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v3.20.1

Financial Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2019
Financial Liabilities |
Schedule of financial liabilities |
|  | Thousands of Euros
Financial liabilities |  | 31/12/2019 |  | 31/12/2018
Non-current obligations (a) |  | 2,588,030 |  | 1,000,000
Senior secured debt (b) |  | 3,285,086 |  | 4,771,285
Other loans (b) |  | 216,686 |  | 239,686
Finance lease liabilities |  | — |  | 9,537
Other non-current financial liabilities (d) |  | 59,981 |  | 78,955
Non-current lease liabilities (note 9) |  | 696,285 |  | —
Total non-current financial liabilities |  | 6,846,068 |  | 6,099,463
Current obligations (a) |  | 89,172 |  | 102,978
Senior secured debt (b) |  | 1,803 |  | 129,955
Other loans (b) |  | 184,164 |  | 24,839
Finance lease liabilities |  | — |  | 3,348
Other current financial liabilities (d) |  | 41,768 |  | 16,262
Current lease liabilities (note 9) |  | 44,405 |  | —
Total current financial liabilities |  | 361,312 |  | 277,382
Schedule of details of movement in the Senior Unsecured Notes |
|  | Thousands of Euros
|  | Opening outstanding |  |  |  | Closing outstanding
|  | balance 01/01/19 |  | Refinancing |  | balance 31/12/19
Senior Unsecured Notes (nominal amount) |  | 1,000,000 |  | — |  | 1,000,000
Senior Secured Notes (nominal amount) |  | — |  | 1,675,000 |  | 1,675,000
Total |  | 1,000,000 |  | 1,675,000 |  | 2,675,000
Schedule of current obligation captions including issue of bearer promissory notes to Group employees |
|  | 31/12/2018
|  |  |  |  |  |  |  |  |  | Promissory |  |  |  | Interest
|  |  |  |  |  | Nominal amount |  |  |  | notes subscribed |  | Buy back |  | pending accrual
|  |  |  | Maturity |  | of promissory |  | Interest |  | (Thousands of |  | (Thousands of |  | (Thousands of
|  | Issue date |  | date |  | notes (Euros) |  | rate |  | Euros) |  | Euros) |  | Euros)
Issue of bearer promissory notes |  | 05/05/18 |  | 04/05/19 |  | 3,000 |  | 4.00 | % | 99,990 |  | (1,041) |  | (1,304)
|  | 31/12/2019
|  |  |  |  |  |  |  |  |  | Promissory |  |  |  | Interest
|  |  |  |  |  | Nominal amount |  |  |  | notes subscribed |  | Buy back |  | pending accrual
|  |  |  | Maturity |  | of promissory |  | Interest |  | (Thousands of |  | (Thousands |  | (Thousands of
|  | Issue date |  | date |  | notes (Euros) |  | rate |  | Euros) |  | of Euros) |  | Euros)
Issue of bearer promissory notes |  | 05/05/19 |  | 04/05/20 |  | 3,000 |  | 5.00 | % | 103,122 |  | (1,170) |  | (1,686)
Schedule of details of loans and borrowings |
|  |  |  |  |  |  |  |  |  | Thousands of Euros
|  |  |  |  |  |  |  |  |  | 31/12/2019 |  | 31/12/2018
Credit |  | Currency |  | Interest rate |  | Date awarded |  | Maturity date |  | Amount extended |  | Carrying amount |  | Amount extended |  | Carrying amount
Senior debt - Tranche A |  | US Dollars |  | Libor + 1.75% |  | 31/01/2017 |  | 31/01/2023 |  | — |  | — |  | 2,052,403 |  | 1,949,782
Senior debt - Tranche A |  | Euros |  | Euribor + 1.75% |  | 31/01/2017 |  | 31/01/2023 |  | — |  | — |  | 607,000 |  | 576,650
Senior debt - Tranche B |  | US Dollars |  | Libor + 2.25% |  | 31/01/2017 |  | 31/01/2025 |  | — |  | — |  | 2,620,087 |  | 2,548,035
