ANNUAL REPORT ‘12
ECONOMIC AND FINANCIAL ANALYSIS
102
According to the standard in question, provisions for
major repairs are to be made beforehand, under the
concessionaire’s maintenance plan, so that the expense
is fully covered at the time of execution.
Since 2012 was the first year of the application of the
norm to ANA, S.A., the accumulated obligations had
to be calculated. Had the standard in question been
adopted prior to 2012, the company would have
cruised through this year with costs for major repairs of
around 8.9 million euros, compared to the 43.9 million
euros actually entered on the books, a difference of
35.0 million euros.
Likewise, following the above reasoning, amortisations
for the year and investment subsidies would be valued
at 50.6 million euros, compared to the 70.7 million
euros shown in the financial statements, a difference
of 20.1 million euros.
In short, eliminating the cumulative effects resulting
from the application of IFRIC 12 and considering 2012
as a normal fiscal year, we would have an estimated
reduction of 55.1 million euros in operating costs, and
an increase by the same amount in the operating
results, as shown below.
Operating revenues
The 2012 operating revenues for ANA, S.A. totalled
388.3 million euros, coming in at +6.5% (23.6 million
euros) year on year.
This income figure includes the recognition of the
revenue related to the acquisition/construction of
Turnover (without construction contracts)
358,256
352,011
338,800
1.8%
Construction contracts
20,634
0
0
n.a.
Other revenue
9,384
12,706
9,378
(26.1%)
Operating revenue
388,274
364,717
348,178
6.5%
2010
2011
Δ %
12/11
2012
ANA, S.A.
(thousand euros)
million euros
OPERATING RESULTS 2012
Estimated impact: 1
st
year of the concession vs. steady state year
150
125
100
75
50
25
0
Operating results,
1
st
year of
concession
Obligations
assumed (ESS)
Previous periods
Amortisation
adjustments
Jan-Nov 2012
Operating
results,
Steady state year
71.0
20.1
35.0
125.1
