manner of Payment
Zahlungsweise
Principal Financial Centre of Country of Specified Currency
Hauptfinanzzentrum des Landes der festgelegten Währung
TARGET
TARGET
Payment Business Day
Zahlungstag
Relevant Financial Centre(s) (specify all)
Relevante(s) Finanzzentum/-zentren) (alle angeben)
TARGET
TARGET
FISCAL AGENT AND PAYING AGENT (§ 7)
EMISSIONSSTELLE UND DIE ZAHLSTELLE (§ 7)
Paying Agents/specified offices
Zahlstellen/bezeichnete Geschäftsstellen
Germany
1115 Luxembourg
Luxembourg
Stock Exchange/location
Börse/Ort der Börse
Luxembourg Stock Exchange / Luxembourg
Luxemburger Börse / Luxemburg
Baden-Württemberg Stock Exchange, unofficial list
Baden-Württembergische Wertpapierbörse, Freiverkehr
NOTICES (§ 14)
MITTEILUNGEN (§ 14)
Place and medium of publication
Ort und Medium der Bekanntmachung
x Luxembourg (d' Wort)
Luxemburg (d' Wort)
q Luxembourg (Tageblatt)
Luxemburg (Tageblatt)
q Germany (electronic Federal Gazette)
Deutschland (elektronischer Bundesanzeiger)
x Germany (Börsen-Zeitung)
q Other (specify)
sonstige (angeben)
Governing Law
Anwendbares Recht
German Law
Deutsches Recht
169
Part II.: OTHER INFORMATION
Teil II.: ZUSÄTZLICHE INFORMATION
Interests of natural and legal persons involved in the issue/offer
x Save as discussed in the Prospectus under "Interest of natural and legal persons involved in the
issue/offer", so far the Issuer is aware, no person involved in the offer of the Notes has an interest
material to the offer.
Mit Ausnahme der im Prospekt im Abschnitt "Interest of natural and legal persons involved in the
issue/offer" angesprochenen Interessen bestehen bei den an einer Emission beteiligten Personen nach
Kenntniss der Emittentin keine Interessen, die für das Angebot bedeutsam sind.
q Other interest (specify)
Andere Interessen (angeben)
Reasons for the offer
Gründe für das Angebot
Estimated net proceeds
Geschätzter Nettobetrag der Erträge
94.00 per cent. of the Aggregate Nominal amount
94,00% des Gesamtnennbetrages
Estimated total expenses of the issue
Geschätzte Gesamtkosten der Emission
€ 15,000
€ 15.000
Eurosystem eligibility
EZB-Fähigkeit
Intended to be held in a manner which would allow Eurosystem eligibility
Soll in EZB-fähiger Weise gehalten werden
No
Nein
Securities Identification Numbers
Wertpapier-Kenn-Nummern
Common Code
032445853
ISIN
DE000A0TKUU3
German Securities Code
Wertpapierkennnummer (WKN)
A0TKUU
Any other securities number
Sonstige Wertpapier-Kenn-Nummer
Yield
Rendite
6.44 per cent. (on the basis of an Issue Price of 94.00 per cent.)
6,44% (auf der Basis eines Ausgabepreises von 94,00 %)
Method of calculating the yield
Berechnungsmethode der Rendite
x ICMA method:
ICMA Methode:
The ICMA method determines the effective interest rate of notes taking into
account accrued interest on a daily basis
Die ICMA Methode ermittelt die Effektivverzinsung von Schuldverschreibungen
unter Berücksichtigung der täglichen Stückzinsen
q Other method (specify)
Andere Methoden (angeben)
Selling Restrictions
Verkaufsbeschränkungen
The Selling Restrictions set out in the Prospectus shall apply.
Es gelten die im Prospekt wiedergegebenen Verkaufsbeschränkungen.
x TEFRA C
TEFRA C
q TEFRA D
TEFRA D
q Neither TEFRA C nor TEFRA D
170
Additional Selling Restrictions (specify)
Zusätzliche Verkaufsbeschränkungen (angeben)
None
Keine
Taxation
Besteuerung
Information on taxes on the income from the Notes withheld
at source in respect of countries where the offer is being
made or admission to trading is being sought.
Informationen über die an der Quelle einbehaltene
Einkommensteuer auf Schuldverschreibungen hinsichtlich
der Länder in denen das Angebot unterbreitet oder
die Zulassung zum Handel beantragt wird.
None
Keine
Restrictions on the free transferability of the Notes
Beschränkung der freien Übertragbarkeit der
None
Keine
Terms and Conditions of the Offer
Bedingungen und Konditionen des Angebots
Conditions to which the offer is subject
Bedingungen, denen das Angebot unterliegt
Total amount of the issue/offer and description of the arrangements and time for announcing to the public
the amount of the offer
Gesamtsumme der Emission/des Angebots und Beschreibung der Vereinbarungen und des Zeitpunkts für
die Ankündigung des endgültigen Angebotsbetrags an das Publikum
Will be determined during the offering period.
Wird während der Angebotsperiode bestimmt.
Time period, including any possible amendments, during which the offer will be open
Frist – einschließlich etwaiger Änderungen – während der das Angebot vorliegt
From 4 October 2007 until 16 October 2007
The offering period can be extended or shortened.
Vom 4. Oktober 2007 bis 16. Oktober 2007
Die Angebotsperiode kann verlängert oder verkürzt werden.
Description of the application process
Beschreibung des Prozesses für die Umsetzung des Angebots
Not applicable
Nicht anwendbar
A description of the possibility to reduce subscriptions and the manner for refunding excess amount paid by
applicants
Beschreibung der Möglichkeit zur Reduzierung der Zeichnungen und der Art und Weise der Erstattung des
zu viel gezahlten Betrags an die Zeichner
Not applicable
Nicht anwendbar
Details of the minimum and/or maximum amount of application, (whether in number of notes or aggregate
amount to invest)
Einzelheiten zum Mindest- und/oder Höchstbetrag der Zeichnung entweder in Form der Anzahl der
Schuldverschreibungen oder des aggregierten zu investierenden Betrags)
Will be determined during the offering period.
Wird während der Angebotsperiode bestimmt.
Method and time limits for paying up the notes and for delivery of the notes
Methode und Fristen für die Bedienung der Wertpapiere und ihre Lieferung
Delivery on 22 October 2007
Lieferung am 22. Oktober 2007
171
Manner and date in which results of the offer are to be made public
Art und Weise und Termin, auf die bzw. an dem die Ergebnisse des Angebots offen zu legen sind
Luxembourg (d' Wort)
Luxemburg (d' Wort)
Germany (Börsen-Zeitung)
The procedure for the exercise of any right of pre-emption, the negotiability of subscription rights and the
treatment of subscription rights not exercised.
Verfahren für die Ausübung eines etwaigen Vorzugsrechts, die Marktfähigkeit der Zeichnungsrechte und
die Behandlung der nicht ausgeübten Zeichnungsrechte
Not applicable
Nicht anwendbar
Various categories of potential investors to which the notes are offered
Angabe der verschiedenen Kategorien der potentiellen Investoren, denen die Schuldverschreibungen
angeboten werden
Retail Investors
Privatanleger
Process for notification to applicants of the amount allotted and indication whether dealing may begin before
notification is made
Verfahren zur Meldung des den Zeichnern zugeteilten Betrags und Angabe, ob eine Aufnahme des
Handels vor dem Meldeverfahren möglich ist
Not applicable
Nicht anwendbar
Expected price at which the notes will be offered / method of determining the price and the process for its
disclosure and mount of any expenses and taxes specifically charged to the subscriber or purchaser
Kurs, zu dem die Schuldverschreibungen angeboten werden / Methode, mittels deren der Angebotskurs
festgelegt wird und Angaben zum Verfahren für die Offenlegung sowie der Kosten und Steuern, die speziell
dem Zeichner oder Käufer in Rechnung gestellt werden
Name and address of the co-ordinator(s) of the global offer and of single parts of the offer and, to the extent
known to the Issuer or the offeror, or the placers in the various countries where the offer takes place.
Name und Anschrift des Koordinator/der Koordinatoren des globalen Angebots oder einzelner Teile des
Angebots und – sofern dem Emittenten oder dem Bieter bekannt – Angaben zu den Plazieren in den
einzelnen Ländern des Angebots
London EC3V 0HR
United Kingdom
Landesbank Baden-Württemberg
Am Hauptbahnhof 2
70173 Stuttgart
Germany
Neue Mainzer Strasse 52-58
Germany
Method of distribution
Vertriebsmethode
q Non-syndicated
Nicht syndiziert
x Syndicated
Syndiziert
172
Date of Subscription Agreement
Datum des Übernahmevertrages
17 October 2007
17. Oktober 2007
Management Details including form of commitment
Einzelheiten bezüglich des Bankenkonsortiums
einschließlich der Art der Übernahme
Dealer/Management Group (specify name and address)
Plazeur/Bankenkonsortium (Name und Adresse angeben)
London EC3V 0HR
United Kingdom
Landesbank Baden-Württemberg
Am Hauptbahnhof 2
70173 Stuttgart
Germany
Neue Mainzer Strasse 52-58
Germany
q firm commitment
feste Zusage
x no firm commitment/best efforts arrangements
keine feste Zusage/zu den bestmöglichen Bedingungen
Commissions
Provisionen
Management/Underwriting Commission (specify)
Management- und Übernahmeprovision (angeben)
Undisclosed
Nicht veröffentlicht
Selling Concession (specify)
Verkaufsprovision (angeben)
Not applicable
Nicht anwendbar
Listing Commission (specify)
Börsenzulassungsprovision (angeben)
Not applicable
Nicht anwendbar
Other (specify)
Andere (angeben)
Not applicable
Nicht anwendbar
Stabilising Dealer/Manager
Kursstabilisierender Dealer/Manager
Listing(s)
Börsenzulassung(en)
Yes
Ja
x Official List, Luxembourg Stock Exchange (Regulated Market)
Amtlicher Markt, Luxemburger Börse (amtlicher Markt)
q Frankfurt am Main
x Other (insert details)
unofficial market, Baden-Württemberg Stock Exchange
Freiverkehr, Baden-Württembergische Wertpapierbörse
Expected date of admission
Erwarteter Termin der Zulassung
22 October 2007
22. Oktober 2007
Estimate of the total expenses related to admission to
trading
Geschätzte Gesamtkosten für die Zulassung zum Handel
€ 6,700
€ 6.700
Regulated markets or equivalent markets on which, to the knowledge of the Issuer, notes of the same class
of the notes to be offered or admitted to trading are already admitted to trading
Angabe geregelter oder gleichwertiger Märkte, auf denen nach Kenntnis der Emittentin
Schuldverschreibungen der gleichen Wertpapierkategorie, die zum Handel angeboten oder zugelassen
werden sollen, bereits zum Handel zugelassen sind
173
q Luxembourg (Regulated Market "Bourse de Luxembourg")
Luxemburg (Regulierter Markt "Bourse de Luxembourg")
q Frankfurt am Main
Name and address of the entities which have committed
themselves to act as intermediaries in secondary trading,
providing liquidity through bid and offer rates and
description of the main terms of their commitment
Name und Anschrift der Institute, die aufgrund einer
Zusage als Intermediäre im Sekundärhandel tätig sind und
Liquidität mittels Geld- und Briefkursen erwirtschaften,
und Beschreibung der Hauptbedingungen der Zusagevereinbarung
Other relevant terms and conditions (specify)
Andere relevante Bestimmungen (einfügen)
Not applicable
Nicht anwendbar
Not applicable
Nicht anwendbar
Listing:
Börsenzulassung:
The above Final Terms comprise the details required to list this issue of Notes (as from 22 October 2007)
pursuant to the € 10,000,000,000 Medium Term Note Programme of HeidelergCement AG and
HeidelbergCement Finance B. V..
