Annual Report 2012 - Ono
Annual Report 2012 - Ono
Annual Report 2012 - Ono
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The Figures<br />
GRUPO CORPORATIVO ONO, S.A. AND SUBSIDIARIES (ONO GROUP)<br />
NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEAR <strong>2012</strong> (Thousands of Euros)<br />
Thousands of Euros<br />
31.12.<strong>2012</strong> 31.12.2011<br />
Variable rate debt (*) 1,076,288 2,139,407<br />
Fixed rate and zero interest rate debt (*) 2,462,369 1,480,423<br />
Total debt (*) 3,538,657 3,619,830<br />
(*)<br />
Amounts shown at redemption value (note 15).<br />
The sensitivity in the result, of interest rate variations on those liabilities with credit entities, is as follows:<br />
Millions of Euros<br />
<strong>2012</strong> 2011<br />
Increase/decrease of interest rates (linked to Euribor) +/- 1%<br />
Impact in Result before income tax 14.5 22.8<br />
14.5 22.8<br />
b) Credit Risk<br />
ONO in <strong>2012</strong><br />
Who is ONO?<br />
What does ONO do?<br />
ONO’s<br />
Responsibility<br />
Financial analysis<br />
Corporate<br />
Governance <strong>Report</strong><br />
The Figures<br />
Annexes<br />
Contact<br />
Information<br />
Financial assets mainly include cash and cash equivalents, trade and other receivables, which represent the maximum credit risk exposure<br />
of the Group relating to financial assets.<br />
Group credit risk is mainly related to accounts receivable balances. It is the Group policy to perform a periodical and systematic evaluation<br />
of credit risk to record provisions on the income statement accordingly and to evaluate the potential need to reduce customer’s credit<br />
level allowed (in this sense, the Group has restrictive credit scoring procedures prior to the acceptance of new residential customers). See<br />
also policy of impairment in note 11.<br />
For banks and financial institutions, the Group only accepts independent rated parties with a minimum quality.<br />
c) Liquidity risk<br />
It is the Group policy to match the schedule for its debt maturity payments to its capacity to generate cash flows to meet these maturities.<br />
In particular, the Group’s management attempts to ensure that the operations over the next twelve months are always fully financed<br />
without the need to substantially modify the conditions and structure of the Group’s debt.<br />
The following table contains a breakdown of the Group’s non-derivative financial liabilities and derivative financial liabilities, grouped<br />
together by maturity date based on the period from the balance sheet date to the maturity date stipulated in each contract. The amounts<br />
shown in the table relate to undiscounted cash flows.<br />
Print<br />
<strong>Report</strong><br />
The Figures<br />
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