ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
188
explained in point 1.4.1, making the principle of integrated management of the business a concrete reality and
forming a single cash-generating unit in 2013.
In order to ensure the legal formalisation of the management model laid out above, the Autonomous Region
of Madeira, through Resolution no. 53/2013 of 6 February, proclaimed its intention to sell the share capital of
ANAM, S.A. to ANA, S.A..
On this point, and considering the irreversibility of the management of the airports of the ANA Group in network,
as accorded in the contract for the acquisition of ANA, S.A. signed with VINCI Concessions SAS, one can conclude
that, regardless of the legal model adopted for the integration of ANAM. S.A. in ANA, S.A., the fair value of the
assets of the Group's economic and business reality was obtained through transparent and competitive market
processes.
2.9_FINANCIAL ASSETS
The Group determines the classification of its financial assets on the date that the asset is first shown in accordance
with the objective of its purchase, re-evaluating this classification on the date of each report.
Financial assets can be classified as:
• Financial assets at fair value via results – these include non-derivative financial assets held for trading concerning
short term investments and assets at fair value via results at the date they were initially shown. They are initially
shown at fair value, the costs of the transaction being shown in the results;
• Loans granted and receivables – this includes the non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They are shown under amortised costs using the effective
interest rate, after deducting any impairment loss. The adjustment for impairment of receivables is carried out
when there is objective evidence that the Group will not have the capacity to receive the amounts due in
accordance with the initial conditions of the transactions that created them;
• Investments held till maturity – include non-derivative financial assets with fixed or determinable payments
and fixed maturities, which the entity has the intention and the capacity to maintain until its maturity;
• Financial assets available for sale – include the non-derivative financial assets that are deemed to be available
for sale at the time when they are initially shown or if they cannot be classified in the categories above.
They are shown as non-current assets, except in cases where they are intended to be sold in the 12 months
after the date of the balance sheet. They are valued at their fair value, with any variations of this value shown
under equity.
Financial assets are removed when the rights to receive the monetary flows created by these investments expire
or are transferred, along with all the risks and benefits associated with their possession.
2.10_INVENTORIES
Inventories are valued as the lesser of the cost of acquisition or the net sale value. Inventories essentially refer
to fuels, spare parts and other materials. Inventories are initially shown at the cost of acquisition, which includes
