The movements under this heading in 2019 were as follows:
The Company has a 50% interest in the share capital of the company ANSEAC, S.A.
ANSEAC, SA, Andorrana de Serveis d’Atenció al Client, SA, with tax reference number L-7109938-N, trade registration number 925659-N, and registered office at La Massana, Avinguda Sant Antoni number 32, Edifici Els Arcs, has as its corporate purpose the provision of customer care services in the national and international market.
The Company was incorporated in 2015 and started its operations in 2016 through the ESPIC business. The carrying amount of the investment is 30,000 euros. The society is not listed on any stock exchange or any secondary market.
On 28 March 2019 the Company collected a dividend issued by the company ANSEAC, SA against its 2018 profits amounting to 50,000 euros.
Its share capital, reserves and results for the last year are as follows:
The Company acquired 37.3% of the shares in AVATEL & WIKIKER TELECOM on 9 November 2017. Avatel Telecom is a telecoms provider that operates in Spanish coastal areas. It has its own fibre optic network and offers internet, telephony and television services around Cadiz, Alicante and Malaga. The company’s tax ID is B-93-135218, and its registered address is at Azaleas, 51 (Centro Polo), Nueva Andalucía, Marbella (Malaga).
On 23 October 2019, Andorra Telecom's Board of Directors approved the sale of Avatel shares for 32 million euros, which generated a net gain of 12.5 million euros. The transaction price included a sum of 1.5 million euros for transferring Andorra Telecom's pre-emption right to increase its equity stake to 50% as per pre-established time frames and economic conditions. This consideration is classified under non-current receivables as it will be collected, according to the sale agreement, in 18 months.
Non-current public debt The Company subscribed to government debt securities issued by the government of Andorra during the year. The value and main conditions applicable to the issues are detailed below:
The interest accrued on the five-year bonds issued on 29 May 2017 and on the three-year bonds issued on 19 December 2019 amounting to 15,900 euros is classified under current receivables as it falls due in May 2019 and December 2020. The instruments are a long-term investment bearing annual interest. Long-term loan to ANSEAC
On 1 March 2016 the Company granted a loan of 250,000 euros to the investee ANSEAC, SA, repayable in ten years and bearing interest at a fixed interest rate of 3.10%, to fund its cash requirements.
At 31 December 2019 the amount of 182,838.18 euros was pending repayment, of which 159,048.77 euros was classified as a non-current receivable and 23,789.41 euros as current, as it falls due in March 2020.
Equity investments The Company’s investments in other private Andorran companies at 31 December 2019 are as follows:
SEMTEE, SA operates natural hot water springs in the municipality of Escaldes Engordany, with two thermal spas, Caldea and Innú. On 15 October 2019 the Company collected a dividend issued by the company SEMTEE, SA against its 2018 profits amounting to 6,690 euros, as approved by the shareholders of said company on 25 June 2019.
On 16 April 2018 the Company acquired 5% of the share capital of the company Tecnologia Capital SL for 150 euros. This company presently manages the APARKAND project, an initiative fostered by the NIU business start-up incubator set up by Andorra Telecom. Investment funds At 31 December 2019 the carrying amount of the portfolio was as follows:
During the last quarter of 2019, the Company cashed in part of its units in the investment fund managed by Crèdit Fons Mixt, FI for almost 1 million euros, and then invested a further 2 million euros in the investment fund managed by BSA IQ FI-STA.
The contract and maturity dates of the items in the portfolio are:
(*) The date on which the investment funds were constituted by Servei de Telecomunicacions d’Andorra. These funds were subsequently transferred to the Company.
The Company intends to hold all the items in the investment fund portfolio for at least one year. Non-current deposits Non-current deposits comprise a number of deposits with Andorran banks.
