ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
199
c) Cash flow risks and fair value risks associated to interest rates
The Group’s remunerated assets correspond to short-term applications (up to 1 year); the profit and operating
cash flows are fairly independent of changes in market interest rates.
The Group’s risk associated to interest rates is derived from long term loans that have been obtained. Such loans
that have been issued with floating interest rates are exposed to cash flow risks associated to interest rates and
those issued with fixed rates are exposed to the fair value risk of the debt.
The Group manages the cash flow risk associated to interest rates, contracting derivative instruments that allow
the transformation of floating interest rates into fixed interest rates.
Accounts payable - current
24,056,348.44
16,248.29
34,511.55
8,494.19
Accounts payable - investments
9,465,929.66
-
-
-
Accounts payable - leasing
323,072.10
976,244.85
1,859,081.33
-
Other creditors
2,206,680.96
405,220.20
-
74,572.03
Other creditors – Concession fee
(1)
800,000,000.00
400,000,000.00
-
-
Guarantees by third parties
1,755,866.83
135,964.08
1,346,541.83
66,675.21
Bank loans
11,194,513.11
127,441,375.96
380,178,939.37
216,441,770.08
Derivatives
442,567.22
421,974.24
2,104,070.14
723,795.58
Liabilities
(2)
568,233.50
8,210,545.50
52,162,325.67
-
Accrual of costs, except banking interest
34,753,107.31
1,618,897.93
12,131.47
-
884,766,319.14
539,226,471.04
437,697,601.35
217,315,307.09
0 - 6 Months
2012
6 - 12 Months
1 - 5 Years
> 5 Years
Accounts payable - current
27,003,072.59
9,951.55
-
10,496.68
Accounts payable - investments
15,903,695.45
-
-
-
Accounts payable - leasing
447,619.61
1,180,297.33
2,465,175.21
-
Other creditors
3,096,671.79
-
437,448.16
74,572.03
Guarantees by third parties
1,434,626.51
406.16
1,254,057.07
480,475.88
Bank loans
14,329,763.44
29,917,328.31
505,809,748.45
255,827,166.99
Banking overdrafts
36,255.20
-
-
-
Derivatives
289,488.02
233,498.85
1,692,247.88
526,121.55
Liabilities
(2)
642,976.75
1,928,930.25
16,013,160.18
-
Accrual of costs, except banking interest
25,942,823.34
530,196.28
6,215.54
-
89,126,992.70
33,800,608.74
527,678,052.49
256,918,833.13
0 - 6 Months
2011
6 - 12 Months
1 - 5 Years
> 5 Years
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