180
CONSOLIDATED FINANCIAL STATEMENTS
Dec-13
Dec-12
Operating income
13,587,424 14,760,085
Operating costs
-13,201,317 -13,635,442
Net financing cost
393,684
382,223
Pre-tax income
779,791 1,506,866
Income tax
-155,242
-361,138
Net profit
624,550 1,145,728
Dec-13
Dec-12
Flows from operating
activities
607,069 2,827,184
Flows from investment
activities
28,091
376,139
Flows from financing
activities
-9,712,366
-307,468
Change in cash &
cash equivalents
-9,077,206 2,895,855
16. LOANS
On 31 December 2013 and 2012, current and non-cur-
rent loans were broken down as follows:
Non-current
Dec-13
Dec-12
Bank loans
6,417,821 12,921,531
Commercial paper
programmes
17,000,000 24,000,000
Financial leasing
-
61,514
23,417,821 36,983,045
Current
Dec-13
Dec-12
Bank overdrafts
833,014
834,765
Bank loans
15,223,159 8,526,365
Commercial paper
programmes
7,000,000 8,000,000
Derivative financial
instrument
138,195
278,234
Financial Leasing
61,483
216,205
23,255,851 17,855,569
Total loans
46,673,672 54,838,614
Average interest rate
5.0%
4.7%
