ANNUAL REPORT ‘12
ECONOMIC AND FINANCIAL ANALYSIS
108
12.5_FINANCING POLICY
In 2012, the instability of the financial sector of recent
years continued to be the order of the day. In spite of
the measures carried out by the Central European Bank
to reenergise the financial markets, their continuing
unavailability to offer new loans was aggravated by
the goals imposed on Portugal following the country’s
request for financial help, more specifically, by the
deleveraging objectives imposed on the banks.
The financing policy of the ANA Group in 2012 aimed
at ensuring the financing of its business plan on the
basis if its ability to generate a cash flow and optimise
the management of its reserve fund.
Given the situation, ANA, S.A.’s financing policy has
been drawn up with the following principles and limi-
tations in mind:
a) To ensure a balance between investment, financing
and dividend policies, in order to retain a financial
structure that maximises the value of the business;
b) To make sure that it holds to the debt ratios agreed
with its loan providers;
c) To comply with the limits established in Order
no. 510/10, issued by the Secretary of State for
the Treasury and Finance, which stipulates a set of
determinations regarding the maximum annual
growth in debt levels established in the Programme
for Stability and Growth 2010-2013. In specific
terms, the average growth in debt for the period
2010-2013 may not exceed 5.5%.
To comply with these, and given the difficulties in
obtaining loans and the need to work within the frame-
work established in the above-mentioned order, the
investment plans for the Group have been adjusted
to better fit the financing that has already been put
in place.
In 2012, the Group’s gross indebtedness (remunerated
financial liability), at 673.4 million euros, was about
3.6% lower than it had been at the end of 2011,
resulting from the Group’s compliance with its loan
repayment plan. At ANA, S.A. the gross indebtedness
of 497.7 million euros represented a drop of 3.3%.
This number was far short of the limits established
by Order no. 510/10, issued by the Secretary of State
for the Treasury and Finance (5% growth in 2012).
At the end of 2012, the ANA Group’s medium and
long-term loans were worth 548.0 million euros, or
81.4% of its total of 673.4 million euros in outstanding
673.4
698.7
Non-current loans
Current loans
2012
125.4
548.0
2011
25.9
672.8
million euros
CURRENT AND NON-CURRENT DEBT – ANA GROUP
