ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
191
Subsidies received for financing acquisitions of tangible fixed assets are recorded under liabilities and shown in the
results, in proportion to the amortisation of the subsidised assets.
The subsidies granted under the public service activities are deducted from the value of construction contracts
provided in concession right by constituting reimbursement of certain expenses incurred.
Subsidies concerning expenses are deferred and recognised in the balance sheet for the period necessary to balance
them with the expenses that they are meant to compensate.
Subsidies are classified as non-current liabilities, under the heading of “Accounts payable and other liabilities”, when
the period of deferment is greater than 12 months. The remaining balance is classified under current “Accounts
payable and other liabilities”.
2.19_LEASING
Financial leasing
Tangible and intangible assets acquired via financial leasing contracts, in which the Group has all the risks and benefits
inherent to the ownership of these assets, as well as the corresponding responsibilities are accounted for using the finan-
cial method, therefore the respective asset value and the corresponding liabilities are recognised in the financial statement.
Leases are capitalised at the beginning of the lease as the lesser between the fair value of the leased asset and the
present value of the minimum leasing payments, established on the date when the contract began. The resulting
debt from a financial leasing contract is shown net of financial costs, under the heading current and non-current
“Loans”. The financial costs included in the rental and depreciation of leased assets are shown in the Financial
Statements of the respective period.
The assets acquired under the regime of financial leasing, within the scope of the activities covered by the conces-
sion, to be integrated into the infrastructure of public service, are considered to be part of the services provided
and consequently are deemed to be an additional intangible asset if they constitute investments for expansion or
upgrading. In case they pertain to obligatory renovation/replacement, the value spent is regularised against the
additional costs recorded in order to comply with these obligations.
Operational leasing
Leases are considered to be operational as long as a significant part of the risks and benefits inherent to the
possession of the property in question is retained by the lessor.
The rents paid under operational leasing contracts are recorded as a cost in the financial year during which they
occur, during the period of the lease.
2.20_HEDGING POLICY
The ANA Group follows a policy of resorting to derivative financial instruments with a view to covering the financial
risks to which it is exposed, resulting from variations in interest rates. In this regard, the ANA Group does not resort
