commissions for bank guarantees associated with EIB
loans. The 0.23 p.p. decrease in average cost (annual
average rate) reflects a slight worsening of the cost
incurred with the only swap operation that is still active.
This swap consisted of the sale to the bank of the
option to fix the rate at 3.55%, as from 15 June 2010
and until the loan matures, in 2026. This option was
exercised.
As of 31 December 2012, ANA, S.A.’s debt repre-
sented about 70% of the total debt of the ANA Group.
Over the last 5 years, the average cost of loans has
been 3.34%.
12.6_FINANCIAL RISK MANAGEMENT
The coverage of the interest rate risk is balanced
between the natural hedging inherent in the business
(as of 31 December 2012 the proportion of floating
rate debt stood at 45.8% in the Group) and the
contracting of acceptable derivative instruments, in
accordance with the requirements of IAS 39.
Keeping this percentage of floating rate loans has
allowed the company to take advantage of the lower
interest rates that have been on offer in recent years,
despite the slight rise in such rates that was seen
ANNUAL REPORT ‘12
ECONOMIC AND FINANCIAL ANALYSIS
110
Debt at beginning of period
698,672
690,455
667,856
584,979
643,016
-
Debt at end of period
673,409
698,672
690,455
667,856
584,979
-
Average debt in the period
686,040
696,275
680,097
612,604
613,997
657,802
Financing costs
19,862
21,743
19,661
20,371
29,079
22,143
Financial income
(1,663)
(1,554)
(942)
(419)
(4,200)
(1,755)
Net average annual rate
2.65%
2.90%
2.75%
3.26%
4.03%
3.12%
Gains/losses with swaps
782
668
2,307
(1,692)
2,205
854
(fair value change not included)
AVERAGE ANNUAL RATE
2.77%
3.00%
3.09%
2.98%
4.41%
3.25%
Average of the
last 5 years
2008
ANA GROUP
2009
2010
2011
2012
(thousand euros)
EVOLUTION OF THE AVERAGE ANNUAL COST OF FINANCING
Debt at beginning of period
514,459
496,285
473,379
375,635
382,289
-
Debt at end of period
497,642
514,459
496,285
473,379
375,635
-
Average debt in the period
510,452
509,916
485,787
408,217
378,962
458,667
Financing costs
15,799
16,831
15,233
14,336
17,265
15,821
Financial income
(800)
(491)
(470)
(50)
(1,682)
(699)
Net average annual rate
2.94%
3.20%
3.04%
3.50%
4.03%
3.34%
Gains/losses with swaps
782
668
2,307
(312)
910
871
(Fair value change not included)
AVERAGE ANNUAL RATE
3.09%
3.34%
3.51%
3.42%
4.02%
3.48%
Average of the
last 5 years
2008
ANA, S.A.
2009
2010
2011
2012
(thousand euros)
EVOLUTION OF THE AVERAGE ANNUAL COST OF FINANCING
