ACS Group Annual Report - Grupo ACS

Consolidated Financial Statements17.2 Bank loansThe detail of the bank borrowings at 31 December 2008 and the repayment schedules are as follows:Thousands of eurosCurrent2009 2010 2011 20122013 andsubsequent yearsNon-CurrentTotalNon-CurrentEuro loans 3,843,801 2,610,767 400,462 35,973 159,006 3,206,208Foreign currency loans 96,546 16,965 2,230 1,771 10,075 31,041Finance lease obligations 20,599 14,143 11,849 9,652 15,162 50,806Total 3,960,946 2,641,875 414,541 47,396 184,243 3,288,055The detail of the bank borrowings at 31 December 2007 and the repayment schedules are as follows:Thousands of eurosCurrent2008 2009 2010 20112012 andsubsequent yearsNon-CurrentTotal Non-CurrentEuro loans 2,102,075 538,895 2,641,132 421,558 660,899 4,262,484Foreign currency loans 575,463 138,622 225,401 156,475 707,738 1,228,236Finance lease obligations 85,829 94,368 102,502 77,182 493,705 767,757Total 2,763,367 771,885 2,969,035 655,215 1,862,342 6,258,477In 2008 and 2007 the ACS Group satisfactorily repaid all its financial liabilities at their maturity date. Also, at the date of thepreparation of these consolidated financial statements, the Group had not defaulted on any of its financial obligations.The year-on-year reduction in the Group’s loans is a consequence, inter alia, of the consideration of Unión Fenosa as a discontinuedoperation.The ACS Group’s most significant bank loans are as follows:In 2005, ACS, Actividades de Construcción y Servicios, S.A. arranged a syndicated loan amounting to EUR 1,500 million with 39credit institutions, which matures on 22 July 2010, on which date a single repayment in full is required. This loan bears interestat a variable rate tied to Euribor plus a spread. Various interest rate swaps were arranged to hedge 100% of the loan granted,which mature in July 2010. This loan requires compliance with certain ratios that are being met by the Group.Additionally, the Parent arranged bilateral non-current loans with different credit institutions amounting to EUR 390,000 thousand,at an interest rate tied to Euribor plus a market spread.Non-current financing includes EUR 650 million relating to a syndicated loan granted to Urbaser, S.A. on 26 May 2005, which fullymatures in five years and requires compliance with certain ratios that are being met by the Urbaser Group. Various interest rateswaps were arranged to cover 60% of this loan, which mature in June 2010.Annual Report 2008 ACS Group94