Die vorstehenden Endgültigen Bedingungen enthalten die Angaben, die für die Zulassung dieser Emission
von Schuldverschreibungen (ab dem 22.Oktober 2007) gemäß dem € 10.000.000.000 Medium Term Note
Programme of HeidelbergCement AG und HeidelbergCement Finance B. V..
Responsibility
Verantwortlichkeit
The Issuer accepts responsibility for the information contained in the Final Terms as set out in the
Responsibility Statement in the Prospectus, provided that, with respect to any information included herein
and specified to be sourced from a third party (i) the Issuer confirms that any such information has been
accurately reproduced and as far as the Issuer is aware and is able to ascertain from information available
to it from such third party, no facts have been omitted, the omission of which would render the reproduced
information inaccurate or misleading and (ii) the Issuer has not independently verified any such information
and accepts no responsibility for the accuracy thereof.
Die Emittentin übernimmt für die Verantwortung für die in diesen Endgültigen Bedingungen enthaltenen
Informationen wie im Prospekt dargestellt. Hinsichtlich der hierin enthaltenen und als solche
gekennzeichneten Informationen von Seiten Dritter gilt Folgendes: (i) Die Emittentin bestätigt, dass diese
Informationen zutreffend wiedergegeben worden sind und – soweit es der Emittentin bekannt ist und sie
aus den von diesen Dritten zur Verfügung gestellten Informationen ableiten konnte – wurden keine Fakten
ausgelassen, deren Fehlen die reproduzierten Informationen unzutreffend oder irreführend gestalten
würden; (ii) die Emittentin hat diese Informationen nicht selbständig überprüft und übernimmt keine
Verantwortung für ihre Richtigkeit.
_________________________________
[Name und Titel des Unterzeichnenden]
174
BEDINGUNGEN
Diese Serie von Schuldverschreibungen wird gemäß dem abgeänderten und neu gefassten Agency
Agreement (in seiner jeweiligen abgeänderten, ergänzten bzw. neugefassten Fassung das "Agency
Agreement") vom 13. April 2007 zwischen HeidelbergCement AG ("HeidelbergCement"),
HeidelbergCement Finance B. V. ("HeidelbergCement Finance"), Deutsche Bank Aktiengesellschaft als
Emissionsstelle (die "Emissionsstelle", wobei dieser Begriff auch Nachfolger der Emissionsstelle
einschließt) sowie den weiteren darin genannten Zahlstellen (gemeinsam mit der Emissionsstelle die
"Zahlstellen" genannt, wobei dieser Begriff auch Nachfolger oder weitere Zahlstellen einschließt) begeben.
Die Schuldverschreibungen sind mit einer unbedingten und unwiderruflichen Garantie (die "Garantie") der
HeidelbergCement AG (die "Garantin") ausgestattet.
§1
WÄHRUNG, STÜCKELUNG, FORM UND EIGENTUMSRECHT, DEFINITIONEN
(1) Währung und Nennbetrag. Diese Serie von Schuldverschreibungen der HeidelbergCement Finance
B. V. (die "Emittentin") wird in EUR (die "festgelegte Währung") im Gesamtnennbetrag von [Der
Gesamtnennbetrag wird auf Basis der eingegangenen Angebote bestimmt und unverzüglich gemäß
§ 14 der Bedingungen veröffentlicht.] begeben und ist eingeteilt in [zu bestimmen und gemäß § 14 zu
veröffentlichen] Schuldverschreibungen im Nennbetrag von EUR 1.000 (die "festgelegten Stückelungen").
(2) Form. Die Schuldverschreibungen lauten auf den Inhaber.
(3) Dauerglobalurkunde. Die Schuldverschreibungen sind durch eine Dauerglobalurkunde (die
"Dauerglobalurkunde") ohne Zinsscheine verbrieft. Die Dauerglobalurkunde trägt die Unterschriften
ordnungsgemäß bevollmächtigter Vertreter der Emittentin und ist von der Emissionsstelle oder in deren
Namen mit einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben.
(4) Clearing System. Jede Schuldverschreibungen verbriefende Globalurkunde wird von einem oder im
Namen eines Clearing Systems verwahrt. "Clearing System" bedeutet Clearstream Banking AG, Frankfurt
am Main ("CBF").
(5) Gläubiger von Schuldverschreibungen. "Gläubiger" bedeutet jeder Inhaber eines Miteigentumsanteils
oder anderen Rechts an den Schuldverschreibungen.
§2
STATUS
Die Schuldverschreibungen begründen unmittelbare, unbedingte, nicht nachrangige und (vorbehaltlich § 10
(2)) nicht besicherte Verbindlichkeiten der Emittentin, die untereinander und (mit Ausnahme bestimmter
kraft Gesetzes vorrangiger Verbindlichkeiten) mit allen anderen jeweils ausstehenden, nicht besicherten
Verbindlichkeiten der Emittentin (nachrangige Verbindlichkeiten ausgenommen) gleichrangig sind.
§3
ZINSEN
(1) Zinssatz und Zinszahlungstage. Die Schuldverschreibungen werden in Höhe ihres Nennbetrages
verzinst, und zwar vom 22. Oktober 2007 (einschließlich) bis zum Fälligkeitstag (wie in § 4 definiert)
(ausschließlich) mit jährlich 5,625%. Die Zinsen sind nachträglich am 4. Januar eines jeden Jahres zahlbar
(jeweils ein "Zinszahlungstag"). Die erste Zinszahlung erfolgt am 4. Januar 2009 und beläuft sich auf
EUR 67,65 pro festgelegter Stückelung.
Fälligkeit nicht einlöst, erfolgt die Verzinsung des ausstehenden Nennbetrages der Schuldverschreibungen
vom Tag der Fälligkeit bis zum Tag der tatsächlichen Rückzahlung der Schuldverschreibungen in Höhe des
gesetzlich festgelegten Satzes für Verzugszinsen( 1).
(3) Berechnung der Zinsen für gebrochene Zinsperioden. Wenn Zinsen für einen Zeitraum von weniger als
einem Jahr zu berechnen sind, erfolgt die Berechnung durch Anwendung des Zinssatzes auf jede
festgelegte Stückelung, Multiplikation dieser Summe mit dem Zinstagequotienten (wie nachstehend
(1) Der gesetzliche Verzugszinssatz beträgt für das Jahr fünf Prozentpunkte über dem von der Deutsche Bundesbank von Zeit
175
definiert) und Rundung des Ergebnisses auf die nächste Untereinheit der festgelegten Währung, wobei eine
halbe Untereinheit aufgerundet wird oder die Rundung ansonsten gemäß der anwendbaren
Marktkonvention erfolgt.
(4) Zinstagequotient. "Zinstagequotient" bezeichnet im Hinblick auf die Berechnung des Zinsbetrages auf
eine Schuldverschreibung für einen beliebigen Zeitraum (der "Zinsberechnungszeitraum"): die tatsächliche
Anzahl von Tagen im Zinsberechnungszeitraum, dividiert durch 365 (oder, falls ein Teil dieses
Zinsberechnungszeitraumes in ein Schaltjahr fällt, die Summe aus (a) der tatsächlichen Anzahl der in das
Schaltjahr fallenden Tage des Zinsberechnungszeitraums dividiert durch 366 und (b) die tatsächliche
Anzahl der nicht in das Schaltjahr fallenden Tage des Zinsberechnungszeitraums dividiert durch 365).
§4
RÜCKZAHLUNG BEI ENDFÄLLIGKEIT
Soweit nicht zuvor bereits ganz oder teilweise zurückgezahlt oder angekauft und entwertet, werden die
Schuldverschreibungen zu ihrem Rückzahlungsbetrag am 4. Januar 2018 (der "Fälligkeitstag")
zurückgezahlt.
Der
Rückzahlungsbetrag
in
Bezug
auf
jede
Schuldverschreibung
(der
"Rückzahlungsbetrag") ist der Nennbetrag der Schuldverschreibung.
§5
VORZEITIGE RÜCKZAHLUNG
(1) Vorzeitige Rückzahlung aus Steuergründen. Die Schuldverschreibungen können insgesamt, jedoch
nicht teilweise, nach Wahl der Emittentin mit einer Kündigungsfrist von nicht weniger als 30 und nicht mehr
als 60 Tagen gegenüber der Emissionsstelle und gemäß § 14 gegenüber den Gläubigern gekündigt werden
(wobei diese Kündigung unwiderruflich ist) und jederzeit zurückgezahlt werden, falls:
(a) die Emittentin bei der nächsten fälligen Zahlung auf die Schuldverschreibungen verpflichtet ist oder sein
wird, zusätzliche Beträge gemäß § 8 zu zahlen oder die Garantin aus nicht in ihrer Macht stehenden
Gründen nicht in der Lage ist, für die Zahlung durch die Emittentin zu sorgen und, wenn sie die Zahlung
selbst vornimmt, verpflichtet wäre, solche zusätzlichen Beträge zu zahlen, und zwar als Folge einer
Änderung oder Ergänzung der Gesetze und Vorschriften der Niederlande oder der Bundesrepublik
Deutschland oder deren politischen Untergliederungen oder Steuerbehörden oder als Folge einer
Änderung der Anwendung oder der offiziellen Auslegung dieser Gesetze und Vorschriften, welche
Änderung oder Ergänzung bzw. Änderung der Auslegung am oder nach dem 22. Oktober 2007
wirksam wird, und
(b) diese Verpflichtung nicht durch vernünftige, der Emittentin oder der Garantin zur Verfügung stehende
Maßnahmen vermieden werden kann,
wobei eine solche Kündigung nicht früher als 90 Tage vor dem frühestmöglichen Termin erfolgen darf, an
dem die Emittentin oder die Garantin verpflichtet wäre, solche zusätzlichen Beträge in Bezug auf die
Schuldverschreibungen zu zahlen, falls zu diesem Zeitpunkt eine Zahlung fällig wäre.