Senior debt - Tranche B |  | Euros |  | Euribor + 2.25% |  | 15/11/2019 |  | 15/11/2027 |  | 1,360,000 |  | 1,346,400 |  | — |  | —
Senior debt - Tranche B |  | US Dollars |  | Libor + 2.00% |  | 15/11/2019 |  | 15/11/2027 |  | 2,227,171 |  | 2,204,900 |  | — |  | —
Total senior debt |  |  |  |  |  |  |  |  |  | 3,587,171 |  | 3,551,300 |  | 5,279,490 |  | 5,074,467
EIB Loan |  | Euros |  | 2.40% |  | 20/11/2015 |  | 20/11/2025 |  | 100,000 |  | 53,125 |  | 100,000 |  | 63,750
EIB Loan |  | Euros |  | 2.02% |  | 22/12/2017 |  | 22/12/2027 |  | 85,000 |  | 74,375 |  | 85,000 |  | 85,000
EIB Loan |  | Euros |  | 2.15% |  | 25/09/2018 |  | 25/09/2028 |  | 85,000 |  | 85,000 |  | 85,000 |  | 85,000
Total EIB Loan |  |  |  |  |  |  |  |  |  | 270,000 |  | 212,500 |  | 270,000 |  | 233,750
Revolving Credit |  | US Dollars |  | Libor + 1.75% |  | 31/01/2017 |  | 31/01/2023 |  | — |  | — |  | 262,009 |  | —
Revolving Credit |  | US Dollars |  | Libor + 1.5% |  | 15/11/2019 |  | 15/11/2025 |  | 445,434 |  | — |  | — |  | —
Total Revolving Credit |  |  |  |  |  |  |  |  |  | 445,434 |  | — |  | 262,009 |  | —
Other non-current loans |  | Euros |  | Euribor - Euribor + 2.30% |  | 25/03/2010 |  | 30/09/2024 |  | 10,000 |  | 4,186 |  | 26,680 |  | 5,936
Loan transaction costs |  |  |  |  |  |  |  |  |  | — |  | (266,214) |  | — |  | (303,182)
Non-current loans and borrowings |  |  |  |  |  |  |  |  |  | 4,312,605 |  | 3,501,772 |  | 5,838,179 |  | 5,010,971
|  |  |  |  |  |  |  |  |  | Thousands of Euros
|  |  |  |  |  |  |  |  |  | 31/12/2019 |  | 31/12/2018
Credit |  | Currency |  | Interest rate |  | Date awarded |  | Maturity date |  | Amount extended |  | Carrying amount |  | Amount extended |  | Carrying amount
Senior debt - Tranche A |  | US Dollars |  | Libor + 1.75% |  | 31/01/2017 |  | 31/01/2023 |  | (*) |  | — |  | (*) |  | 102,621
Senior debt - Tranche A |  | Euros |  | Euribor + 1.75% |  | 31/01/2017 |  | 31/01/2023 |  | (*) |  | — |  | (*) |  | 30,350
Senior debt - Tranche B |  | US Dollars |  | Libor + 2.25% |  | 31/01/2017 |  | 31/01/2025 |  | (*) |  | — |  | (*) |  | 26,201
Senior debt - Tranche B |  | Euros |  | Euribor + 2.25% |  | 15/11/2019 |  | 15/11/2027 |  | (*) |  | 13,600 |  | (*) |  | —
Senior debt - Tranche B |  | US Dollars |  | Libor + 2.00% |  | 15/11/2019 |  | 15/11/2027 |  | (*) |  | 22,271 |  | (*) |  | —
Total senior debt |  |  |  |  |  |  |  |  |  | — |  | 35,871 |  | — |  | 159,172
EIB Loan |  | Euros |  | 2.40% |  | 20/11/2015 |  | 20/11/2025 |  | (*) |  | 10,625 |  | (*) |  | 10,625
EIB Loan |  | Euros |  | 2.02% |  | 22/12/2017 |  | 22/12/2027 |  | (*) |  | 10,625 |  | (*) |  | —
Total EIB Loan |  |  |  |  |  |  |  |  |  | — |  | 21,250 |  | — |  | 10,625
Other current loans |  |  |  | 0.10% - 3.59% |  |  |  |  |  | 239,782 |  | 162,914 |  | 144,571 |  | 14,214
Loan transaction costs |  |  |  |  |  |  |  |  |  | — |  | (34,068) |  | — |  | (29,217)
Current loans and borrowings |  |  |  |  |  |  |  |  |  | 239,782 |  | 185,967 |  | 144,571 |  | 154,794
(*)See amount granted under non-current debt
