AMPER, SA and Subsidiaries Consolidated Financial Statements for ...
AMPER, SA and Subsidiaries Consolidated Financial Statements for ... AMPER, SA and Subsidiaries Consolidated Financial Statements for ...
which has also been dedicated to the technological and commercial support to other areas. This restructuring has reflected an improvement of 7% in the personnel costs in this market which represents an annualised savings of 9%. Successful rearrangement of the financial debt Amper successfully completed the process of restructuring its debt in the third quarter of 2011 by means of the novation of the contracts it has with 29 financial institutions. In this way, and as a result of the financial reorganization agreement reached with the institutions, Amper goes from having 83% of its debt with a long maturity profile to a debt of 5% by 31 December 2010. These contracts involve the refinancing of a syndicated loan of 53 Million Euros for a period of 7 years with a 2 year exclusion period and the stabilization of the working capital financing lines for a period of 3 years, which amount in aggregate form to a total of 55 Million Euros. The Company has obtained new financing in the amount of 4.5 Million Euros. The level of net debt of Amper amounted to 84 Million Euros at the end of the 2011 financial year compared to 51 Million Euros at the end of the previous financial year. The key factor in this increase has been the consolidation of the debt of eLandia. Improved operating capital Lastly, the working capital has also improved substantially by 19 Million Euros on a comparable basis after the deduction of the restructuring provision included in the balance of 2010. This improvement was caused in part by the effects of the T2C Project (Time to Cash, or optimization of the working capital), and at the end of 2011 it reached a balance of -13.1 Million Euros. Innovation: Continuation of the strategic commitment Despite the current financial and economic situation, Amper has continued its firm commitment to innovation which, in a globalized scenario like the present, means an active differential of a clear added value. According to the internal powers or the planned business models, this commitment is twofold: it's own R & D + innovation or the technology agreements with strategic partners. With respects to its own R & D + innovation, Amper dedicated a total of 151 people and an amount of 12.6 Million Euros in 2011. As for the agreements with strategic technology partners, Amper has signed a series of agreements, among which include the following: With Telefónica, to offer Defence, Security and Communications solutions to the Major Corporations and Public Administrations in Latin America, a field in which both partners already have experience in working together in Spain and in other European countries. With Google Enterprise, to use the technology of Google Earth Enterprise Portable and Google Earth Enterprise in Amper security solutions which, for the first time, permit the management of emergencies in centres, including without Internet connection, or in critical situations with high levels of operational demand. With Quantenna, to use 4x4 MIMO WiFi technology, which will allow the wireless broadband services (HDTV, or any content in video format) to reach the homes of the consumers, to multiple wireless devices regardless of the architecture, simultaneously and thereby simplifying the installation.
Outlook Despite the outlook of uncertainty and financial turmoil, the diversity of the markets we serve and the products we develop, together with our ongoing efforts to improve efficiency, allow us to suggest that in 2012, Amper could reach an increase greater than 10% in the turnover and an increase greater than 20% in the EBITDA, considering a Euro / USD exchange rate of 1.3.
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Outlook<br />
Despite the outlook of uncertainty <strong>and</strong> financial turmoil, the diversity of the markets we<br />
serve <strong>and</strong> the products we develop, together with our ongoing ef<strong>for</strong>ts to improve<br />
efficiency, allow us to suggest that in 2012, Amper could reach an increase greater<br />
than 10% in the turnover <strong>and</strong> an increase greater than 20% in the EBITDA, considering<br />
a Euro / USD exchange rate of 1.3.
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