ANNUAL REPORT ‘12
ECONOMIC AND FINANCIAL ANALYSIS
105
The recurrent EBITDA presents a differential of 42.6million
euros compared to the EBITDA shown on the financial
statements, justified by the following adjustments:
12.2_FINANCIAL SITUATION
As of 31 December 2012, the capital invested in the
Group and in ANA, S.A. stood at 988.6 million euros and
912.6 million euros, respectively.
The following table shows that the capital amounts are
mostly invested in intangible and tangible fixed assets.
The intangible fixed assets at ANA, S.A. increased in
2012, and, consequently, so did the Group’s, due to the
recognition of the initial payment for concession right
over the airport infrastructures, which amounted to
1,200 million euros. A debt of equal amount was
generated in accounts payable.
90,775
858,691
845,955
Tangible fixed assets (net of subsidies)
94,842
863,035
850,856
1,965,245
7,862
2,360
Intangible assets (net of subsidies)
2,147,639
195,207
194,022
12,459
(449)
(2,420)
(+) Deferred tax assets
21,610
16,278
9,807
191
214
468
(+) Inventories
505
530
788
44,663
46,728
45,411
(+) Debtors
55,226
60,085
56,473
(1,296,796)
(76,067)
(106,290)
(+) Creditors
(1,332,145)
(108,386)
(133,186)
816, 537
836,979
785,484
(=) Total uses of capital (excl. fin. inv.)
987,677
1,026,749
978,760
96,046
95,621
141,650
(+) Financial investments
885
461
1,854
912,583
932,600
927,134
(=) Total uses of capital
988,562
1,027,210
980,614
471,125
438,615
452,807
Equity
403,058
376,093
340,210
-
-
-
(+) Minority interests
4,190
4,779
3,340
441,458
493,985
474,327
(+) Net debt and to affiliated companies
581,314
646,338
637,064
912,583
932,600
927,134
(=) Capital employed
988,562
1,027,210
980,614
ANA, S.A.
2012 2011
ANA GROUP
2012
2010
2011
2010
(thousand euros)
thousand euros
RECURRENT EBITDA BRIDGE – ANA, S.A.
EBITDA
141,858
Staff
optimization
programme
683
3,365
Wage
cuts
-5,992
-1,124
Contractual
fines
1,780
Faro
repair
damage
IFRIC 12
43,908
Others
Recurrent
EBITDA
184,478
225,000
200,000
175,000
150,000
125,000
100,000
75,000
50,000
25,000
0
E
c
