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Financial Liabilities (Tables)

12 Months Ended

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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