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

which has also been dedicated to the technological and commercial support to other
areas.
This restructuring has reflected an improvement of 7% in the personnel costs in this
market which represents an annualised savings of 9%.
Successful rearrangement of the financial debt
Amper successfully completed the process of restructuring its debt in the third quarter
of 2011 by means of the novation of the contracts it has with 29 financial institutions.
In this way, and as a result of the financial reorganization agreement reached with the
institutions, Amper goes from having 83% of its debt with a long maturity profile to a
debt of 5% by 31 December 2010.
These contracts involve the refinancing of a syndicated loan of 53 Million Euros for a
period of 7 years with a 2 year exclusion period and the stabilization of the working
capital financing lines for a period of 3 years, which amount in aggregate form to a total
of 55 Million Euros. The Company has obtained new financing in the amount of 4.5
Million Euros.
The level of net debt of Amper amounted to 84 Million Euros at the end of the 2011
financial year compared to 51 Million Euros at the end of the previous financial year.
The key factor in this increase has been the consolidation of the debt of eLandia.
Improved operating capital
Lastly, the working capital has also improved substantially by 19 Million Euros on a
comparable basis after the deduction of the restructuring provision included in the
balance of 2010. This improvement was caused in part by the effects of the T2C
Project (Time to Cash, or optimization of the working capital), and at the end of 2011 it
reached a balance of -13.1 Million Euros.
Innovation: Continuation of the strategic commitment
Despite the current financial and economic situation, Amper has continued its firm
commitment to innovation which, in a globalized scenario like the present, means an
active differential of a clear added value. According to the internal powers or the
planned business models, this commitment is twofold: it's own R & D + innovation or
the technology agreements with strategic partners.
With respects to its own R & D + innovation, Amper dedicated a total of 151 people and
an amount of 12.6 Million Euros in 2011.
As for the agreements with strategic technology partners, Amper has signed a series of
agreements, among which include the following:
With Telefónica, to offer Defence, Security and Communications solutions to the Major
Corporations and Public Administrations in Latin America, a field in which both partners
already have experience in working together in Spain and in other European countries.
With Google Enterprise, to use the technology of Google Earth Enterprise Portable and
Google Earth Enterprise in Amper security solutions which, for the first time, permit the
management of emergencies in centres, including without Internet connection, or in
critical situations with high levels of operational demand.
With Quantenna, to use 4x4 MIMO WiFi technology, which will allow the wireless
broadband services (HDTV, or any content in video format) to reach the homes of the
consumers, to multiple wireless devices regardless of the architecture, simultaneously
and thereby simplifying the installation.