Vor Bekanntmachung der Kündigung gemäß diesem § 5 Absatz 1 hat die Emittentin der Emissionsstelle
eine Bescheinigung vorzulegen, die von zwei Mitgliedern des Vorstands der Emittentin bzw. von zwei
Mitgliedern des Vorstands der Garantin unterzeichnet ist, und die feststellt, dass die Emittentin zur
Kündigung berechtigt ist und die Umstände auflistet, aus denen hervorgeht, dass die Voraussetzungen des
Kündigungsrechts der Emittentin vorliegen sowie ein Gutachten anerkannter, unabhängiger Rechtsberater
darüber, dass die Emittentin oder ggf. die Garantin verpflichtet ist oder sein wird, diese zusätzlichen
Beträge als Folge einer solchen Änderung oder Ergänzung zu zahlen.
Die gemäß diesem § 5 Absatz 1 gekündigten Schuldverschreibungen werden zu ihrem vorzeitigen
Rückzahlungsbetrag, wie unten in Absatz 3 beschrieben, zurückgezahlt zuzüglich bis zum
Rückzahlungstag (ausschließlich) aufgelaufener Zinsen.
(2) Kontrollwechsel. Sollte eine Person oder eine gemeinsam handelnde Gruppe von Personen außer den
Zugelassenen Gesellschaftern die Kontrolle über die Garantin erlangen (ein "Rückzahlungsereignis"):
(a) hat die Garantin dies der Emittentin und den Gläubigern unverzüglich gemäß § 14 mit zuteilen, sobald
sie von dem Rückzahlungsereignis Kenntnis erlangt;
(b) wird die Emittentin, falls ein Gläubiger innerhalb von 30 Geschäftstagen nach der Bekanntmachung des
Rückzahlungsereignisses die Emittentin und die Garantin darüber informiert (die "Information"), dass er
von seinem vorzeitigen Rückzahlungsrecht Gebrauch macht, die Teilschuldverschreibungen dieses
Gläubigers zum Nennbetrag zuzüglich aufgelaufener Zinsen bis zum vorzeitigen Rückzahlungstag
(ausschließlich) spätestens 30 Tage nach Eingang der Information an den Gläubiger zahlen;
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(c) "Kontrolle" bedeutet die Kontrolle von mehr als 50% des (i) ausgegebenen Aktienkapitals der Garantin
oder (b) der Stimmrechte der Aktien der Garantin, durch Vertrag oder anders;
(d) "abgestimmt handeln" hat die Bedeutung gemäß § 2 Absatz 5 des Wertpapiererwerbs- und
Übernahmegesetzes;
(e) "Zugelassener Gesellschafter" meint die (x) Spohn Cement GmbH oder (y) jeden Gesellschafter der
Spohn Cement GmbH am 22. Oktober 2007 einschließlich Erben und Vermächtnisnehmern von
Gesellschaftern der Spohn Cement GmbH oder (z) jede juristische Person oder Stiftung oder
vergleichbare Einrichtung, die von solchen Personen geführt wird, an die Aktien der Garantin von unter
(x) bis (z) genannten Personen übertragen wurden;
(3) Vorzeitiger Rückzahlungsbetrag. Für die Zwecke des § 5 Absatz 1 und § 9 entspricht der vorzeitige
Rückzahlungsbetrag dem Rückzahlungsbetrag.
§6
ZAHLUNGEN
(1) Zahlungen auf Kapital. Zahlungen auf Kapital in Bezug auf durch eine Globalurkunde verbriefte
Schuldverschreibungen erfolgen nach Maßgabe des nachstehenden Absatzes 3 an das Clearing System
oder dessen Order zur Gutschrift auf die Konten der jeweiligen Kontoinhaber des Clearing Systems gegen
Vorlage und Einreichung der Globalurkunde bei der bezeichneten Geschäftsstelle einer der Zahlstellen
außerhalb der Vereinigten Staaten.
(2) Zahlung von Zinsen. Die Zahlung von Zinsen auf durch eine Dauerglobalurkunde verbriefte
Schuldverschreibungen erfolgt nach Maßgabe des nachstehenden Absatzes 3 an das Clearing System
oder dessen Order zur Gutschrift für die betreffenden Kontoinhaber des Clearing Systems.
(3) Zahlungsweise. Vorbehaltlich geltender steuerlicher und sonstiger gesetzlicher Regelungen und
Vorschriften erfolgen zu leistende Zahlungen auf die Schuldverschreibungen in der frei handelbaren und
konvertierbaren Währung, die am entsprechenden Fälligkeitstag die Währung des Staates der festgelegten
Währung ist.
(4) Vereinigte Staaten. Für die Zwecke des § 6 bezeichnet "Vereinigte Staaten" die Vereinigten Staaten
von Amerika (einschließlich deren Bundesstaaten und des District of Columbia) sowie deren Territorien
(einschließlich Puerto Rico, der U. S. Virgin Islands, Guam, American Samoa, Wake Island and Northern
Mariana Islands).
(5) Erfüllung. Die Emittentin bzw. ggfs. die Garantin wird durch Leistung der Zahlung an das Clearing
System oder dessen Order von ihrer Zahlungspflicht befreit.
(6) Zahltag. Fällt der Fälligkeitstag einer Zahlung in Bezug auf eine Schuldverschreibung auf einen Tag,
der kein Zahltag ist, dann hat der Gläubiger keinen Anspruch auf Zahlung vor dem nächsten Zahltag am
jeweiligen Geschäftsort. Der Gläubiger ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen
aufgrund dieser Verspätung zu verlangen.
Für diese Zwecke bezeichnet "Zahltag" einen Tag, der sowohl (i) ein Tag (außer einem Samstag oder
Sonntag) ist, an dem Geschäftsbanken und Devisenmärkte Zahlungen am jeweiligen Ort der Vorlage
abwickeln, und (ii) ein Tag (außer einem Samstag oder Sonntag) ist, an dem Geschäftsbanken und
Devisenmärkte Zahlungen in London und (iii) ein Tag ist, an dem das TARGET System betriebsbereit ist.
§7
DIE EMISSIONSSTELLE UND DIE ZAHLSTELLE
(1) Ernennung; bezeichnete Geschäftsstellen. Die anfänglich bestellte Emissionsstelle, die anfänglich
bestellte Zahlstelle und deren bezeichnete Geschäftsstellen lauten wie folgt:
Emissionsstelle und Hauptzahlstelle: Deutsche Bank Aktiengesellschaft
Große Gallusstraße 10-14
Zahlstelle:
L-1115 Luxembourg
Die Emissionsstelle und die Zahlstelle behalten sich das Recht vor, jederzeit ihre jeweiligen bezeichneten
Geschäftsstellen durch andere bezeichnete Geschäftsstellen in derselben Stadt zu ersetzen.
(2) Änderung der Bestellung oder Abberufung. Die Emittentin behält sich das Recht vor, jederzeit die
Bestellung der Emissionsstelle oder einer Zahlstelle zu ändern oder zu beenden und eine andere
Emissionsstelle oder zusätzliche oder andere Zahlstellen zu bestellen. Die Emittentin wird jedoch zu jedem
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Zeitpunkt (i) eine Emissionsstelle unterhalten, (ii) zusätzlich zu der Emissionsstelle eine Zahlstelle mit einer
bezeichneten Geschäftsstelle in einer kontinentaleuropäischen Stadt außerhalb der Bundesrepublik
Deutschland (iii) solange die Schuldverschreibungen an der Luxemburger Wertpapierbörse und der BadenWürttembergischen Wertpapierbörse notiert sind, eine Zahlstelle (die die Emissionsstelle sein kann) mit
bezeichneter Geschäftsstelle jeweils in Luxemburg und Stuttgart und/oder an einem anderen von einer
anderen Börse oder der jeweiligen Aufsichtsbehörde hierfür vorgeschriebenen Ort ernannt halten. Eine
Änderung, Abberufung, Bestellung oder ein sonstiger Wechsel wird nur wirksam (außer im Insolvenzfall, wo
eine solche Änderung sofort wirksam wird), sofern die Gläubiger hierüber gemäß § 14 vorab unter
Einhaltung einer Frist von mindestens 30 und höchstens 45 Tagen informiert wurden.
(3) Beauftragte der Emittentin. Die Emissionsstelle und die Zahlstelle(n) handeln ausschließlich als
Beauftragte der Emittentin und übernehmen keinerlei Verpflichtungen gegenüber den Gläubigern und es
wird kein Auftrags- oder Treuhandverhältnis zwischen ihnen und den Gläubigern begründet.
§8
STEUERN
Alle in Bezug auf die Schuldverschreibungen zahlbaren Kapital- oder Zinsbeträge werden ohne Einbehalt
oder Abzug von oder aufgrund von gegenwärtigen oder zukünftigen Steuern oder sonstigen Abgaben gleich
welcher Art geleistet, die an der Quelle von oder in den Niederlanden oder in der Bundesrepublik
Deutschland oder für deren Rechnung oder von oder für Rechnung einer politischen Untergliederung oder
Steuerbehörde der oder in den Niederlanden oder der Bundesrepublik Deutschland auferlegt oder erhoben
werden, es sei denn, dieser Einbehalt oder Abzug ist gesetzlich vorgeschrieben. In diesem Fall wird die
Emittentin diejenigen zusätzlichen Beträge (die "zusätzlichen Beträge") zahlen, die erforderlich sind, damit
die den Gläubigern zufließenden Beträge nach diesem Einbehalt oder Abzug jeweils den Beträgen an
Kapital und Zinsen entsprechen, die ohne einen solchen Abzug oder Einbehalt zahlbar wären; die
Verpflichtung zur Zahlung solcher zusätzlichen Beträge besteht jedoch nicht im Hinblick auf Steuern und
Abgaben, die:
(a) von einer als Depotbank oder Inkassobeauftragter des Gläubigers handelnden Person oder sonst auf
andere Weise zu entrichten sind als dadurch, dass die Emittentin aus den von ihr zu leistenden
(b) wegen einer gegenwärtigen oder früheren persönlichen oder geschäftlichen Beziehung des Gläubigers
zu den Niederlanden oder der Bundesrepublik Deutschland zu zahlen sind, und nicht allein deshalb, weil
Zahlungen auf die Schuldverschreibungen aus Quellen in den Niederlanden oder der Bundesrepublik
Deutschland stammen (oder für Zwecke der Besteuerung so behandelt werden) oder dort besichert
sind; oder
(c) aufgrund (i) einer Richtlinie oder Verordnung der Europäischen Union betreffend die Besteuerung von
Zinserträgen oder (ii) einer zwischenstaatlichen Vereinbarung über deren Besteuerung, an der die
Niederlande oder die Bundesrepublik Deutschland oder die Europäische Union beteiligt ist, oder (iii)
einer gesetzlichen Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder befolgt,
abzuziehen oder einzubehalten sind; oder
(d) wegen einer Rechtsänderung zu zahlen sind, welche später als 30 Tage nach Fälligkeit der
Bereitstellung aller fälligen Beträge und einer diesbezüglichen Bekanntmachung gemäß § 14 wirksam
wird.
