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CONSOLIDATED FINANCIAL STATEMENTS
expenses on works at third-party properties, in
particular those required for setting up restaurant
shops.
Tangible fixed assets are shown at the acquisition
cost, net of the respective amortisation and
accumulated impairment losses.
The historic cost includes all expenses attributable
directly to the acquisition of goods.
Subsequent costs are added to the amounts
for which the good is recorded or recognised
as separate assets, as appropriate, only when
it is probable that the company will obtain the
underlying economic benefits and the cost may be
reliably measured. Other expenses on repairs and
maintenance are recognised as an expense in the
period in which they are incurred.
Depreciation of assets is calculated by the equal
annual amounts method in order to allocate its
cost at its residual value, according to its estimated
lifetime, as follows:
-Buildings and other structures:
12-50 years
- Equipment:
10 years
- Tools and utensils:
4 years
- Vehicles:
5 years
-Office equipment:
10 years
-Other tangible assets:
5 years
The amounts which assets may be depreciated,
their lifetime and the depreciation method
are reviewed and adjusted if necessary on the
consolidated statement of financial position
date.
If the accounted amount is higher than the
asset’s recoverable amount, it is immediately
readjusted to the estimated recoverable amount
(Note 2.6).
Gains and losses consequent to a reduction or
sale are determined by the difference between
receipts from the sale and the asset’s accounted
value, and are recognised as other operating
income or other operating costs in the profit
and loss account. When revaluated goods are
sold, the amount included in other reserves is
transferred to retained profit.
2.6. Intangible Assets
a) Consolidation differences
Consolidation differences represent the acquisition
cost exceeding the fair value of the subsidiary’s/
associated/jointly controlled company’s assets
and liabilities identifiable on the acquisition date.
Consolidation differences resulting from the
acquisition of subsidiaries are included in intangible
assets. Consolidation differences are subject to
annual impairment tests and are shown at cost,