ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
190
They are classified as current liabilities, except if the Group has an unconditional right to defer the liquidation of the
liability for, at least, 12 months after the date of the balance sheet. In this case they are classified as non-current
liabilities.
2.15_PAYABLES
The balances of suppliers and other payables are initially shown at the fair value, and are subsequently measured at
the amortised cost in accordance with the effective interest rate method.
2.16_RETIREMENT BENEFITS
The parent company has responsibilities with complementary retirement benefits.
ANA, S.A. has a Complementary Pension Fund, managed by an autonomous entity, which includes 2 plans:
• Defined contribution plan – covers all employees, contributions for this plan are shown as a cost, in the financial
year in which they occur;
• Defined benefits plan – covers only the employees who had already retired before 1 January 2004 (the date the
defined benefits fund was changed to the defined contributions fund). The actuarial calculation of the company’s
responsibilities is carried out annually using the immediate annuity method. The cost for the year, which includes
the cost of interest, the returns on the plan’s assets and the actuarial gains or losses, is recorded in the results.
2.17_PROVISIONS
Provisions for costs relating to restructuring or legal complaints are shown when the Group has:
• A legal or a contractual or a customary obligation, as a result of past events;
• It is likely that an outflow of resources will be necessary to satisfy the obligation;
• A reliable estimate of the amount of the obligation can be made.
When there are a number of similar obligations, the probability of generating an outflow of resources is determined
together. The provision is shown even if the likelihood of an outflow owing to one element included in the same
class of obligations might be lower.
The provisions are quantified at the present value of the estimated expenditure to satisfy the obligation using a
rate before taxes, which reflects the market assessment for the discount period and for the risk of the provision in
question.
2.18_SUBSIDIES
Subsidies are shown at their fair value when there is a reasonable assurance that they will be received and that the
Group will fulfil the inherent obligations.
