Financial expenses accrued from financing agreements with credit institutions that are shareholders of the Parent Company, amounted to €13,566
thousand in 2012 (€10,886 thousand in 2011).
The Group entered into several operating lease agreements with Pontegadea Inversiones, S.L. totalling €10,341 thousand in 2012 (€10,052 thousand in
2011).
In addition, the Group has an equity swap agreement with Bankia (formerly Caja Madrid) to hedge against any possible financing liabilities arising from the
2007-2013
Share-Based Remuneration Scheme (see Note 7). Financial expenses associated with this agreement totalled €1,548 thousand at 31 December
2012 (
€1,343 thousand at 31 December 2011).
The heading “Management or cooperation agreements” includes the amounts which, by virtue of the hotel management agreement entered into with
Grupo Inversor Hesperia, S.A., have accrued as management fees in the Group benefit during 2012.
The financial income heading includes the funding granted in 1998 to Group Directors to purchase shares in the Parent Company. This funding was
converted into a loan in 2001. At 31 December 2012, it is guaranteed by the shares themselves and allows the borrowers to extend the term of the loans
to 30 April 2013 at the latest. These loans have accrued interest amounting to €183 million this financial year.
The heading “Provision of services” includes commissions invoiced on the sale of apartments and premises to Residencial Marlin, S.L.
€ Thousand
31/12/2012
Significant
shareholders
Directors and
executives
Group
entities,
companies
and individuals
Other
related
parties
Total
Other transactions
Purchases of tangible, intangible and other assets
-
-
-
-
-
Funding agreements: loans and capital contributions (lender)
-
-
(3,334)
-
(3,334)
Financial leasing agreements (lessor)
-
-
-
-
-
Repayment or cancellation of loans and lease agreements (lessor)
-
-
-
-
-
Sales of tangible, intangible and other assets
-
-
-
-
-
Funding agreements: loans and capital contributions (borrower)
51,705
-
-
51,705
Financial leasing agreements (lessee)
-
-
-
-
-
Repayment or cancellation of loans and lease agreements (lessee)
-
-
-
-
-
Guarantees and sureties given
-
-
-
-
-
Guarantees and sureties received
-
-
-
-
-
Commitments undertaken
-
-
-
-
-
Commitments/guarantees cancelled
-
-
-
-
-
Dividends and other profits distributed
-
-
-
-
-
Other transactions
(33)
-
-
-
(33)
Funding agreements: loans and capital contributions
At 31 December 2012 and 31 December 2011, this heading is broken down according to significant shareholders, as follows:
€ Thousand
2012
2011
Movement
Banco Financiero y de Ahorros, S.A.
132,001
131,114
886
Intesa Sanpaolo S.p.A.
101,458
73,409
28,049
Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian
28,400
10,500
17,900
NCG Banco, S.A.
28,316
29,503
(1,186)
Banco Mare Nostrum, S.A.
10,325
10,325
-
Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón y Rioja
14,450
8,339
6,111
Total
314,950
263,190
51,760
Interest accrued but not payable
30
85
(55)
Unmatured accrued financial expenses in relation to funding agreements with credit institutions that are shareholders of the Parent Company amounted
to €30,000 at 31 December 2012 (€85,000 at 31 December 2011).
106
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