§9
KÜNDIGUNG
Jeder Gläubiger ist berechtigt, seine Schuldverschreibungen durch schriftliche Mitteilung an die Emittentin
bei der bezeichneten Geschäftsstelle der Emissionsstelle für fällig und zahlbar zu erklären, woraufhin diese
Schuldverschreibungen mit Eingang dieser Kündigungsmitteilung bei der Emissionsstelle zu ihrem
vorzeitigen Rückzahlungsbetrag (wie in § 5 (3) beschrieben), zuzüglich etwaiger bis zum Tage der
Rückzahlung aufgelaufener Zinsen fällig und zahlbar werden, und zwar ohne Vorlage, Sicht, Protest oder
sonstige wie auch immer geartete Mitteilung, falls eines der nachstehenden Ereignisse (jeweils ein
"Kündigungsgrund") eintritt oder andauert:
(a) die Emittentin oder die Garantin, zahlt einen auf die Schuldverschreibungen bzw. auf die Garantie (wie
in § 10 (2) definiert) zahlbaren Betrag nicht innerhalb von sieben Tagen ab dem betreffenden
Fälligkeitsdatum; oder
(b) die Emittentin erfüllt eine Zusage, Verpflichtung oder sonstige Vereinbarung aus den
Schuldverschreibungen nicht oder verstößt gegen eine solche Verpflichtung (mit Ausnahme der
178
Zahlungsverpflichtungen bezüglich der Schuldverschreibungen), oder die Garantin eine sonstige
Verpflichtung aus der Garantie nicht erfüllt oder dagegen verstößt, und diese Nichterfüllung oder dieser
Verstoß dauert mehr als 30 Tage nach dem Zeitpunkt fort, nachdem die Emittentin bzw. die Garantin
diesbezüglich gemahnt wurde; oder
(c) eine Kapitalmarktverbindlichkeit (wie in § 10 definiert) der Emittentin oder der Garantin oder einer ihrer
wesentlichen Tochtergesellschaften vorzeitig zahlbar wird aufgrund einer Pflichtverletzung der für diese
Kapitalmarktverbindlichkeit geltenden Bedingungen, oder die Emittentin oder die Garantin oder eine
ihrer wesentlichen Tochtergesellschaften kommt Zahlungsverpflichtungen in Höhe oder im Gegenwert
von mehr als Euro 25.000.000 aus einer Kapitalmarktverbindlichkeit oder aufgrund einer Bürgschaft
oder Garantie, die für eine Kapitalmarktverbindlichkeit Dritter gegeben wurde, nicht innerhalb von 30
Tagen nach ihrer Fälligkeit bzw. im Falle einer Bürgschaft oder Garantie nicht innerhalb von 30 Tagen
nach Inanspruchnahme aus dieser Bürgschaft oder Garantie nach, es sei denn die Emittentin oder die
Garantin oder die betreffende wesentliche Tochtergesellschaft bestreitet in gutem Glauben, dass die
Zahlungsverpflichtung besteht oder fällig ist bzw. die Bürgschaft oder Garantie berechtigterweise
geltend gemacht wird, oder falls eine für solche Verbindlichkeiten bestellte Sicherheit für die oder von
den daraus berechtigten Gläubiger(n) in Anspruch genommen wird; oder
(d) ein Gerichtsbeschluss oder ein wirksamer Beschluss über die Liquidation oder Auflösung der Emittentin,
der Garantin oder einer der wesentlichen Tochtergesellschaften der Garantin wird gefasst, es sei denn,
dies erfolgt (i) zum Zwecke oder aufgrund einer Zusammenlegung, einer Verschmelzung oder eines
sonstigen Zusammenschlusses mit einer anderen Gesellschaft und diese andere oder neue
Gesellschaft übernimmt sämtliche Verpflichtungen der Emittentin Garantin oder der wesentlichen
Tochtergesellschaften, bzw. der Garantin im Zusammenhang mit den Schuldverschreibungen, oder (ii)
zum Zwecke einer freiwilligen, solventen Auflösung oder Liquidation im Zusammenhang mit der
Übertragung sämtlicher oder eines wesentlichen Teils der Vermögenswerte oder Anteile einer
wesentlichen Tochtergesellschaft auf die Emittentin, die Garantin oder eine sonstige Tochtergesellschaft
der Garantin; oder
(e) (i) die Emittentin, die Garantin oder eine der wesentlichen Tochtergesellschaften der Garantin stellt ihre
Zahlungen ein (gemäß den Bestimmungen des jeweils anwendbaren Konkursrechts) oder (ii) stellt
(ausgenommen die Fälle, in denen dies zum Zwecke einer Zusammenlegung, einer Verschmelzung
oder eines sonstigen Zusammenschlusses wie vorstehend unter (d) beschrieben geschieht) ihre
Geschäftstätigkeit ein oder droht durch ihr hierfür zuständiges Geschäftsführungsorgan, ihre
Geschäftstätigkeit einzustellen oder ist nicht in der Lage, ihren Zahlungsverpflichtungen bei Fälligkeit
nachzukommen; oder
(f) die Emittentin, die Garantin oder eine der wesentlichen Tochtergesellschaften der Garantin oder ein
Dritter beantragt die Eröffnung eines Konkurs- oder sonstigen Insolvenzverfahrens nach geltendem
Konkurs-, Vergleichs- oder Insolvenzrecht über das Vermögen der Emittentin, der Garantin oder einer
wesentlichen Tochtergesellschaft der Garantin und dieser Antrag, falls er von Dritten gestellt wird, wird
nicht innerhalb von 30 Tagen abgewiesen oder die Emittentin , die Garantin oder eine der wesentlichen
Tochtergesellschaften der Garantin nimmt eine Übertragung oder Abtretung zu Gunsten ihrer Gläubiger
vor oder geht allgemein einen Vergleich mit diesen ein; oder
(g) die Emittentin beantragt ein Schuldenmoratorium ("surséance van betaling") (im Sinne des
Konkursrechts der Niederlande); oder
Garantin; oder
(i) die Garantie aus irgendeinem Grund nicht mehr gilt.
"Wesentliche Tochtergesellschaft" bezeichnet eine konsolidierte Tochtergesellschaft der Garantin, (i) deren
Nettoumsatz gemäß ihres geprüften, nicht konsolidierten Jahresabschlusses (bzw. wenn die betreffende
Tochtergesellschaft selbst konsolidierte Jahresabschlüsse erstellt, deren konsolidierter Umsatz gemäß
ihres geprüften, konsolidierten Jahresabschlusses), der für die Zwecke des letzten geprüften konsolidierten
Konzernabschlusses der Garantin benutzt wurde, mindestens fünf Prozent des Gesamtumsatzes der
Garantin und deren Konzerntochtergesellschaften betragen hat, wie aus dem geprüften, konsolidierten
Konzernabschluss ersichtlich oder (ii) deren Bilanzsumme gemäß ihrem geprüften, nicht konsolidierten
Jahresabschluss (oder wenn die betreffende Konzerntochtergesellschaft selbst konsolidierte Abschlüsse
erstellt, deren konsolidierte Bilanzsumme gemäß ihrem konsolidierten, geprüften Jahresabschluss), der für
die Zwecke des letzten geprüften, konsolidierten Abschlusses benutzt wurde, mindestens fünf Prozent der
konsolidierten Bilanzsumme der Garantin und ihrer konsolidierten Tochtergesellschaften betragen hat, wie
aus dem geprüften konsolidierten Abschluss ersichtlich. Ein Bericht der Wirtschaftsprüfer der Garantin
darüber, ob ihrer Meinung nach eine konsolidierte Tochtergesellschaft zu einem bestimmten Zeitpunkt eine
wesentliche Tochtergesellschaft ist oder war, ist, sofern nicht ein offensichtlicher Irrtum vorliegt, für alle
Beteiligten endgültig und bindend.
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§ 10
NEGATIVVERPFLICHTUNG DER EMITTENTIN, GARANTIE UND VERPFLICHTUNGSERKLÄRUNG
DER GARANTIN
(1) Negativverpflichtung. Die Emittentin verpflichtet sich, solange Schuldverschreibungen ausstehen, weder
ihr gesamtes noch einen Teil ihres gegenwärtigen oder zukünftigen Unternehmens, Vermögens oder ihrer
gegenwärtigen oder zukünftigen Erträge mit Hypotheken, Grundpfandrechten, Pfandrechten oder sonstigen
Sicherungsrechten zur Sicherung einer relevanten Verbindlichkeit (oder einer von der Emittentin gewährten
Garantie oder Freistellung in Bezug auf eine Kapitalmarktverbindlichkeit Dritter) zu belasten oder solche
Rechte zu diesem Zweck bestehen zu lassen, ohne gleichzeitig die Schuldverschreibungen an derselben
Sicherheit (oder einer solchen anderen Sicherheit, die von einer unabhängigen, anerkannten
Wirtschaftsprüfungsgesellschaft als gleichwertige Sicherheit angesehen wird) teilnehmen zu lassen.
