AMPER, SA and Subsidiaries Consolidated Financial Statements for ...

The breakdown of bank financing at 31 December 2010 is the following:
Type of
financing
Financial Institution
Date of
Granting
Maturity Date
In thousands of euros
Amount granted Amount drawn
31.12.10
Syndicated HSBC (agent) 15.12.2006 15.12.2012 61,000 24,400
Loan Banco Guipuzcoano 31.03.2009 31.03.2012 2,000 862
Loan Caixanova 11.11.2010 11.11.2011 750 689
ICO Loan Caja Madrid 6.05.2010 27.05.2013 2,000 2,000
ICO Loan Unicaja 13.07.2010 13.07.2013 1,800 1,657
ICO Loan Banco Santander 23.03.2010 23.03.2013 1,000 1,000
ICO Loan Banco Santander 8.10.2010 8.10.2011 2,500 2,500
ICO Loan Caixa Cataluña 24.06.2010 28.05.2011 3,500 3,500
ICO Loan BBVA 28.05.2010 28.05.2011 3,500 3,500
In addition to the above, the Group presented loans used for an amount of 70,413 thousand euros,
guaranteed by certain current and non-current Group assets, which accrued at an average interest rate
of Euribor +2.5%.
Financial restructuring during financial year 2011:
At 31 December 2010, the Amper Group did not satisfy the financial ratios associated with the
syndicated loan obtained on 27 December 2010. A waiver of the agent bank, following approval by the
majority of the participating institutions, allowed this non-compliance to be accepted up to June 2011.
After the extension date, the Group initiated a restructuring process of its financial debt. On 8
September 2011, Amper, S.A. (the company financed) signed several contracts involving the
restructuring of the financial debt of the company with 29 financial institutions (the financing
companies).
The Amper Group has analyzed the modification of the conditions of the syndicated loan signed on 15
December 2006, as well as the conditions of the new debt obtained. In this analysis, the Group has not
considered debt instruments to be exchanged which, at the date of the new contract, had expired or
were close to expiry, taking into account the original financing conditions (mainly the current loan
policies).
For the remaining debt, mostly covered in the syndicated loan agreement, the Group has analyzed
whether the conditions have been substantially modified. To this end, the Group has taken into account
the change in the current value of discounted cash flows under the new conditions, including any fees
paid net of any fees received, using a discount rate equal to the original effective interest rate. The
change in flows thus compared was less than 4%.
As a result of this quantitative analysis, in addition to other qualitative considerations, the Group
considers that the modification has not been substantial and therefore has recorded the new financing
without derecognizing the previous financial liability associated with the former financial debt. Costs and
fees have been recognized by adjusting the book value of the liability and are amortized on a straightline
basis during the amortization period of the modified financial liability.
The contracts contain the refinancing of a syndicated loan of 52,909 thousand euros, divided into three
tranches with the following characteristics:
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