ANNUAL REPORT ‘12
ECONOMIC AND FINANCIAL ANALYSIS
109
loans, as the graph below shows. On the 31
st
of
December, the average repayment term of an ANA
Group loan was about 7 years.
On 31 December 2012, ANA, S.A.’s medium and long-
term loans amounted to 361.5 million euros, or 72.6%
of the 497.7 million euros total it has contracted in
loans. We highlight that the year-on-year reduction,
as counterpart to current loans, takes into account the
repayment of a 4-year, 100 million-euro bond loan
in August 2013. At the close of 2012, the average
repayment term of an ANA, S.A. loan was 8 years.
The structure of the interest rates on these loans, as of
31 December 2012, is detailed in the table below.
There was a decrease in the proportion of loans at
revisable fixed rates and an increase in the proportion
of fixed rate loans, which is due to the fact that the
interest rate of a number of loan tranches contracted
with the European Investment Bank (EIB), something
around 45.5 million euros, was set during the year.
The average annual cost of financing the Group and
ANA, S.A. is detailed in the tables on the following page.
The average cost of Group loans over the last 5 years
has been 3.21%. The 0.25 p.p. drop in the average
annual net rate seen in 2012 reflects the decrease in
interest on the loans contracted. This decrease is a
result of the combined effect of the decrease in the
average debt together with the reduction in the
interest rate on the revisable rate loans and partly on
the floating rate contracts. However, the average cost
of loans incorporates an increase of 0.6% per year in
Non-current loans
Current loans
2012
2011
million euros
CURRENT AND NON-CURRENT DEBT – ANA, S.A.
32.9
514.5
481.5
497.7
136.6
361.1
124,250
25.0
184,705
35.9
Revisable fixed
124,250
18.5
184,705
26.4
189,187
38.0
146,764
28.5
Fixed
240,716
35.7
198,998
28.5
184,205
37.0
182,990
35.6
Floating
308,443
45.8
314,969
45.1
497,642
100.0
514,459
100.0
673,409
100.0
698,672
100.0
ANA, S.A.
ANA GROUP
2012
2011
%
%
2012
2011
%
%
Rate type
(thousand euros)
