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120000000 Heckler & Koch Gmbh 9.25% Senior Notes Due 2011

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120000000 Heckler & Koch Gmbh 9.25% Senior Notes Due 2011 SECURITY REF. A0BVHW CONFIDENTIAL Regulation S Global Note ISIN: XS0196656408 / Common Code 019665640 Restricted Global Note ISIN: XS0196656747 / Common Code 019665674 €120,000,000 Heckler & Koch GmbH 9.25% Senior Notes due 2011 __________ BONDHOLDERS’ REPORT Actual Results for the Twelve Months to December 31, 2010 Page 1 of 88 Contents CONSOLIDATED STATEMENT OF FINANCIAL POSITION 3 CONSOLIDATED INCOME STATEMENT 4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 5 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 6 CONSOLIDATED STATEMENT OF CASH FLOWS 7 GENERAL DISCLOSURES 10 GENERAL DISCLOSURES 10 NOTES ON THE INCOME STATEMENT 20 NOTES ON THE BALANCE SHEET 24 OTHER DISCLOSURES 33 AUDITOR'S REPORT 45 NOTES ON THE GROUP STRUCTURE 46 NOTE REGARDING PRESENTATION OF FINANCIAL INFORMATION 46 NOTE REGARDING FORWARD-LOOKING STATEMENTS 47 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 48 RISK FACTORS 56 QUALITATIVE AND QUANTITATIVE DISCUSSION OF MARKET RISK 67 BUSINESS 68 NOTE REGARDING CHANGE OF CONTROL STATUS AND ACQUISITIONS AND DISPOSALS 83 MANAGEMENT 83 RELATED PARTY TRANSACTIONS 85 DESCRIPTION OF OTHER INDEBTEDNESS 87 NOTE ON DEFINED TERMS USED IN THIS BONDHOLDERS’ REPORT 88 Page 2 of 88 Heckler & Koch GmbH, Oberndorf/Neckar – Consolidated Statements CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF EUR' 000 Note 31.12.10 31.12.09 Assets Property, plant & equipment 17 53,065 54,219 Intangible assets - goodwill 16 60,365 60,365 Intangible assets - other 16 42,400 41,190 Other investments 18 0 1 Deferred tax assets 15 11,094 6,779 Total non-current assets 166,924 162,553 Inventories 19 73,184 71,806 Prepayments for inventories 3,727 5,843 Prepayments for other current assets 1,823 1,234 Other loans, investments & derivatives 18,36 6,096 5,762 Current tax assets 523 220 Trade and other receivables 20,36 50,402 41,911 Cash & cash equivalents 21 54,883 52,133 Total current assets 190,637 178,910 Total assets 357,561 341,463 Equity Share capital 25 25 Additional paid in capital 13,695 13,695 Reserves 82,687 63,867 Total equity 22 96,407 77,587 Liabilities Loans & borrowings due to third parties 25 119,207 117,851 Employee defined benefit obligations 23 52,594 48,470 Provisions 24 13,493 12,432 Trade and other payables 26 111 167 Deferred tax liabilities 15 21,287 21,275 Total non-current liabilities 206,692 200,196 Trade and other payables 26,36 33,689 33,422 Advanced & stage payments received 9,275 16,224 Deferred income 92 292 Finance lease obligations 25 0 86 Derivatives 29 40 828 Current income tax payable 6,594 8,874 Provisions & accruals 24 4,772 3,956 Total current liabilities 54,461 63,680 Total liabilities 261,154 263,876 Total equity & liabilities 357,561 341,463 Page 3 of 88 Heckler & Koch GmbH, Oberndorf/Neckar – Consolidated Statements CONSOLIDATED INCOME STATEMENT FOR THE PERIOD JANUARY 1 TO DECEMBER 31 EUR' 000 Note 2010 2009 Revenue 6 247,244 234,748 Cost of sales 7 (144,067) (153,563) Gross profit 103,178 81,185 Research & development 8 (4,112) (3,051) Sales, marketing & distribution 9 (31,752) (24,714) Administration 10 (14,758) (14,224) Other operating income 11 6,512 6,344 Other operating expenses 12 (7,289) (6,132) Results from operating activities 13 51,777 39,408 Financial income 5,141 2,500 Financial expense (16,347) (17,684) Net financial result 14 (11,206) (15,184) Profit before income tax 40,571 24,224 Income tax expense 15 (10,170) (7,270) Profit for the period 30,402 16,954 Attributable to the shareholders of 30,402 16,954 Heckler & Koch GmbH 22 Earnings per share N/A N/A Page 4 of 88 Heckler & Koch GmbH, Oberndorf/Neckar – Consolidated Statements CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD JANUARY 1 TO DECEMBER 31 EUR '000 Note 2010 2009 Forex translation differences for foreign operations (381) 690 Hedging gains / (losses) 22 788 (828) DBO actuarial gains / (losses) 22 (3,694) (3,719) Deferred tax 22 806 1,260 Other comprehensive income (2,481) (2,596) Profit for the period 30,402 16,954 Total comprehensive income for the period 27,920 14,358 Attributable to the shareholders of Heckler & 27,920 14,358 Koch GmbH Page 5 of 88 Heckler & Koch GmbH, Oberndorf/Neckar – Consolidated Statements CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR DECEMBER 31, 2008 TO DECEMBER 31, 2010 Share Additional Translation Reserve for Hedging Consolidated Shareholders Capital Paid in Reserve Defined Benefit Reserve Retained Equity EUR'000 Capital Obligations Earnings Note 22 As of 31.12.2008 25 79,695 (521) 3,662 - (9,482) 73,379 Reclassification of reserves (66,000) - - - 66,000 - Total recognised income & expense - 690 (2,688) (598) 16,954 14,358 Dividends declared - - - - (10,150) (10,150) As