ANNUAL REPORT ‘12
COMPLIANCE WITH LEGAL OBLIGATIONS
138
In point 5.3_Compliance with annual objectives, we
indicate the level of compliance with the objectives in
the operational framework plan for 2012.
14.3.2_Financial risk management, as per the terms
of Order no. 101/2009 - SETF, of 30 January, and
compliance
Point 12.6_Financial risk management describes in
a detailed and duly individual manner all the issues
contemplated in Order no. 101/2009.
14.3.3_Evolution of the average period for pay-
ments to suppliers, in conformance with Cabinet
Resolution (RCM) no. 34/2008, of 22 February,
which approved the On Time Payment Programme,
with the amendment introduced by Order no.
9870/2009 of 13 April
According to Chapter 13 of this report (see point
13.2.10_Average payment period to suppliers), the
Average Period for Payments to Suppliers recorded in
2012 was 40 days, calculated in accordance with the
terms of Cabinet Resolution (RCM) no. 34/2008, of
22 February.
We point out that this indicator was reduced by 13
days compared to 2011, as the company made every
effort to meet the obligations assumed with suppliers
in a timely manner and to reduce the share of suppliers
of fixed assets.
14.3.4_Disclosure of delays in payments, as de-
fined in Decree-law no. 65-A/2011 of 17 May
As shown in Annex V (which corresponds to annex 3
of the instructions regarding the process of reporting
of accounts for 2012), there were no late payments
under the terms of the Decree-Law mentioned above.
14.3.5_Compliance with the special obligations
pertaining to information, as per the terms of Order
no. 14277/2008, of 23 May
As mentioned in Chapter 13 of this report (see point
13.2.11_Information Obligations), regarding the
special obligations pertaining to information and the
terms of Order no. 14277/2008, of 23 May, ANA, S.A.
sends to the Directorate-General for the Treasury and
Finance and the Inspectorate-General for Finance its
annual and multi-annual activity plans; its annual budgets,
including an estimate of the financial operations with
the State; its annual and multi-annual investment
plans and the respective sources of funding; quarterly
reports regarding the implementation of the budget,
accompanied by the reports of the audit body and
copies of the minutes of the General Meeting.
14.3.6_Steps taken and results obtained within the
scope of compliance with the shareholder recom-
mendations issued on the occasion of the approval
of the 2011 financial accounts
At the General Meeting held on 28 May 2012, in which
the accounts for 2011 were approved, the state as the
shareholder did not make any recommendations for
ANA, S.A. to implement during 2012.
14.3.7_Compliance with Laws no. 64-B/2011 and
no. 12-A/2010 in regard to the remuneration of
members of governing bodies, the external auditor
and staff
Reductions in the remuneration of executive directors
and members of the supervisory body were made
accordingly. Management bonuses were not paid to
members of the Board of Directors.
Staff salaries were similarly reduced, and adjustments
were made to the amounts paid by the company in
