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ANNUAL REPORT 2011
:Group reserves and non-controlling interests in subsidiary IBR Imobiliária, S.A. presented in 2010
with the current period have been adjusted to reflect adequately the minority interest held by the
subsidiary Ibersande in net assets of IBR Imobiliária, S.A., through its 2010 49% of share.
16. LOANS
On 31 December 2011 and 2010, current and non-current loans were broken down as follows:
Financial leases were reclassified from other non-current liabilities and accounts payable and
accrued expenses to heading non-current and current borrowings. For the presented periods
there are no significant differences between the balance sheet amounts and fair value of current
and non-current loans. The maturities of non-current bank loans are broken down as follows:
Non-current
Dec/11
Dec/10
Bank loans
44,053,178
45,420,024
Financial leasing
278,444
1,032,200
44,331,622
46,452,224
Current
Dec/11
Dec/10
Bank overdrafts
834,630
121,619
Bank loans
11,723,306
13,352,321
Financial Leasing
755,405
1,645,445
13,313,341
15,119,384
Total loans
57,644,963
61,571,608
Average interest rate
3.8%
2.5%
Dec/11
Dec/10
From 1 to 2 years
9,562,951
35,925,978
From 2 to 5 years
29,430,912
9,494,047
> 5 years
5,059,315
-
44,053,178
45,420,024