CONSOLIDATED FINANCIAL STATEMENTS
In 2012, subsidiary Asurebi subscribed a derivative financial instrument for cash-flows hed-
ging with an interest rate Swap. In 2014 due to changes in the related loan swap conditions
were adjusted as follows:
- initial date: September, 5th 2015;
- expiration date: July, 15th 2019;
- fixed interest rate: 0,78%;
- variable interest rate: Euribor 1M;
- total amount: 10 million euros, reduces with debt repayment plan.
This derivative is classified as a level 2 category and its technical valuation based on a market
approach (MTM).
As the derivative financial instrument was not registered under hedge accounting, its changes
in fair value are reflected in the income of the year (66.666 euros, Note 27).
21. OTHER NON-CURRENT LIABILITIES
On December 31st 2016 and 2015, the item “Other non-current liabilities” may be broken
down as follows:
Dec. 2016
Dec. 2015
Other creditors (1)
208,040
239,713
Financial investments debt
-
-
Other non-current liabilities
208,040
239,713
(1) includes 197,128 euros referring to the debt for the purchase of subsidiary Vidisco, S.L..
On December 31st 2016 the future (contractual) Cash Flows associated to these liabilities are
broken down as follows:
FC 2017
FC 2018
FC 2019
FC 2020
FC 2021 FC 2022/23
Other creditors
39,760
28,848
28,848
28,848
28,848
52,888
Financial
investments debt
-
-
-
-
-
-
262