"Kapitalmarktverbindlichkeit" bezeichnet Verbindlichkeiten hinsichtlich der Rückzahlung geliehener
(2) Garantie. Die Garantin hat die unbedingte und unwiderrufliche Garantie (die "Garantie") für die
pünktliche Zahlung von Kapital und Zinsen und sonstiger auf die Schuldverschreibungen zahlbarer Beträge
übernommen. Darüber hinaus hat sich die Garantin in dieser Garantie verpflichtet (die
"Verpflichtungserklärung"), solange Schuldverschreibungen ausstehen, weder ihr eigenes gegenwärtiges
oder zukünftiges Unternehmen, Vermögen oder ihre gegenwärtigen oder zukünftigen Einkünfte noch
dasjenige bzw., diejenigen ihrer Tochtergesellschaften ganz oder teilweise mit einer Hypotheken,
Grundpfandrechten, Pfandrechten oder sonstigen Sicherungsrechten zur Besicherung einer
Kapitalmarktverbindlichkeit (wie vorstehend definiert) (oder einer von ihr oder einer ihrer
Schuldverschreibungen an derselben Sicherheit (oder einer solchen anderen Sicherheit, die von einer
unabhängigen, anerkannten Wirtschaftsprüfungsgesellschaft als gleichwertige Sicherheit angesehen wird,)
teilnehmen zu lassen. Diese Garantie einschließlich der Verpflichtungserklärung stellt einen Vertrag zu
Gunsten jedes Gläubigers als begünstigtem Dritten gemäß § 328 BGB dar, welcher das Recht jedes
Gläubigers begründet, Erfüllung aus der Garantie unmittelbar von der Garantin zu verlangen und die
Garantie unmittelbar gegen die Garantin durchzusetzen. Kopien der Garantie sind kostenlos bei der
Hauptgeschäftsstelle der Garantin, Berliner Straße 6, 69120 Heidelberg und bei der bezeichneten
Geschäftsstelle der Zahlstelle, die in § 7 genannt ist, erhältlich.
§ 11
ERSETZUNG DER EMITTENTIN
(1) Ersetzung. Die Emittentin ist berechtigt, sofern sie sich nicht mit einer Zahlung von Kapital oder Zinsen
auf die Schuldverschreibungen in Verzug befindet, ohne Zustimmung der Gläubiger, entweder die Garantin
oder eine der Garantin als Hauptschuldnerin (die "Nachfolgeschuldnerin") in Bezug auf die
Schuldverschreibungen einzusetzen, vorausgesetzt, dass:
(a) die Nachfolgeschuldnerin und die Emittentin die für die Wirksamkeit der Ersetzung erforderlichen
Verträge (die "Verträge") geschlossen haben, in denen die Nachfolgeschuldnerin sich zu Gunsten jedes
Gläubigers als begünstigtem Dritten gemäß § 328 BGB verpflichtet, als Schuldner in Bezug auf die
Schuldverschreibungen anstelle der Emittentin (oder jeder früheren Nachfolgeschuldnerin gemäß
diesem § 11) in die Verpflichtungen aus diesen Bedingungen und aus dem Agency Agreement
einzutreten;
(b) die Garantin, sofern sie nicht selbst die Nachfolgeschuldnerin ist, unwiderruflich und unbedingt die
Zahlung aller von der Nachfolgeschuldnerin auf die Schuldverschreibungen zahlbarer Beträge zu
Bedingungen garantiert, die den Bedingungen der Garantie entsprechen;
(c) die Verträge, aufgrund derer die Nachfolgeschuldnerin sämtliche Verpflichtungen der Emittentin
übernimmt, eine Zusicherung und Gewährleistung dahingehend enthalten, (i) dass die
Nachfolgeschuldnerin, die Emittentin und die Garantin alle staatlichen und behördlichen
Genehmigungen und Zustimmungen erhalten haben, die für die Ersetzung und, ggf. für die Ausgabe
einer Garantie durch die Garantin in Bezug auf die Verpflichtungen der Nachfolgeschuldnerin ("neue
Garantie") erforderlich sind, und dass die Nachfolgeschuldnerin alle staatlichen und behördlichen
Genehmigungen und Zustimmungen erhalten hat, die für die Erfüllung ihrer Verpflichtungen aus den
Verträgen erforderlich sind, und dass diese Genehmigungen und Zustimmungen rechtskräftig und
wirksam sind und (ii) dass die von der Nachfolgeschuldnerin in Bezug auf die Schuldverschreibungen
und die von der Garantin unter der neuen Garantie übernommenen Verpflichtungen jeweils wirksame
und gemäß ihren jeweiligen Bedingungen verbindliche Verpflichtungen darstellen, die von jedem
Gläubiger durchgesetzt werden können;
180
(d) jede Börse, an der die Schuldverschreibungen notiert sind, bestätigt hat, dass die
Schuldverschreibungen nach erfolgter Ersetzung durch die Nachfolgeschuldnerin auch weiterhin an
dieser Börse notiert sein werden;
(e) die Nachfolgeschuldnerin einen Zustellungsbevollmächtigten als ihren Bevollmächtigten in Deutschland
für die Entgegennahme von Zustellungen im Zusammenhang mit gerichtlichen Maßnahmen oder
Gerichtsverfahren aus oder in Verbindung mit den Schuldverschreibungen bestellt hat; und
(f) der Emissionsstelle für jedes Land, in dem die Emittentin, die Nachfolgeschuldnerin und die Garantin
ihren Sitz haben, Rechtsgutachten von anerkannten Rechtsanwälten, welche von der Garantin
ausgewählt werden, vorgelegt wurden (Kopien dieser Rechtsgutachten werden bei der Emissionsstelle
erhältlich sein) (das Erstellungsdatum darf jeweils nicht mehr als drei Tage vor dem vorgesehenen
Ersetzungsdatum liegen). Diese Rechtsgutachten sollen bestätigen, dass nach erfolgter Ersetzung (i)
die Erfordernisse dieses § 11, ausgenommen die Mitteilungspflicht gegenüber den Gläubigern, erfüllt
sind und (ii) die neue Garantie eine rechtmäßige, gültige und rechtsverbindliche Verpflichtung der
Garantin darstellt, welche gemäß ihren Bedingungen durchsetzbar ist und (iii) die
Schuldverschreibungen rechtmäßige, gültige und rechtsverbindliche Verpflichtungen der
Nachfolgeschuldnerin darstellen, die gemäß ihren Bedingungen durchsetzbar sind.
(2) Bezugnahmen auf die Emittentin. Im Falle einer solchen Ersetzung gilt jede Bezugnahme in diesen
Bedingungen auf die Emittentin ab dem Zeitpunkt der Ersetzung als Bezugnahme auf die
Nachfolgeschuldnerin, und jede Bezugnahme auf das Land, in dem die Emittentin ihren Sitz oder Steuersitz
hat, ab diesem Zeitpunkt als Bezugnahme auf das Land, in dem die Nachfolgeschuldnerin ihren Sitz oder
Steuersitz hat. Des Weiteren gilt im Fall einer Ersetzung folgendes:
In § 8 und § 5(1) gilt eine alternative Bezugnahme auf die Niederlande als aufgenommen (zusätzlich zu der
Bezugnahme nach Maßgabe des vorstehenden Satzes auf das Land, in dem die Nachfolgeschuldnerin
ihren Sitz oder Steuersitz hat).
(3) Die Verträge werden bei der Emissionsstelle hinterlegt und von dieser verwahrt, solange
Schuldverschreibungen ausstehen und solange über irgendeinen von einem Gläubiger in Bezug auf die
Schuldverschreibungen oder die Verträge geltend gemachter Anspruch gegen die Nachfolgeschuldnerin
oder die Garantin nicht ein rechtskräftiges Urteil ergangen ist, oder dieser Anspruch befriedigt oder
abgewiesen wurde. Die Nachfolgeschuldnerin und, die Garantin erkennen in diesen Verträgen das Recht
eines jeden Gläubigers auf Vorlage der Verträge zur Durchsetzung ihrer Rechte aus den
Schuldverschreibungen oder Verträgen an.
(4) Spätestens 20 Tage nach Unterzeichnung der Verträge hat die Nachfolgeschuldnerin den Gläubigern
hierüber gemäß § 14 Mitteilung zu machen.
(5) Nach einer Ersetzung gemäß vorstehendem Absatz 1 ist die Nachfolgeschuldnerin jederzeit berechtigt,
ohne Zustimmung der Gläubiger eine weitere Ersetzung durchzuführen, mit der Maßgabe, dass alle in den
vorstehenden Absätzen 1, 2, 3 und 4 enthaltenen Bestimmungen entsprechend Anwendung finden und
Bezugnahmen in diesen Bedingungen auf die Emittentin, wo der Zusammenhang dies erfordert, ohne
Einschränkung als Bezugnahmen auf die weitere Nachfolgeschuldnerin gelten oder diese einschließen.
§ 12
VORLEGUNGSFRIST
Die in § 801 Absatz 1 Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf zehn
Jahre abgekürzt.
§ 13
BEGEBUNG WEITERER SCHULDVERSCHREIBUNGEN, ANKAUF UND ENTWERTUNGEN
(1) Begebung weiterer Schuldverschreibungen. Die Emittentin behält sich vor, jederzeit ohne Zustimmung
der Gläubiger weitere Schuldverschreibungen mit gleicher Ausstattung (gegebenenfalls mit Ausnahme des
Ausgabetages, des anfänglichen Verzinsungsbeginns und/oder des Ausgabepreises) in der Weise zu
begeben, dass sie mit diesen Schuldverschreibungen eine einheitliche Serie bilden.
(2) Ankauf. Die Emittentin ist jederzeit berechtigt, Schuldverschreibungen im Markt oder anderweitig zu
jedem beliebigen Preis zu kaufen. Die von der Emittentin erworbenen Schuldverschreibungen können nach
ihrer Wahl von ihr gehalten, weiterverkauft oder bei einer Zahlstelle zwecks Entwertung eingereicht werden.
Sofern diese Käufe durch öffentliches Angebot erfolgen, muss dieses Angebot allen Gläubigern gemacht
werden.
(3) Entwertung. Sämtliche vollständig getilgten Schuldverschreibungen werden unverzüglich entwertet und
dürfen nicht wiederverkauft werden.
181
§ 14
MITTEILUNGEN
(1) Bekanntmachung. Alle die Schuldverschreibungen betreffenden Mitteilungen sind in einer führenden
Tageszeitung mit allgemeiner Verbreitung in Luxemburg und der Bundesrepublik Deutschland,
voraussichtlich dem d' Wort und der Börsenzeitung zu veröffentlichen. Jede derartige Mitteilung gilt am
dritten Tag nach dem Tag der Veröffentlichung (oder bei mehreren Veröffentlichungen am dritten Tag nach
dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.
(2) Mitteilungen an das Clearing System. Solange Schuldverschreibungen an der Luxemburger Börse
notiert sind, findet Absatz 1 Anwendung. Soweit dies Mitteilungen über den Zinssatz betrifft oder die Regeln
der Luxemburger Börse es zulassen, kann die Emittentin eine Veröffentlichung in der d' Wort durch eine
Mitteilung an das Clearing System zur Weiterleitung an die Gläubiger ersetzen; jede derartige Mitteilung gilt
am vierten TARGET Geschäftstag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern
mitgeteilt.
