Annual Report 2012 - Ono

The Figures
GRUPO CORPORATIVO ONO, S.A. AND SUBSIDIARIES (ONO GROUP)
NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEAR 2012 (Thousands of Euros)
Thousands of Euros
31.12.2012 31.12.2011
Variable rate debt (*) 1,076,288 2,139,407
Fixed rate and zero interest rate debt (*) 2,462,369 1,480,423
Total debt (*) 3,538,657 3,619,830
(*)
Amounts shown at redemption value (note 15).
The sensitivity in the result, of interest rate variations on those liabilities with credit entities, is as follows:
Millions of Euros
2012 2011
Increase/decrease of interest rates (linked to Euribor) +/- 1%
Impact in Result before income tax 14.5 22.8
14.5 22.8
b) Credit Risk
ONO in 2012
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Financial assets mainly include cash and cash equivalents, trade and other receivables, which represent the maximum credit risk exposure
of the Group relating to financial assets.
Group credit risk is mainly related to accounts receivable balances. It is the Group policy to perform a periodical and systematic evaluation
of credit risk to record provisions on the income statement accordingly and to evaluate the potential need to reduce customer’s credit
level allowed (in this sense, the Group has restrictive credit scoring procedures prior to the acceptance of new residential customers). See
also policy of impairment in note 11.
For banks and financial institutions, the Group only accepts independent rated parties with a minimum quality.
c) Liquidity risk
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.
In particular, the Group’s management attempts to ensure that the operations over the next twelve months are always fully financed
without the need to substantially modify the conditions and structure of the Group’s debt.
The following table contains a breakdown of the Group’s non-derivative financial liabilities and derivative financial liabilities, grouped
together by maturity date based on the period from the balance sheet date to the maturity date stipulated in each contract. The amounts
shown in the table relate to undiscounted cash flows.
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