ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
234
General covenants of ANA Group loans
The financing contracts of the ANA Group companies include various convenants, of which we highlight:
The guarantee contracts celebrated between ANA, S.A. and the Commercial Bank, for guarantees to the EIB in
the amount of 191,250 thousand euros, include clauses for shareholder control of ANA, S.A. by the Portuguese
State.
Lines of credit
The Group also has short-term lines of credit at its disposal in the amount of 72.5 million euros.
Company Financing contracts
Contract
Current
Covenant
Limit
Covenant
debt
debt
on 31 Dec. 2012
ANA, S.A.
EIB
(2)
Financing contracts
377,169,474.00 270,726,009.00
Interest coverage ratio
> 5.5
9.88
(EBITDA/Net financial charges
Debt ratio
< 4
3.51
(Financial debt/EBITDA)
Borrower shareholder control
> 50%
(1)
100%
(Portuguese State)
Bond contract
200,000,000.00 200,000,000.00
Borrower shareholder control
> 50%
100%
(Portuguese State)
ANAM, S.A. Financing contracts
157,219,685.00 149,737,716.00
Guaranteed by the Portuguese State
100%
100%
Bond contract
50,000,000.00 50,000,000.00
Guarantor shareholder control
100%
100%
(ANA, S.A.)
(3)
(1) Should the Portuguese State cease to hold the majority of capital stock or lose control over the borrower, the Bank may request that bank guarantees be made over all the financial
obligations resulting from the contracts or the early repayment of loans.
(2) In the case of guaranteed EIB Loans (191,250 thousand euros on 31 December 2012), failure of the guarantors to comply with the clauses related to the conditions required of them or to renew
the guarantees within contracted timelines may lead to the request for replacement of the guarantor or the early repayment of the portion of the loans corresponding to the percentage guaranteed.
(3) All the capital of the guarantor (ANA, S.A.) is to be held and controlled directly by the Portuguese State.