(3) Form der Mitteilung. Mitteilungen, die von einem Gläubiger gemacht werden, müssen schriftlich erfolgen
und zusammen mit der oder den betreffenden Schuldverschreibungen an die Emissionsstelle geleitet
werden. Solange Schuldverschreibungen durch eine Globalurkunde verbrieft sind, kann eine solche
Mitteilung von einem Gläubiger an die Emissionsstelle über das Clearing System in der von der
Emissionsstelle und dem Clearing System dafür vorgesehenen Weise erfolgen.
§ 15
ANWENDBARES RECHT, ERFÜLLUNGSORT, GERICHTSSTAND
ZUSTELLUNGSBEVOLLMÄCHTIGTE UND GERICHTLICHE GELTENDMACHUNG
(1) Anwendbares Recht. Form und Inhalt der Schuldverschreibungen sowie die Rechte und Pflichten der
Gläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach deutschem Recht. Auch die Garantie
unterliegt deutschem Recht.
(2) Erfüllungsort. Erfüllungsort ist Frankfurt am Main.
(3) Gerichtsstand. Gerichtsstand für alle Rechtsstreitigkeiten aus oder im Zusammenhang mit den
Schuldverschreibungen ist Frankfurt am Main. Die Gläubiger können ihre Ansprüche jedoch auch vor
anderen zuständigen Gerichten geltend machen. Die deutschen Gerichte sind ausschließlich zuständig für
die Kraftloserklärung abhanden gekommener oder vernichteter Schuldverschreibungen. Die Emittentin
unterwirft sich hiermit der Gerichtsbarkeit der nach diesem Absatz zuständigen Gerichte.
(4) Ernennung von Zustellungsbevollmächtigten. Für etwaige Rechtsstreitigkeiten oder sonstige Verfahren
vor deutschen Gerichten hat die Emittentin HeidelbergCement AG, Berliner Straße 6, 69120 Heidelberg,
Bundesrepublik Deutschland zu ihrem Zustellungsbevollmächtigten in Deutschland bestellt.
(5) Gerichtliche Geltendmachung. Jeder Gläubiger von Schuldverschreibungen ist berechtigt, in jedem
Rechtsstreit gegen die Emittentin bzw. die Garantin oder in jedem Rechtsstreit, in dem der Gläubiger und
die Emittentin bzw. die Garantin Partei sind, seine Rechte aus diesen Schuldverschreibungen im eigenen
Namen auf der folgenden Grundlage zu schützen oder geltend zu machen: (i) er bringt eine Bescheinigung
der Depotbank bei, bei der er für die Schuldverschreibungen ein Wertpapierdepot unterhält, welche (a) den
vollständigen Namen und die vollständige Adresse des Gläubigers enthält, (b) den Gesamtnennbetrag der
Schuldverschreibungen bezeichnet, die unter dem Datum der Bestätigung auf dem Wertpapierdepot
verbucht sind und (c) bestätigt, dass die Depotbank gegenüber dem Clearing System eine schriftliche
Erklärung abgegeben hat, die die vorstehend unter (a) und (b) bezeichneten Informationen enthält; und (ii)
er legt eine Kopie der die betreffenden Schuldverschreibungen verbriefenden Globalurkunde vor, 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. Für die
Zwecke des Vorstehenden bezeichnet "Depotbank" jede Bank oder ein sonstiges anerkanntes
Finanzinstitut, das berechtigt ist, das Wertpapierverwahrungsgeschäft zu betreiben und bei der/dem der
Gläubiger ein Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich des Clearing
Systems. Unbeschadet des Vorstehenden kann jeder Gläubiger seine Rechte aus den
Rechtsstreits prozessual zulässig ist.
182
§ 16
SPRACHE
Diese Bedingungen sind in deutscher Sprache abgefasst und mit einer Übersetzung in die englische
Sprache versehen. Der deutsche Text soll bindend und maßgeblich sein. Die englische Übersetzung ist
unverbindlich.
183
CONDITIONS
This Series of Notes is issued pursuant to an Amended and Restated Agency Agreement (such Agreement
as amended and/or supplemented and/or restated from time to time, the "Agency Agreement"), dated
13 April 2007, and made between HeidelbergCement AG ("HeidelbergCement"), HeidelbergCement
Finance B. V. ("HeidelbergCement Finance"), Deutsche Bank Aktiengesellschaft as fiscal agent (the "Fiscal
Agent", which expression shall include any successor agent) and the other paying agents named therein
(together with the Fiscal Agent, the "Paying Agents", which expression shall include any successor or
additional paying agents). Copies of the Agency Agreement may be obtained free of charge at the specified
office of the Fiscal Agent, at the specified office of any Paying Agent and at the head office of either Issuer.
The Notes have the benefit of an unconditional and irrevocable guarantee (the "Guarantee") by
HeidelbergCement AG (the "Guarantor").
§1
CURRENCY, DENOMINATION, FORM AND TITLE, CERTAIN DEFINITIONS
(1) Currency and Denomination. This Series of Notes of HeidelbergCement Finance B. V. (the "Issuer") is
issued in EUR (the "Specified Currency") in the aggregate nominal amount of [Will be determined on the
basis of offers received during the offering period and promptly published in accordance with §14 of
the conditions.] and is divided into [to be determined and published in accordance with § 14] Notes in
the nominal amount of EUR 1,000 (the "Specified Denomination").
(2) Form. The Notes are in bearer form.
(3) Permanent Global Note. The Notes are represented by a permanent Global Note (the "Permanent
Global Note") without coupons. The Permanent Global Note shall be signed by authorized signatories of the
Issuer and shall be authenticated by or on behalf of the Fiscal Agent. Definitive Notes and interest coupons
will not be issued.
(4) Clearing System. Each Global Note representing the Notes will be kept in custody by or on behalf of the
Clearing System until all obligations of the Issuer under the Notes have been satisfied. "Clearing System"
means Clearstream Banking AG, Frankfurt am Main ("CBF") and any successor in such capacity.
(5) Holder of Notes. "Holder" means any holder of a proportionate co-ownership or other beneficial interest
or right in the Notes.
§2
STATUS
The Notes are direct, unconditional, unsubordinated and unsecured (subject to § 10(2)) obligations of the
Issuer and rank pari passu among themselves and (save for certain debts required to be preferred by law)
equally with all other unsecured obligations (other than subordinated obligations, if any) of the Issuer, from
time to time outstanding.
§3
INTEREST
(1) Rate of Interest and Interest Payment Dates. The Notes shall bear interest on their nominal amount at
the rate of 5,625 per cent. per annum from (and including) 22 October 2007 to (but excluding) the Maturity
Date (as defined in § 4). Interest shall be payable in arrear on 4 January in each year (each such date, an
"Interest Payment Date"). The first payment of interest shall be made on 4 January 2009 and will amount to
EUR 67.65 per denomination.
(2) Accrual of Interest. The Notes shall cease to bear interest from the expiry of the day preceding the day
on which they are due for redemption. If the Issuer shall fail to redeem the Notes when due, interest shall
continue to accrue on the outstanding principal amount of the Notes from (and including) the due date to
(but excluding) such date as principal and interest on or in connection with the Notes has been placed at
1
the disposal of the Clearing System at the default rate of interest established by law ( ).
184
(3) Calculation of Interest for Partial Periods. If interest is required to be calculated for a period of less than
a full year, such interest shall be calculated by applying the Rate of Interest to each Specified
Denomination, multiplying such sum by the applicable Day Count Fraction (as defined below), and rounding
the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit
being rounded upwards or otherwise in accordance with applicable market convention.
(4) Day Count Fraction. "Day Count Fraction" means, in respect of the calculation of an amount of interest
on any Note for any period of time (the "Calculation Period"):
the actual number of days in the Calculation Period divided by 365 (or, if any portion of that Calculation
Period falls in a leap year, the sum of (a) the actual number of days in that portion of the Calculation Period
falling in a leap year divided by 366 and (b) the actual number of days in that portion of the Calculation
Period falling in a non-leap year divided by 365).
§4
FINAL REDEMPTION
Unless previously redeemed in whole or in part or purchased and cancelled, the Notes shall be redeemed
at their Final Redemption Amount on 4 January 2018 (the "Maturity Date"). The Final Redemption Amount
in respect of each Note shall be its principal amount.
§5
EARLY REDEMPTION
(1) Redemption for Tax Reasons. The Notes will be redeemed at the option of the Issuer in whole, but not in
part, at any time, on giving not less than 30 nor more than 60 days' notice to the Fiscal Agent and, in
accordance with § 14, the Holders (which notice shall be irrevocable), if:
(a) on the occasion of the next payment due under the Notes, the Issuer has or will become obliged to pay
additional amounts as provided or referred to in § 8 or the Guarantor would be unable for reasons
outside its control to procure payment by the Issuer and in making payment itself would be required to
pay such additional amounts as a result of any change in, or amendment to, the laws or regulations of
The Netherlands or the Federal Republic of Germany or any political subdivision or any authority thereof
or therein having power to tax, or any change in the application or official interpretation of such laws or
regulations, which change or amendment becomes effective on or after the 22 October 2007, and
(b) such obligation cannot be avoided by the Issuer or the Guarantor taking reasonable measures available
to it,
provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on
which the Issuer or the Guarantor would be obliged to pay such additional amounts were a payment in
respect of the Notes then due.
Prior to the publication of any notice of redemption pursuant to this § 5 (1), the Issuer shall deliver to the
Fiscal Agent a certificate signed by two members of the Managing Board of the Issuer or two members of
the Managing Board of the Guarantor, as the case may be, stating that the Issuer is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions precedent to the right of the
Issuer so to redeem have occurred, and an opinion of independent legal advisers of recognised standing to
the effect that the Issuer or the Guarantor, as the case may be, has or will become obliged to pay such
additional amounts as a result of such change or amendment.
Notes redeemed pursuant to this § 5 (1) will be redeemed at their Early Redemption Amount referred to in
paragraph (3) below together (if appropriate) with interest accrued to (but excluding) the date of redemption.