of 31.12.2009 25 13,695 169 974 (598) 63,322 77,587 Total recognised income & expense - (381) (2,670) 569 30,402 27,920 Dividends declared - - - - (9,100) (9,100) As of 31.12.2010 25 13,695 (212) (1,695) (29) 84,623 96,407 Page 6 of 88 Heckler & Koch GmbH, Oberndorf/Neckar – Consolidated Statements CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD JANUARY 1 TO DECEMBER 31 EUR '000 Note 2010 2009 Cash flows from operating activities Profit for the period 30,402 16,954 Adjustments for: Depreciation 8,131 8,636 Amortisation of intangible assets 16 1,286 1,291 Retirement losses on intangible assets 1,229 1,133 Net interest expense 14 13,628 14,343 Gain / loss on disposal of property, plant & equipment 1,390 310 Gain / loss on disposal of investments 14 0 1 Income tax expense 15 10,170 7,270 66,235 49,938 Change in inventories 129 (667) Change in trade & other receivables 3,684 21,767 Change in prepayments 1,585 (5,691) Change in trade & other payables (11,943) (56) Change in provisions & employees' benefits 23,24 170 (2,824) 59,859 62,467 Income tax paid (16,410) (5,107) Net cash from / (used in) operating activities 43,449 57,361 Cash flows from investing activities Interest received 655 976 Proceeds from sale of property, plant & equipment 211 138 Proceeds from sale of investments 18 302 292 Acq'n of property, plant, equipment & intangibles 16,17 (8,644) (8,480) Net investment in loans 18,36 7,162 2,054 Acquisition of subsidiaries & other investments 18,36 (6,710) (12,316) Capitalised development expenditure 16 (3,388) (2,676) Net cash from / (used in) investing activities (10,412) (20,012) Cash flows from financing activities Proceeds from utilisation of US credit line 25 0 1,264 Repayment of US credit line 25 0 (4,674) Interest paid (11,523) (11,654) Payment of finance lease liabilities 25 (88) (139) Dividends paid (19,250) 0 Net cash from / (used in) financing activities (30,861) (15,204) Net inc. / (dec.) in cash & cash equivalents 2,176 22,145 Cash & cash equivalents at 1st January 52,134 29,762 Effect of exchange rate fluctuations on cash held 574 227 Cash & cash equivalents at 31st December 21 54,883 52,134 Page 7 of 88 Heckler & Koch GmbH, Oberndorf/Neckar – Consolidated Statements Notes to the consolidated financial statements for the year 2010 Contents GENERAL DISCLOSURES 10 (1) PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS 10 (2) EXECUTIVE BOARD APPROVAL 10 (3) STATEMENT OF COMPLIANCE WITH APPLICABLE LAW AND IFRS 10 (4) GROUP ENTITIES 11 (5) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF MEASUREMENT 13 Consolidation methods .................................................................................. 13 Currency translation....................................................................................... 13 Significant accounting policies ....................................................................... 14 Goodwill ......................................................................................................... 14 Intangible assets ............................................................................................ 14 Tangible assets.............................................................................................. 15 Impairment of tangible assets and of intangible assets other than goodwill . 15 Financial instruments ..................................................................................... 15 Construction work in progress ....................................................................... 17 Inventories...................................................................................................... 17 Non-current assets held for sale.................................................................... 17 Provisions for pensions and similar defined benefit obligations .................... 18 Other non-current and current provisions ...................................................... 18 Leases............................................................................................................ 18 Recognition of income and expense.............................................................. 18 Expenses for research and development ...................................................... 19 Borrowing costs.............................................................................................. 19 Income taxes and deferred taxes................................................................... 19 Contingent liabilities and contingent assets................................................... 19 The use of estimates and assumptions ......................................................... 19 NOTES ON THE INCOME STATEMENT 20 (6) REVENUE 20 (7) COST OF SALES 20 (8) RESEARCH AND DEVELOPMENT EXPENSES 20 (9) SALES , MARKETING & DISTRIBUTION EXPENSES 21 (10) ADMINISTRATION EXPENSES 21
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