Annual Report of ACS Group - Grupo ACS

Consolidated
Financial Statements
The ACS Group held mortgage loans for an amount of EUR 57,580 thousand on 31 December 2010 (EUR 15,203 thousand
on 31 December 2009).
At 31 December 2010, the Group companies had been granted lines of credit with limits of EUR 3,636,110 thousand (EUR
3,666,296 thousand in 2009), of which the amount of EUR 1,528,887 thousand (EUR 1,687,530 thousand at 31 December
2009) had not been draw upon, which suffi ciently meets any need of the Group according to the short-term existing
commitments.
At 31 December 2010, the current and non-current bank borrowings in foreign currency amounted to EUR 288,288 thousand
(EUR 194,052 thousand in 2009), of which EUR 120,867 thousand were in US dollars (EUR 104,493 thousand in 2009), EUR
42,626 thousand were in Chilean pesos (EUR 28,905 thousand in 2009), EUR 23,255 thousand were in Moroccan dirham, EUR
47,744 thousand were in Brazilian reals (EUR 14,653 thousand in 2009), EUR 8,120 thousand in Polish zlotys (EUR 12,111
thousand in 2009).
Foreign currency loans and credits are recognised at their equivalent Euro value at each year-end, calculated at the exchange
rates prevailing at 31 December.
In 2010 the Group’s Euro loans and credits bore average annual interest at 2.92%, (3.32% in 2009). For the loans and credits
denominated in foreign currency, the interest was 3.51% (3.76% in 2009).
Following its risk management policy, the ACS Group attempts to achieve a reasonable balance between long-term fi nancing
for the Group’s strategic investments (above all, project fi nancing and limited recourse fi nancing as described in Note 18)
and short-term fi nancing for the management of working capital. The impact of interest rate variations on the fi nancing
expense is indicated in Note 21.
17.03. Financial lease obligations
The total amount of pending payments under fi nance leases at 31 December 2010 and 2009 is as follows:
2010
Thousands of euros
Present value of minimum
lease payments
114
ANNUAL REPORT 2010
ACS GROUP
Less than
one year
Between two
and fi ve years
More than
fi ve years
Balance at
31/12/2010
9,813 14,158 7,858 31,829
Unaccrued fi nance charges 702 1,158 391 2,251
Total amounts payable under
fi nance leases
2009
Thousands of euros
Present value of minimum
lease payments
10,515 15,316 8,249 34,080
Less than
one year
Between two
and fi ve years
More than
fi ve years
Balance at
31/12/2009
8,004 15,086 9,088 32,178
Unaccrued fi nance charges 529 1,172 511 2,212
Total amounts payable under
fi nance leases
8,533 16,258 9,599 34,390