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CONSOLIDATED FINANCIAL STATEMENTS
financial statements by the proportional
consolidation method, as of the date on which the
joint control is acquired. According to this method,
these companies’ assets, liabilities, income and
costs were included in the annexed consolidated
financial statements, item by item, in the proportion
of the control assigned to the group. The Group
acknowledges his share of losses and gains on
assets sold to the jointly controlled companies
payable to other investors. The Group doesn’t
acknowledge his share of losses and gains on assets
sold to the jointly controlled companies payable to
the Group until these assets are sold outside the
Group. However a lost in these transactions is
immediately recognise if it indicates a liquid asset
reduction or impairment. Transactions, balances
and dividends paid among group companies and
jointly controlled companies are eliminated in the
proportion of the control assigned to the group.
The excess acquisition cost compared with the fair
value of the identifiable assets and liabilities on the
acquisition date of a jointly controlled company is
recognised as a consolidation difference.
Jointly controlled companies are listed in Note 5.
2.3. Report per segment
An operating segment is a component of an entity
that engages in business activities from which it
may earn revenues and incur expenses (including
revenues and expenses relating to transactions
with other components of the same entity) whose
operating results are reviewed regularly by the
entity’s chief operating decision maker to make
decisions about resources to be allocated to the
segment and assess its performance and for
which discrete financial information is available.
The group’s head office – which also houses the
largest operating company is located in Portugal.
Its business activity is in the restaurant segment.
The Group operates in three main geographic
areas (Portugal, Spain and Angola) managed on
a national level. However in this financial report
we consider only two segments, given the small
size of investment in Angola and the fact that the
Group has not yet opened restaurants in Angolan
territory, in the year ended December 31, 2011.
Sales are broken down based on the country
where the client is located.
The segments’ assets include, in particular,
tangible fixed assets, intangible assets, stocks,
accounts receivable and liquid funds. This
category excludes deferred taxes, financial
investments and derivatives held for negotiation
or to cover loans.
The segments’ liabilities are operating liabilities.
They exclude factors such as taxes, loans and
related hedging derivatives.