AMPER, SA and Subsidiaries Consolidated Financial Statements for ...
AMPER, SA and Subsidiaries Consolidated Financial Statements for ... AMPER, SA and Subsidiaries Consolidated Financial Statements for ...
13. Financial Debt The breakdown of the headings "Short-Term Financial Debt" and Long-Term Financial Debt", at 31 December 2011 and 2010 is the following: (Thousands of Euros) 31.12.2011 31.12.2010 Short-term Long-term Short-term Long-term Loans in domestic currency --- 84,940 33,451 4,657 Pure Credit / Imports 24,948 39,567 70,413 --- Guarantees and deposits 596 --- 116 --- Derivatives and hedging operations --- 209 --- 335 Total Financial Debt 25,544 124,716 103,980 4,992 Debt maturity: Debit balances with credit institutions on 31 December 2011 and scheduled maturities as a result of amortization are the following: (Thousands of Euros) Debt at 31 December 2011 with maturities: Short-term Long-term Balance at 31.12.11 2012 2013 2014 2015 -… Total long-term Loans in domestic currency 84,940 --- --- 9,878 75,062 84,940 Pure Credit / Imports 64,515 24,948 --- 39,567 --- 39,567 Guarantees and deposits 596 596 --- --- --- --- Derivatives and hedging operations 209 --- 209 --- --- 209 Total 150,260 25,544 209 49,445 75,062 124,716 Debit balances with credit institutions on 31 December 2010 and scheduled maturities as a result of amortization are the following: (Thousands of Euros) Debt at 31 December 2010 with maturities: Short-term Long-term Balance at 31.12.10 2011 2012 2013 Total long-term Loans drawn 70,413 70,413 --- --- --- Loans in domestic currency 38,108 33,451 --- 4,657 4,657 Guarantees and deposits 116 116 --- --- --- Derivatives and hedging operations 335 --- 335 --- 335 Total 108,972 103,980 335 4,657 4,992 43
The breakdown of bank financing at 31 December 2010 is the following: Type of financing Financial Institution Date of Granting Maturity Date In thousands of euros Amount granted Amount drawn 31.12.10 Syndicated HSBC (agent) 15.12.2006 15.12.2012 61,000 24,400 Loan Banco Guipuzcoano 31.03.2009 31.03.2012 2,000 862 Loan Caixanova 11.11.2010 11.11.2011 750 689 ICO Loan Caja Madrid 6.05.2010 27.05.2013 2,000 2,000 ICO Loan Unicaja 13.07.2010 13.07.2013 1,800 1,657 ICO Loan Banco Santander 23.03.2010 23.03.2013 1,000 1,000 ICO Loan Banco Santander 8.10.2010 8.10.2011 2,500 2,500 ICO Loan Caixa Cataluña 24.06.2010 28.05.2011 3,500 3,500 ICO Loan BBVA 28.05.2010 28.05.2011 3,500 3,500 In addition to the above, the Group presented loans used for an amount of 70,413 thousand euros, guaranteed by certain current and non-current Group assets, which accrued at an average interest rate of Euribor +2.5%. Financial restructuring during financial year 2011: At 31 December 2010, the Amper Group did not satisfy the financial ratios associated with the syndicated loan obtained on 27 December 2010. A waiver of the agent bank, following approval by the majority of the participating institutions, allowed this non-compliance to be accepted up to June 2011. After the extension date, the Group initiated a restructuring process of its financial debt. On 8 September 2011, Amper, S.A. (the company financed) signed several contracts involving the restructuring of the financial debt of the company with 29 financial institutions (the financing companies). The Amper Group has analyzed the modification of the conditions of the syndicated loan signed on 15 December 2006, as well as the conditions of the new debt obtained. In this analysis, the Group has not considered debt instruments to be exchanged which, at the date of the new contract, had expired or were close to expiry, taking into account the original financing conditions (mainly the current loan policies). For the remaining debt, mostly covered in the syndicated loan agreement, the Group has analyzed whether the conditions have been substantially modified. To this end, the Group has taken into account the change in the current value of discounted cash flows under the new conditions, including any fees paid net of any fees received, using a discount rate equal to the original effective interest rate. The change in flows thus compared was less than 4%. As a result of this quantitative analysis, in addition to other qualitative considerations, the Group considers that the modification has not been substantial and therefore has recorded the new financing without derecognizing the previous financial liability associated with the former financial debt. Costs and fees have been recognized by adjusting the book value of the liability and are amortized on a straightline basis during the amortization period of the modified financial liability. The contracts contain the refinancing of a syndicated loan of 52,909 thousand euros, divided into three tranches with the following characteristics: 44
