ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
200
An analysis of sensitivity to variations in interest rates has identified the following impact in terms of results:
3.2_CAPITAL RISK MANAGEMENT
The company’s objective with regard to the management of capital, which is a broader concept than the equity on
the financial statement, is:
• To safeguard the Group’s capacity to continue its activities and carry out the necessary investments to pursue
the object of the concession;
• To maintain an optimum capital structure that allows it to reduce the cost of capital; and
• To create value in the long term for shareholders.
This management is carried out via measures such as: issuing debt instruments (bonds); negotiating and rescheduling
debt and capital inflows from shareholders.
The gearing ratios as of 31 December 2012 and 2011 were as follows:
3.3_FINANCIAL INSTRUMENTS ACCOUNTING
The Group hires derivatives only for the purpose of economic hedging of financial risks to which they are exposed,
particularly the risk of interest rate.
Finance at variable rate
(1,676,179.87)
(1,670,390.64)
1,348,004.49
Finance at fixed rate
(12,695,170.11)
-
-
Interest without financial leasing
(117,062.05)
(6,513.93)
6,518.88
Interest obtained from long term deposits
1,097,427.29
-
-
Approximate impact on results/Present rate scenario
(1,676,904.56)
1,354,523.37
Type
Scenario at present rate* Scenario +0,5% Scenario -0,5%
* Estimated cost of interest in 2013
Total loans
673,408,753.66
698,708,216.37
Cash and cash equivalents
(95,698,746.09)
(54,350,540.66)
Net debt
577,710,007.57
644,357,675.71
Equity
407,248,158.45
380,872,410.89
Total capital
984,958,166.02
1,025,230,086.60
Gearing (%)
58.7
62.9
2012
2011
