ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
215
The assets available for sale relate to the participation of ANA, S.A. 3.89% stake in the capital of the pension fund
manager Futuro – Sociedade Gestora de Fundos de Pensões, S.A..
The fair value of the stake in Futuro is estimated on the basis of the discounted cash flow method, considering the
growth of freed cash flow to be 0.5% up to maturity, adjusted to the opportunity cost of the capital (6.9%).
The financial assets at fair value via the results only concern the Reserve Fund. The Reserve Fund corresponds to
the overfunding existing in the Pensions Fund – ANA Complementos, on the date the defined benefits plan was
converted into a defined contribution plan. The value of the Reserve Fund has been used to meet the contributions
to the defined contributions plan, as described in chapter I, article 6, of the contract that constituted the Pension
Fund – ANA Complementos, published in the official gazette DR-III Series, on 25 March 2004.
The fair value of these investments is assessed on the basis of market quotations.
In addition to the aforesaid investments, it is also necessary to consider the stake in EUROAIR (ex-LAR) with a net
accounting value of zero. It went bankrupt in 1993, and is still in the phase of reclaiming credits. The cost value of
the stake is €18,704.92.
Balance as of 1 January 2011
371,989.40
Variation in fair value
(8,808.31)
Balance as of 31 December 2011
363,181.09
Variation in fair value
413,956.51
Balance as of 31 December 2012
777,137.60
Futuro
Balance as of 1 January 2011
99,852.57
Variation in fair value
(2,435.88)
Balance as of 31 December 2011
97,416.69
Variation in fair value
10,712.38
Balance as of 31 December 2012
108,129.07
Reserve Fund