Schedule of details of maturity of other financial liabilities |
|  | Thousands of Euros
|  | 31/12/2019 |  | 31/12/2018
Maturity at: |  |  |  |
Up to one year |  | 41,768 |  | 16,262
Two years |  | 50,585 |  | 21,460
Three years |  | 2,977 |  | 49,602
Four years |  | 1,870 |  | 2,916
Five years |  | 1,420 |  | 1,799
Over five years |  | 3,129 |  | 3,178
|  | 101,749 |  | 95,217
Schedule of changes in liabilities derived from financing activities |
|  | Thousand of Euros
|  |  |  | Senior Secured |  |  |  |  |  |
|  |  |  | debt & Other |  | Finance lease |  | Other financial |  |
|  | Obligations |  | loans |  | liabilities |  | liabilities |  | Total
Book value at January 1, 2018 |  | 949,205 |  | 5,052,680 |  | 9,360 |  | 45,640 |  | 6,056,885
New financing |  | 99,990 |  | 85,000 |  | — |  | 6,789 |  | 191,779
Refunds |  | (92,244) |  | (45,225) |  | (1,001) |  | (20,041) |  | (158,511)
Bear of interests |  | 31,694 |  | 253,673 |  | 409 |  | 865 |  | 286,641
Other movements (note 2) |  | 146,333 |  | (141,998) |  | — |  | — |  | 4,335
Collection / Payment of interests |  | (32,000) |  | (193,146) |  | — |  | — |  | (225,146)
Business combination |  | — |  | — |  | 4,007 |  | 57,816 |  | 61,823
Foreign exchange differences |  | — |  | 154,781 |  | 110 |  | 4,148 |  | 159,039
Balance at December 31, 2018 |  | 1,102,978 |  | 5,165,765 |  | 12,885 |  | 95,217 |  | 6,376,845
New financing |  | 1,778,218 |  | 3,780,115 |  | — |  | 12,249 |  | 5,570,582
Refunds |  | (100,215) |  | (5,447,842) |  | (73,785) |  | (8,152) |  | (5,629,994)
Bear of interests |  | 37,095 |  | 171,535 |  | 34,558 |  | 1,166 |  | 244,354
Other movements (note 2) |  | (108,874) |  | 24,121 |  | 761,682 |  | — |  | 676,929
Collection / Payment of interests |  | (32,000) |  | (204,179) |  | — |  | — |  | (236,179)
Business combination (note 3) |  | — |  | 10,233 |  | — |  | — |  | 10,233
Foreign exchange differences |  | — |  | 187,991 |  | 5,350 |  | 1,269 |  | 194,610
Balance at December 31, 2019 |  | 2,677,202 |  | 3,687,739 |  | 740,690 |  | 101,749 |  | 7,207,380
Senior Debt Tranche B, Maturing in 2025 |
Financial Liabilities |
Schedule of senior secured debt by maturity | Details of Tranche B by maturity at 31 December 2019 are as follows:
|  | US Tranche B |  | Tranche B in Euros
|  |  |  | Amortization in thousands |  | Amortization in |  |  |  | Amortization in
|  | Currency |  | of US Dollars |  | thousands of Euros |  | Currency |  | thousands of Euros
Maturity |  |  |  |  |  |  |  |  |  |
2020 |  | US Dollars |  | 25,000 |  | 22,271 |  | Euros |  | 13,600
2021 |  | US Dollars |  | 25,000 |  | 22,271 |  | Euros |  | 13,600
2022 |  | US Dollars |  | 25,000 |  | 22,271 |  | Euros |  | 13,600
2023 |  | US Dollars |  | 25,000 |  | 22,271 |  | Euros |  | 13,600
2024 |  | US Dollars |  | 25,000 |  | 22,271 |  | Euros |  | 13,600
2025 |  | US Dollars |  | 25,000 |  | 22,271 |  | Euros |  | 13,600
2026 |  | US Dollars |  | 25,000 |  | 22,271 |  | Euros |  | 13,600
2027 |  | US Dollars |  | 2,325,000 |  | 2,071,274 |  | Euros |  | 1,264,800
Total |  | US Dollars |  | 2,500,000 |  | 2,227,171 |  | Euros |  | 1,360,000

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