15. Financial investments
The detail of these captions in the consolidated balance sheet and of the changes therein in 2012 and 2011 is as follows:
|
|
Investment securities |
Investments in EIGs |
Loans and other credit facilities |
Total |
|---|---|---|---|---|
| Balance at 01/02/2011 | 5,679 | 2,021 | 1,221 | 8,921 |
| Acquisitions | 100 | 539 | 9 | 648 |
| Disposals | (68) | - | - | (68) |
| Balance at 31/01/2012 | 5,711 | 2,560 | 1,230 | 9,501 |
| Balance at 01/02/2012 | 5,711 | 2,560 | 1,230 | 9,501 |
| Disposals | - | (520) | (34) | (554) |
| Impairment losses | (4,955) | - | - | (4,955) |
| Balance at 31/01/2013 | 756 | 2,040 | 1,196 | 3,992 |
Non-current investment securities correspond mainly to a stake in Banco Gallego.
The investment in Economic Interest Groupings (EIGs) comprises Inditex’s shareholding in five economic interest groupings (10 at 31 January 2012), the activity of which is the leasing of assets managed by a separate, non-group entity which retains most of the profits and is exposed to the risks associated with this activity. These groupings have applied the fiscal incentives established in prevailing Spanish legislation (see note 22), the effect of which is shown under “Income tax” in the consolidated income statement.
