181
ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2013
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-13
Dec-12
From 1 to 2 years
9,193,824 17,084,428
From 2 to 5 years
13,664,193 19,792,653
> 5 years
559,804
44,453
23,417,821 36,921,533
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).
Using the functional currency in which they were sub-
scribed, total loans on 31st December 2013 and 2012
were as follows:
Dec-13
Dec-12
EUR
40,872,340 50,963,668
USD
3,750,000 1,875,000
AOA
295,208,333 170,000,000
At the end of the year the Group had 16,6 million euros
of unissued commercial paper programmes and availa-
ble but not disposable credit lines.
In 2012, subsidiary Asurebi subscribed a derivative fi-
nancial instrument for cash-flows hedging with an inte-
rest 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.
As the derivative financial instrument was not registe-
red under hedge accounting, its changes in fair value
are reflected in the income of the year (140.040 euros).
The liabilities from financial leasing may be broken
down as follows:
Dec-13
Dec-12
Capital em dívida:
Up to 1 year
61,483
216,205
Over 1 year and
until 5 years
-
61,514
61,483
277,719