(2) Change of Control. If any person or group of persons Acting in Concert other than a Permitted Holder
gains control of the Guarantor a ("Put Event"):
(a) the Guarantor shall promptly inform the Issuer and the Holders in accordance with § 14 upon becoming
aware of that Put Event;
(b) if a Holder so requires and notifies within 30 Business Days of being informed of the Put Event the
Issuer and the Guarantor (“Request”), the Issuer shall redeem the Notes of that Holder at their principle
amount together with accrued interest to but excluding the relevant early repayment day latest 30 days
after the Request of the Holder;
(c) "Control" means the control over more than 50 per cent. of (i) the issued share capital of the Guarantor
or (ii) of the voting rights in the shares of the Guarantor, by contract or otherwise;
(d) "Acting in Concert" shall have the meaning given to such term in Section 2(5) of the German Securities
and takeover Act (Wertpapiererwerbs- und Übernahmegesetz);
185
(e) a "Permitted Holder" means any of (x) Spohn Cement GmbH, (y) any of the shareholders of Spohn
Cement GmbH on the 22 October 2007 including the beneficial owners of the shareholders of Spohn
Cement GmbH or their heirs (Erben, Vermächtnisnehmer) or (z) any entity or any trust (Stiftung) or
comparable arrangement controlled by such persons to which shares of the Guarantor are transferred
by the persons named under (x) to (z);
(3) Early Redemption Amount. For purposes of this § 5(1) and § 9, the Early Redemption Amount of a Note
shall be its Final Redemption Amount.
§6
PAYMENTS
(1) Payment of Principal. Payment of principal in respect of Notes represented by a Global Note shall be
made, subject to paragraph (3) below, to the Clearing System or to its order for credit to the accounts of the
relevant accountholders of the Clearing System upon presentation and surrender of the Global Note at the
specified office of any Paying Agent outside the United States.
(2) Payment of Interest. Payment of interest on Notes shall be made, subject to paragraph (3), to the
Clearing System or to its order for credit to the relevant accountholders of the Clearing System.
(3) Manner of Payment. Subject to applicable fiscal and other laws and regulations, payments of amounts
due in respect of the Notes shall be made in the freely negotiable and convertible currency which on the
respective due date is the currency of the country of the Specified Currency.
(4) United States. For purposes of this § 6, "United States" means the United States of America (including
the States thereof and the District of Columbia) and its possessions (including Puerto Rico, the U. S. Virgin
Islands, Guam, American Samoa, Wake Island and Northern Mariana Islands).
(5) Discharge. The Issuer or, as the case may be, the Guarantor shall be discharged by payment to, or to
the order of, the Clearing System.
(6) Payment Business Day. If the date for payment of any amount in respect of any Note is not a Payment
Business Day then the Holder shall not be entitled to payment until the next such day in the relevant place
and shall not be entitled to further interest or other payment in respect of such delay.
For these purposes, "Payment Business Day" means any day which is both (i) a day (other than a Saturday
or a Sunday) on which commercial banks and foreign exchange markets settle payments in the relevant
place of presentation, and (ii) a day (other than a Saturday or a Sunday) on which commercial banks and
foreign exchange markets settle payments in London and (iii) a day on which the TARGET system is open.
§7
FISCAL AGENT AND PAYING AGENT
(1) Appointment; Specified Offices. The initial Fiscal Agent and Paying Agent and their respective initial
specified offices are:
Fiscal Agent:
Paying Agents:
L-1115 Luxembourg
The Fiscal Agent and the Paying Agent reserve the right at any time to change their respective specified
offices to some other specified office in the same city.
(2) Variation or Termination of Appointment. The Issuer reserves the right at any time to vary or terminate
the appointment of the Fiscal Agent or any Paying Agent and to appoint another Fiscal Agent or additional
or other Paying Agents. The Issuer shall at all times maintain (i) an Fiscal Agent and (ii) a Paying Agent in
addition to the Agent with a specified office in a continental European city and outside Germany and (iii) so
long as the Notes are listed on the Luxembourg Stock Exchange and the Baden-Württemberg Stock
Exchange, a Paying Agent (which may be the Fiscal Agent) with a specified office in Luxembourg and
Stuttgart respectively and/or in such other place as may be required by such stock exchange or any other
relevant authority. Any variation, termination, appointment or change shall only take effect (other than in the
case of insolvency, when it shall be of immediate effect) after not less than 30 nor more than 45 days' prior
notice thereof shall have been given to the Holders in accordance with § 14.
(3) Agents of the Issuer. The Fiscal Agent and the Paying Agent act solely as agents of the Issuer and do
not assume any obligations towards or relationship of agency or trust for any Holder.
186
§8
TAXATION
All payments of principal and interest in respect of the Notes shall be made without withholding or deduction
for or on account of any present or future taxes or duties of whatever nature imposed or levied at source by
or on behalf of The Netherlands or the Federal Republic of Germany or any political subdivision or any
authority thereof or therein having power to tax unless such withholding or deduction is required by law. In
such event, the Issuer will pay such additional amounts (the "Additional Amounts") as shall be necessary in
order that the net amounts received by the Holders, after such withholding or deduction shall equal the
respective amounts of principal and interest which would otherwise have been receivable in the absence of
such withholding or deduction; except that no such Additional Amounts shall be payable on account of any
taxes or duties which:
(a) are payable by any person acting as custodian bank or collecting agent on behalf of a Holder, or
otherwise in any manner which does not constitute a deduction or withholding by the Issuer from
payments of principal or interest made by it, or
(b) are payable by reason of the Holder having, or having had, some personal or business connection with
The Netherlands or the Federal Republic of Germany and not merely by reason of the fact that
payments in respect of the Notes are, or for purposes of taxation are deemed to be, derived from
sources in, or are secured in, The Netherlands or the Federal Republic of Germany, or
(c) are deducted or withheld pursuant to (i) any European Union Directive or Regulation concerning the
taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and
to which The Netherlands or the Federal Republic of Germany or the European Union is a party, or (iii)
any provision of law implementing, or complying with, or introduced to conform with, such Directive,
Regulation, treaty or understanding, or
(d) are payable by reason of a change in law that becomes effective more than 30 days after the relevant
payment becomes due, or is duly provided for and notice thereof is published in accordance with § 14,
whichever occurs later.
§9
EVENTS OF DEFAULT
If any one or more of the following events (each an "Event of Default") shall occur or be continuing:
(a) the Issuer fails to pay any amount due under the Notes or the Guarantor fails to pay any amount due
under the Guarantee (as defined in § 10(2)), within seven days from the relevant due date; or
(b) the Issuer fails duly to perform, or is otherwise in breach of, any covenant or undertaking or other
agreement of the Issuer in respect of the Notes or the Guarantor fails to perform, or is otherwise in
breach of, any other obligation arising form the Guarantee (as defined in § 10(2)) (other than any
obligation for the payment of any amount due in respect of any of the Notes) and such failure or breach
continues for a period of 30 days after notice thereof has been given to the Issuer or the Guarantor; or
(c) any Capital Market Indebtedness (as defined in § 10) of the Issuer or the Guarantor or any of its
Principal Subsidiaries becomes prematurely repayable as a result of a default in respect of the terms
thereof, or the Issuer or the Guarantor or any of its Principal Subsidiaries fails to fulfil payment
obligations in excess of Euro 25,000,000 or the equivalent thereof under any Capital Market
Indebtedness or under any guarantee or suretyship given for any Capital Market Indebtedness of others
within 30 days from its due date or, in the case of a guarantee or suretyship, within 30 days after the
guarantee or suretyship has been invoked, unless the Issuer, or the Guarantor or the relevant Principal
Subsidiary shall contest in good faith that such payment obligation exists or is due or that such
guarantee or suretyship has been validly invoked, or if a security granted therefor is enforced on behalf
of or by the creditor(s) entitled thereto; or
(d) an order is made or an effective resolution is passed for the winding-up or dissolution of the Issuer, the
Guarantor or any of the Guarantor's Principal Subsidiaries, except (i) for the purposes of or pursuant to
a consolidation, amalgamation, merger or other form of combination with another company and such
other or new company assumes all obligations of the Issuer , the Guarantor or any of the Guarantor's
Principal Subsidiaries, as the case may be, in connection with the Notes; or (ii) for the purposes of a
voluntary solvent winding-up or dissolution in connection with the transfer of all or the major part of the
assets or shares of a Principal Subsidiary to the Issuer the Guarantor or another Subsidiary of the
Guarantor; or
(e) (i) the Issuer , the Guarantor or any of the Guarantor's Principal Subsidiaries stops payment (within the
meaning of any applicable insolvency law) or (ii) (otherwise than for the purposes of such a
187
consolidation, amalgamation, merger or other form of combination as is referred to in paragraph (d))
ceases or through an official action of its competent management body threatens to cease to carry on
business or is unable to pay its debts as and when they fall due; or
(f) the Issuer, the Guarantor or any of the Guarantor's Principal Subsidiaries or any third party files an
application under any applicable bankruptcy, reorganisation, composition or insolvency law against the
Issuer , the Guarantor or any of the Guarantor's Principal Subsidiaries and, in the case of an application
by a third party the application is not dismissed within 30 days or the Issuer, the Guarantor or any of the
Guarantor's Principal Subsidiaries makes a conveyance or assignment for the benefit of, or enters into
any composition with, its creditors in general; or
(g) the Issuer applies for a "surséance van betaling" (within the meaning of the Bankruptcy Act of The
Netherlands); or
or
(i) the Guarantee ceases to be valid and legally binding for any reason whatsoever;
then any Holder may, by written notice to the Issuer at the specified office of the Fiscal Agent, effective
upon the date of receipt thereof by the Fiscal Agent, declare his Notes to be forthwith due and payable
whereupon the same shall become forthwith due and payable at the Early Redemption Amount (as
described in § 5(3)), together with accrued interest (if any) to the date of repayment, without presentment,
demand, protest or other notice of any kind.
"Principal Subsidiary" means any consolidated Subsidiary of the Guarantor (i) whose net sales as shown by
the audited non-consolidated accounts (or, where the consolidated Subsidiary in question itself prepares
consolidated accounts, whose consolidated net sales as shown by the audited consolidated accounts) of
such consolidated Subsidiary used for the purposes of the latest audited consolidated accounts of the
Guarantor to have been made up, amount to at least five per cent. of the total net sales of the Guarantor
and its consolidated Subsidiaries as shown by such audited consolidated accounts or (ii) whose total assets
as shown by the audited non-consolidated accounts (or, where the consolidated Subsidiary in question itself
prepares consolidated accounts, whose consolidated total assets as shown by the audited consolidated
accounts) of such consolidated Subsidiary used for the purposes of the latest audited consolidated
accounts to have been made up, amount to at least five per cent. of the total assets of the Guarantor and its
consolidated Subsidiaries as shown by such audited consolidated accounts. A report by the Guarantor's
auditors that in their opinion a consolidated Subsidiary is or is not or was or was not at a specified date a
Principal Subsidiary shall, in the absence of manifest error, be conclusive and binding on all parties.
