ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
186
a) Which services are to be provided – the concessionaire is obligated to provide the services set forth in the
Concession Contract;
b) The users – the concessionaire is obligated to provide access to the public service to all users indiscriminately;
and
c) The price – the concessionaire is obligated to practice the prices established by the grantor or other equiv-
alent entity (e.g., the regulator).
ii) The grantor controls any significant residual interest in the infrastructure – when the concessionaire cannot
freely dispose of the assets (e.g., sell, charge or transfer) during the period of the concession and/or when all
these assets revert to the grantor at the end of the contract.
Thus, the tangible fixed assets classified as “Acquired state property” and “Company assets” were classified
as concession right, if they are not associated with activies of: i) landside retail; ii) operation of car parks;
iii) rent-a-car; iv) real estate (buildings rented to third parties); and v) headquarter assets (except for the airport
management information system). The value of subsidies received for these investments was deducted from the
total of these assets, the net amounts invested in the concession right being presented in the accounts, according
to the policy defined for the ANA Group.
In regard to “State property granted”, seeing that ANA, S.A. did not spend anything on their acquisition, having
only the right to use them to provide a public service, these amounts were derecognised in the financial statements
of ANA, S.A., along with the corresponding balance of Investment Subsidy, entered under “Payables and other
liabilities”.
Resulting from the contractual obligation assumed by signing the Concession Contract, ANA, S.A. registered an
intangible asset of 1,200,000,000 euros, as “initial payment”, which is the cost of acquisition of the contractual
right to operate the public airport service. Considering that the total amount of that payment would be paid in less
than 12 months, there was no discount on the value of the item.
The concession right presented on the statement of the financial position includes the additional amounts agreed
to with the grantor for the construction/acquisition of assets for the establishment of the concession that consist
of investments for the expansion or renewal of infrastructures.
The assets of ANA, S.A., that make up the capitalised concession right are amortised over the period of the
concession (50 years), up to 2062.
The assets of ANAM, S.A., that make up the concession right are being amortised up to 2053.
2.7_CONCESSION RIGHT
Other intangible assets are valued at the cost of acquisition less accumulated amortisation and impairment
losses.
Intangible assets are only recognised if identifiable and if it is likely that they will result in future economic benefits
controlled by the Group and can be reliably measured.
The useful life of intangible assets is three years.
