96
2013
Annual Report
32
Contract date
Maturity date
Notional
amount
Asset Liability Asset Liability
30/06/2013
30/06/2020
97,875
-
(562)
-
-
22/03/2013
29/12/2017
37,500
-
(331)
-
-
22/03/2013
29/12/2017
14,625
92
-
-
-
150,000
92
(893)
-
-
2013
Fair values
2012
The interest rate is pegged to Euribor plus a market spread payable in half-yearly instalments at the end of
each period due.
In conjunction with this addendum, on 22 March 2013 the Company signed four long-term bilateral loans for a
total of Euros 69.5 million with the following entities: Banco Sabadell (Euros 25 million), Caixabank (Euros 25
million), Caja Laboral (Euros 12 million) and Bankoa (Euros 7.5 million). These bilateral loans will be repaid in
three half-yearly instalments starting in December 2016. These loans and the aforementioned long-term credit
facility signed on 19 December 2012 share the same terms and conditions.
In relation and proportion to these contracts, in 2013 the Company contracted interest rate swaps on 75% of
the loan limits, over the terms of the loans, at a cost in terms of margin of 25 basis points.
Details of cash flow hedges at 31 December 2013 and 2012, comprising interest rate swaps, are as follows:
The fair value of financial swaps is based on the market values of equivalent derivative financial instruments at
the reporting date. All interest rate swaps are effective as cash flow hedges.
This contract also provides that any surplus cash, generated during the term of the loan and calculated in
accordance with the terms of the aforementioned contract, be used to settle the amount drawn down on the
credit facility.
The Company's credit facilities have a total limit of Euros 110 million at 31 December 2013 (Euros 117 million in
2012), of which Euros 87 million remains undrawn at that date (Euros 78 million in 2012). This limit includes a
Euros 80 million current account credit facility, which falls due on 30 December 2018, to ensure the Company
working capital requirements, obtained from Kutxabank on 19 December 2012.
15.2.
Suppliers
At 31 December 2013 debts and payables in foreign currency, in this case the US Dollar, amount to Euros 213
thousand (Euros 146 thousand in 2012).
