Download Complete PDF - Informe Anual 2012

As indicated in Note 31 of this Consolidated Annual Report, on 17 April 2013, the Group concluded the agreement signed with China’s HNA
Group, which represented an outlay of €234 million in the form of a capital increase.
The Group also requested the syndicated banks participating in a €716 million loan to amend the terms of said loan by novation, which would
include the release of collateral, modifications to the syndicated loan, and a waiver from its obligation to comply with the financial ratios at 31
December 2012. At the end of the subscription period of the aforementioned novation, the unanimity required for all the requested amendments
(see Note 31) had not been achieved, except the waiver from compliance with financial ratios.
In order to include these developments, which the directors of the Parent Company consider significant, it was decided during the 30 April 2013.
Board meeting to reformulate the consolidated annual accounts for the 2012.
The consolidated financial statements of the Group and the entities that comprise it corresponding to 2012 are pending approval by their
respective General Shareholders Meetings or Members. Nonetheless, the directors of the Parent Company understand that said financial
statements will be approved without any significant changes.
Since the accounting standards and valuation criteria applied in the preparation of the Group’s consolidated financial statements for 2012 may
differ from those used by some of its member companies, adjustments and reclassifications were used to standardise them and adapt them to
the European Union’s IFRS.
2.1.1 Standards and interpretations effective in this period
In this financial year, the Group adopted the following standards and interpretations which entered into force in 2012 and apply to the Group’s
consolidated financial statements:
• Amendment of IFRS 7 Financial Instruments: Disclosure of transfers of financial assets
This amendment extends and reinforces the breakdown of transfers of financial assets, principally those that qualify them for retirement from the
balance sheet, but with some kind of continuing involvement in the asset.
The entry into force of this amendment did not entail any change in the Group’s Consolidated Annual Accounts.
• Amendment to IAS 12 Income taxes Deferred tax on real estate
The fundamental change arising from this amendment is that it introduces an exception to the general principles of IAS 12 that affects deferred tax
on real estate, which the Group measures using the fair-value model in IAS 40 Investment Property. The amendment introduces the assumption,
in terms of calculating applicable deferred taxes, that the book value of the assets will be recovered entirely through sale.
This presumption can be rebutted if the property is depreciable (which would exclude the non-depreciable and component) and is held to obtain
economic benefits over time through use, rather than through sale.
The entry into force of this amendment did not entail any change in the Group’s consolidated annual accounts since, as described under Note 4.2,
investment property is valued using the cost model.
2.1.2 Standards and interpretations issued and not in force
The most significant standards and interpretations published by the IASB on the date these consolidated annual accounts were drawn up but had
not yet entered into force either because the date of their entry into force was subsequent to the date of these consolidated annual accounts or
because they had not been endorsed by the European Union, were the following:
New standards, amendments and interpretations
Compulsory application
for financial years
commencing after:
Approved for use in the European Union
Amendment to IAS 1 Presentation of other comprehensive income 1 July 2012
Amendment to IAS 19 Employee benefits 1 January 2013
Yet to be approved for use in the European Union
IFRS 9 Financial instruments 1 January 2015
IFRS 10 Consolidated financial statements 1 January 2013
IFRS 11 Joint arrangements 1 January 2013
IFRS 12 Disclosure of interests in other entities 1 January 2013
IFRS 13 Fair value measurement 1 January 2013
Revised IAS 27 Separate financial statements 1 January 2013
Revised IAS 28 Investments in associates and joint ventures 1 January 2013
Amendment to IAS 32
Financial instruments: presentation - Offsetting assets with financial
liabilities
1 January 2014
Amendment to IFRS 7.
Financial instruments: Disclosure requirements regarding the offsetting
financial assets and financial liabilities
1 January 2013
Improvements to IFRS 2009-2011 cycle Minor amendments to a number of standards. 1 January 2013
Amendments to IFRS 10, 11 and 12 Transition guidance 1 January 2013
Amendments to IFRS 10, IFRS 12 and IAS 27 Investment companies 1 January 2014
IFRIC Interpretation 20 Stripping costs in the production phase of a surface mine 1 January 2013
68 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS