ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
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Later studies took into account the economic-financial rebalancing of the Concession and pointed to the need to
extend the Concession by an additional twenty years until 2053, which the grantor accepted.
The accounting records of the company since 2010 therefore reflect the adjustments of the Concession deadline
until 2053.
4.5_RENOVATION/REPLACEMENT RESPONSIBILITIES
The accrued costs for the responsibilities of renovation and replacement associated with the concession are
calculated according to the quality parameters required for concession infrastructures and estimated wear,
considering their state of repair and usage. This liability is evaluated annually, both in regard to the amount and the
date of occurrence, the accrued cost being entered at the current value of the best estimate of liability assumed
at each date of the financial report.
4.5.1_ANA, S.A.
According to the contractual conditions and regulations described in notes 1.3 and 1.4.1, ANA, S.A. assumes the
responsibilities for the renovation/replacement of infrastructures of the concession (assets within the scope of
IFRIC 12), for the duration of the concession, without any provision for a concomitant revenue for this type of
expenditure.
The liabilities shown resulted from the assessment by the technical department on the frequency, intervals of
intervention and the amounts to be spent, establishing the current value of the share of liabilities ascertained,
the period for some of which had already partially elapsed before the application of IFRIC 12.
The liabilities assumed for the next renovation/replacement of the assets used in the provision of public service of
the regulated and monitored activities had a full affect on the results of the fiscal year.
4.5.2_ANAM, S.A.
The accrued values for contractual responsibilities were calculated based on the contractual obligations of restora-
tion/renovation/replacement of infrastructures in the ANAM, S.A. concession, based on the current value of the
best cost estimate to be incurred at the date of execution and for the corresponding period.
4.6_IMPAIRMENT OF ACCOUNTS RECEIVABLE
The credit risk of accounts receivable balances is evaluated at each reporting date, taking into consideration
the client’s history and risk profile. The accounts receivable are adjusted according to mangement’s evaluation of
the estimated collection risks existing on the date of the statement of financial position, which may differ from the
actual risk incurred.