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- Page 9 and 10: • In accordance with IFRSs, these
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- Page 53 and 54: (Thousands of Euros) YEAR 2011 Defe
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- Page 71 and 72: Bluesky Samoa Limited (Samoa) Samoa
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- Page 79 and 80: for an amount of 92 Million Euros,
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- Page 83 and 84: In Brazil, Amper was awarded the su
- Page 85 and 86: Strategic cooperation agreements In
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- Page 89 and 90: • The last listed price was 1.66
- Page 91 and 92: Board of Directors (i) On 23 March
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The breakdown of bank financing at 31 December 2010 is the following:<br />
Type of<br />
financing<br />
<strong>Financial</strong> Institution<br />
Date of<br />
Granting<br />
Maturity Date<br />
In thous<strong>and</strong>s of euros<br />
Amount granted Amount drawn<br />
31.12.10<br />
Syndicated HSBC (agent) 15.12.2006 15.12.2012 61,000 24,400<br />
Loan Banco Guipuzcoano 31.03.2009 31.03.2012 2,000 862<br />
Loan Caixanova 11.11.2010 11.11.2011 750 689<br />
ICO Loan Caja Madrid 6.05.2010 27.05.2013 2,000 2,000<br />
ICO Loan Unicaja 13.07.2010 13.07.2013 1,800 1,657<br />
ICO Loan Banco Sant<strong>and</strong>er 23.03.2010 23.03.2013 1,000 1,000<br />
ICO Loan Banco Sant<strong>and</strong>er 8.10.2010 8.10.2011 2,500 2,500<br />
ICO Loan Caixa Cataluña 24.06.2010 28.05.2011 3,500 3,500<br />
ICO Loan BBVA 28.05.2010 28.05.2011 3,500 3,500<br />
In addition to the above, the Group presented loans used <strong>for</strong> an amount of 70,413 thous<strong>and</strong> euros,<br />
guaranteed by certain current <strong>and</strong> non-current Group assets, which accrued at an average interest rate<br />
of Euribor +2.5%.<br />
<strong>Financial</strong> restructuring during financial year 2011:<br />
At 31 December 2010, the Amper Group did not satisfy the financial ratios associated with the<br />
syndicated loan obtained on 27 December 2010. A waiver of the agent bank, following approval by the<br />
majority of the participating institutions, allowed this non-compliance to be accepted up to June 2011.<br />
After the extension date, the Group initiated a restructuring process of its financial debt. On 8<br />
September 2011, Amper, S.A. (the company financed) signed several contracts involving the<br />
restructuring of the financial debt of the company with 29 financial institutions (the financing<br />
companies).<br />
The Amper Group has analyzed the modification of the conditions of the syndicated loan signed on 15<br />
December 2006, as well as the conditions of the new debt obtained. In this analysis, the Group has not<br />
considered debt instruments to be exchanged which, at the date of the new contract, had expired or<br />
were close to expiry, taking into account the original financing conditions (mainly the current loan<br />
policies).<br />
For the remaining debt, mostly covered in the syndicated loan agreement, the Group has analyzed<br />
whether the conditions have been substantially modified. To this end, the Group has taken into account<br />
the change in the current value of discounted cash flows under the new conditions, including any fees<br />
paid net of any fees received, using a discount rate equal to the original effective interest rate. The<br />
change in flows thus compared was less than 4%.<br />
As a result of this quantitative analysis, in addition to other qualitative considerations, the Group<br />
considers that the modification has not been substantial <strong>and</strong> there<strong>for</strong>e has recorded the new financing<br />
without derecognizing the previous financial liability associated with the <strong>for</strong>mer financial debt. Costs <strong>and</strong><br />
fees have been recognized by adjusting the book value of the liability <strong>and</strong> are amortized on a straightline<br />
basis during the amortization period of the modified financial liability.<br />
The contracts contain the refinancing of a syndicated loan of 52,909 thous<strong>and</strong> euros, divided into three<br />
tranches with the following characteristics:<br />
44