§ 10
NEGATIVE PLEDGE OF THE ISSUER, GUARANTEE AND UNDERTAKING OF THE GUARANTOR
(1) Negative Pledge. So long as any of the Notes remains outstanding the Issuer will not create or permit
to subsist any mortgage, lien, pledge, charge or other security interest upon the whole or any part of its
undertaking, assets or revenues, present or future, to secure any Capital Market Indebtedness (or to secure
any guarantee or indemnity given by the Issuer in respect of any Capital Market Indebtedness of any other
person) without at the same time according to the Notes the same security (or such other security as shall
be approved by an independent accounting firm of recognised standing as being equivalent security).
"Capital Market Indebtedness" means obligations for the payment of borrowed money which is in the form
of, or represented or evidenced by, a certificate of indebtedness or in the form of, or represented or
evidenced by, bonds, notes, loan stock or other securities which are, or are capable of being, quoted, listed,
dealt in or traded on a stock exchange or other recognized securities market.
(2) Guarantee. The Guarantor has given its unconditional and irrevocable guarantee (the "Guarantee") for
the punctual payment of principal of, and interest on, and any other amounts payable under any Note. In
this Guarantee, the Guarantor has further undertaken (the "Undertaking"), so long as any of the Notes
remains outstanding, that neither the Guarantor nor any of its subsidiaries will create or permit to subsist
any mortgage, lien, pledge, charge or other security interest upon the whole or any part of its undertaking,
assets or revenues, present or future, to secure any Capital Market Indebtedness (as defined above) (or to
secure any guarantee or indemnity given by it or any of its subsidiaries in respect of any Capital Market
Indebtedness of any other person) without at the same time according to the Notes the same security (or
such other security as shall be approved by an independent accounting firm of recognised standing as
being equivalent security). The Guarantee including the Undertaking constitutes a contract for the benefit of
the Holders from time to time as third party beneficiaries in accordance with § 328 of the German Civil
Code, giving rise to the right of each Holder to require performance of the Guarantee directly from the
Guarantor and to enforce the Guarantee directly against the Guarantor. Copies of the Guarantee may be
obtained free of charge at the principal office of the Guarantor, Berliner Straße 6, 69120 Heidelberg,
Germany and at the specified office of the Paying Agent set forth in § 7.
188
§ 11
SUBSTITUTION
(1) Substitution. The Issuer may, without the consent of the Holders, if no payment of principal of or interest
on any of the Notes is in default, substitute either the Guarantor or any wholly owned subsidiary of the
Guarantor as the principal debtor in respect of the Notes (the "Substitute Debtor") provided that:
(a) the Substitute Debtor and the Issuer have entered into such documents (the "Documents") as are
necessary to give effect to the substitution and in which the Substitute Debtor has undertaken in favour
of each Holder as third party beneficiary pursuant to § 328 of the German Civil Code to be bound by
these Conditions and the provisions of the Agency Agreement as the debtor in respect of the Notes in
place of the Issuer (or of any previous substitute debtor under this § 11);
(b) the Guarantor if it is not itself the Substitute Debtor irrevocably and unconditionally guarantees in favour
of each Holder the payment of all sums payable by the Substitute Debtor as such principal debtor in
respect of the Notes on terms equivalent to the terms of the Guarantee;
(c) the Documents by virtue of which the Substitute Debtor assumes all obligations of the Issuer shall
contain a warranty and representation (i) that the Substitute Debtor, the Issuer and the Guarantor have
obtained all necessary governmental and regulatory approvals and consents for such substitution and,
where relevant, for the issue by the Guarantor of a guarantee in respect of the obligations of the
Substitute Debtor the ("New Guarantee"), that the Substitute Debtor has obtained all necessary
governmental and regulatory approvals and consents for the performance by the Substitute Debtor of its
obligations under the Documents and that all such approvals and consents are in full force and effect
and (ii) that the obligations assumed by the Substitute Debtor in respect of the Notes and the obligations
assumed by the Guarantor under the New Guarantee are, in each case, valid and binding in accordance
with their respective terms and enforceable by each Holder;
(d) each stock exchange on which the Notes are listed shall have confirmed that, following the proposed
substitution of the Substitute Debtor, such Notes will continue to be listed on such stock exchange;
(e) the Substitute Debtor shall have appointed a process agent as its agent in Germany to receive service
of process on its behalf in relation to any legal action or proceedings arising out of or in connection with
the Notes; and
(f) legal opinions shall have been delivered to the Fiscal Agent (from whom copies will be available) (in
each case dated not more than three days prior to the intended date of substitution) from legal advisers
of good standing selected by the Guarantor in each jurisdiction in which the Issuer , the Substitute
Debtor and the Guarantor are incorporated confirming, as appropriate, that upon the substitution taking
place (i) the requirements of this § 11, save as to the giving of notice to the Holders, have been met and
(ii) the New Guarantee is a legal, valid and binding obligation of the Guarantor enforceable in
accordance with its terms and (iii) the Notes are legal, valid and binding obligations of the Substitute
Debtor enforceable in accordance with their terms.
(2) References to the Issuer. In the event of such substitution any reference in these Conditions to the
Issuer shall from then on be deemed to refer to the Substitute 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 Substitute Debtor. Furthermore, in the event of
such substitution the following shall apply:
In § 8 and § 5(1) an alternative reference to The Netherlands 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 Substitute Debtor.
(3) The Documents shall be deposited with and held by the Fiscal Agent for so long as any Notes remain
outstanding and for so long as any claim made against the Substitute Debtor or the Guarantor by any
Holder in relation to the Notes or the Documents shall not have been finally adjudicated, settled or
discharged. The Substitute Debtor, Guarantor shall acknowledge in the Documents the right of every Holder
to the production of the Documents for the enforcement of any of the Notes or the Documents.
(4) Not later than 20 days after the execution of the Documents the Substitute Debtor shall give notice
thereof to the Holders in accordance with § 14.
(5) At any time after a substitution pursuant to paragraph (1) above, the Substitute Debtor may, without the
consent of the Holders, effect a further substitution provided that all the provisions specified in paragraphs
(1), (2), (3) and (4) above shall apply, mutatis mutandis, and, without limitation, references in these
Conditions to the Issuer shall, where the context so requires, be deemed to be or include references to any
such further Substitute Debtor.
189
§ 12
PRESENTATION PERIOD
The presentation period provided in § 801 paragraph 1, sentence 1 BGB (German Civil Code) is reduced to
ten years for the Notes.
§ 13
FURTHER ISSUES, PURCHASES AND CANCELLATION
(1) Further Issues. The Issuer may from time to time, without the consent of the Holders, issue further Notes
having the same terms and conditions as the Notes in all respects (or in all respects except for the issue
date, interest commencement date and/or issue price) so as to form a single Series with the Notes.
(2) Purchases. The Issuer may at any time purchase Notes in the open market or otherwise and at any
price. Notes purchased by the Issuer may, at the option of the Issuer, be held, resold or surrendered to any
Paying Agent for cancellation. If purchases are made by tender, tenders for such Notes must be made
available to all Holders of such Notes alike.
(3) Cancellation. All Notes redeemed in full shall be cancelled forthwith and may not be reissued or resold.
§ 14
NOTICES
(1) Publication. All notices concerning the Notes shall be published in one leading daily newspaper having
general circulation in Luxembourg and Stuttgart. This newspaper is expected to be the d' Wort and the
Börsenzeitung. Any notice so given will be deemed to have been validly given on the second day following
the date of such publication (or, if published more than once, on the second day following the date of the
first such publication).
(2) Notification to Clearing System. So long as any Notes are listed on the regulated market of the
Luxembourg Stock Exchange, subparagraph (1) shall apply. In the case of notices regarding the Rate of
Interest or if the rules of the regulated market of the Luxembourg Stock Exchange so permit, the Issuer may
deliver the relevant notice to the Clearing System for communication by the Clearing System to the Holders,
in lieu of publication in the d' Wort; any such notice shall be deemed to have been given to the Holders on
the fourth Target Business Day after the day on which the said notice was given to the Clearing System.
(3) Form of Notice. Notices to be given by any Holder shall be made by means of a written declaration to be
lodged together with the relevant Note or Notes with the Agent. So long as any of the Notes are
represented by a global Note, such notice may be given by any Holder of a Note to the Agent through the
Clearing System in such manner as the Agent and the Clearing System may approve for such purpose.
§ 15
APPLICABLE LAW, PLACE OF PERFORMANCE, PLACE OF JURISDICTION, AUTHORISED AGENT
AND ENFORCEMENT
(1) Applicable Law. The Notes, as to form and content, and all rights and obligations of the Holders and the
Issuer, shall be governed by the laws of the Federal Republic of Germany. The Guarantee is also governed
by German law.
(2) Place of Performance. Place of performance shall be Frankfurt am Main.
(3) Submission to Jurisdiction. The place of jurisdiction for all proceedings arising out of or in connection
with the Notes shall be Frankfurt am Main. The Holders, however, may also pursue their claims before any
other court of competent jurisdiction. The German courts shall have exclusive jurisdiction over the
annulment of lost or destroyed Notes. The Issuer hereby submits to the jurisdiction of the courts referred to
in this paragraph.
4) Appointment of Authorised Agent. For any legal disputes or other proceedings before German courts, the
Issuer has appointed HeidelbergCement AG, Berliner Straße 6, 69120 Heidelberg, Germany, as its
authorised agent for service of process in Germany.
(5) Enforcement. Any Holder of Notes may in any proceedings against the Issuer or the Guarantor, or to
which such Holder and the Issuer or the Guarantor are parties, protect and enforce in his own name his
rights arising under such Notes on the basis of (i) a statement issued by the Custodian with whom such
Holder maintains a securities account in respect of the Notes (a) stating the full name and address of the
Holder, (b) specifying the aggregate principal amount of Notes credited to such securities account on the
date of such statement and (c) confirming that the Custodian has given written notice to the Clearing
System containing the information pursuant to (a) and (b) and (ii) a copy of the Global Note certified by a
190
duly authorized officer of the Clearing System or a depository of the Clearing System as being a true copy,
without the need for production in such proceedings of the actual records or the Global Note representing
the Notes. For purposes of the foregoing, "Custodian" means any bank or other financial institution of
recognized standing authorized to engage in securities custody business with which the Holder maintains a
securities account in respect of the Notes and includes the Clearing System. Each Holder may, without
prejudice to the foregoing, protect and enforce his rights under these Notes also in any other way which is
admitted in the country of the proceedings.
§ 16
LANGUAGE
The 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.
191

Swiss Wrapper - HeidelbergCement Group

Transcription

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