172
Consolidated Financial Statements
At the end of the year the company held 2.000.000 own
shares acquired for 11.179.644 euros.
The group’s non-available reserves reached 15.179.645
euros and refer to legal reserves (4.00.001 euros) and
other reserves referring to own shares held by the
group (11.179.644 euros).
In the years ending on 31 December 2012 and 2011, the
minority interests were as follows:
Dec-12 Dec-11
Ibersande
4,452,449 4,233,253
IBR Imobiliária. S.A.
228,096 216,738
4,680,545 4,449,991
16. LOANS
On 31 December 2012 and 2011, current and non-cur-
rent loans were broken down as follows:
Non-current
Dec-12
Dec-11
Bank loans
36,921,531 44,053,178
Financial leasing
61,514 278,444
36,983,045 44,331,622
Current
Dec-12 Dec-11
Bank overdrafts
834,765 834,630
Bank loans
16,804,599 11,723,306
Financial Leasing
216,205 755,405
17,855,569 13,313,341
Total loans
54,838,614 57,644,963
Average interest rate
4.7% 3.8%
There are no significant differences between the bal-
ance sheet amounts and fair value of current and non-
current loans.
The maturities of non-current bank loans are broken
down as follows:
Dec-12 Dec-11
From 1 to 2 years
17,084,428 9,562,951
From 2 to 5 years
19,792,653 29,430,912
> 5 years
44,453 5,059,315
36,921,533 44,053,178
Regardless of its ending stated period, for the sub-
scribed commercial paper programmes the Group con-
siders the full repayment on its maturity date (the re-
newal date).
At the end of the year the Group had 14,7 million euros
of unissued commercial paper programmes and avail-
able but not disposable credit lines.
Bank loans with the amount of 45.833 euros (485.092
euros in 2011)are secured by Ibersol’s land and build-
ings assets (Note 31).
In 2012, subsidiary Asurebi subscribed a derivative fi-
nancial instrument for cash-flows hedging with an inter-
est rate Swap, as follows:
- initial date: June, 15 2012;
- expiration date: January, 15 2017;
- fixed interest rate: 0,78%;
- variable interest rate: Euribor 1M;
- total amount: 20 million euros, reduces with debt
repayment plan.
