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

paradigm of the Semantic Web which enables it to improve crisis
management in complex scenarios in which a large number of very diverse
organizations participate, all of this under strict security measures and
authentication.
• SINTONIA. The SINTONIA project (Unmanned Systems with Zero
Environmental Impact) includes the participation of 23 companies and 25
Research Bodies in the field of Aeronautics (UAS). Amper leads and
coordinates the work packages of Communications and Navigation.
In 2011, Amper received, along with 12 other entities, the award of the “HIT-GATE
Project: Heterogeneous Interoperable Transportable GATEway for First-
Responders” within the Seventh Framework Programme (FP7) funded with European
funds. The project will start during 2012 and it is scheduled to last for 3 years.
ENVIRONMENTAL ISSUES
The Company does not have any liabilities, expenses, assets, provisions or
contingencies of an environmental nature that may be significant in relation to the
assets, financial position and the results thereof. For this reason, specific disclosures
are not included in this Management Report regarding information on environmental
issues.
DERIVATIVES AND HEDGING TRANSACTIONS
The swap transaction on the interest rates is maintained to manage its exposure to the
fluctuations thereof in the syndicated loan, which is owned by Amper, S.A.
FUTURE OUTLOOK
The current situation of global economic and financial turmoil has a significant impact
on ongoing programmes and in future decisions in both the private sector as well as in
the public administration, and this constitutes an international stage of uncertainty.
However, the strategy of technological and geographical diversification followed by
Amper allows the Company to offset expected lower growth segments with others
whose estimate is more favourable, such as in the case of Latin America or Asia.
On the other hand, and regardless of the market conditions, Amper has continued with
its internal transformation programme for the optimisation of its resources and talents,
which has had and will continue to possess direct reflections in its size, and in the
improvement of its efficiency.
This allows us to think that, in 2012, Amper could reach an increase greater than 10%
in the turnover and an increase greater than 20% in EBITDA, considering a Euro / USD
exchange rate of 1.3.
AMPER IN THE STOCK MARKET
The share capital of Amper, S.A. amounts to 32,403,256 Euros and is represented by
32,403,256 nominal shares with a nominal value of one Euro each.
The shares had the following stock market performance during 2011: