Calculation of the recoverable value
The recoverable value was determined by the value of use, as there was no fair value established under the terms
provided for in IAS 36.
The presuppositions considered for the first five years of provisions originate in Portway, S.A.’s mid-term plan for
the period from 2012 to 2016.
For the remaining period until the end of the concession, perpetuity was considered.
The discount rate used was 11.29% corresponding to the pre-tax WACC for ANA, S.A..
Sensitivity analysis of these assumptions
The sensitivity analyses carried out took into account the prevailing conditions in the financial markets, particularly
the high aversion to risk. Other relevant factors included the Portuguese ground handling market and Portway,
S.A.’s competitive position.
It should be noted that Portway, S.A.’s future performance, and the valuation of the company, will be dependent
on the level of competition and business discipline in the market.
10_CONCESSION RIGHT
The figures for the concession right have the following detail:
ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
210
Gross value
2,654,262,698.23
-
Concession right
2,966,632,393.34
312,233,766.99
2,654,262,698.23
-
2,966,632,393.34
312,233,766.99
695,138,382.35
-
Accumulated depreciations
826,545,785.68
127,017,276.31
1,959,124,315.88
-
Net value
2,140,086,607.66
185,216,490.68
ANA, S.A.
2012
2011
ANA GROUP
2012
2011
