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ANNUAL REPORT 2011
The net realisation value corresponds to the
estimated sale price during normal business
operations, minus variable sale costs.
2.10. Accounts receivable from clients and
other debtors
Accounts receivable from clients and other debtors
are initially recognised at the fair value. Medium
and long term debts are subsequently measured
at the amortised cost, using the effective rate
method minus the impairment adjustment. The
impairment adjustment of accounts receivable is
determined when there is objective evidence that
the group will not receive all the owed amounts
according to the original conditions of the accounts
receivable. The impairment adjustment value is
the difference between the presented value and
the current estimated value of future cash flows,
discounted at the effective interest rate. The
impairment adjustment value is recognised in the
consolidated statement of comprehensive income.
2.11. Cash and cash equivalents
Cash and cash equivalents include cash amounts,
bank deposits, other short term investments
with high liquidity and initial maturities of up to
3 months and bank overdrafts. Bank overdrafts
are presented in the consolidated statement
of financial position, in current liabilities, in the
Obtained Loans item.
2.12. Share capital
Ordinary shares are classified in equity.
Incremental costs directly attributable to the
emission of new shares or options are presented
in equity as a deduction, net of taxes, of entries.
When any group company acquires shares in the
parent company (own shares), the amount paid,
including costs directly attributable (net of taxes),
is deducted from the equity attributable to the
shareholders of the parent company until the
shares are cancelled, re-issued or sold. When
those shares are subsequently sold or re-issued
and after deducting directly imputable transaction
costs and taxes, any receipt is included in the
equity of the company’s shareholders.
2.13. Loans obtained
Loans obtained are initially recognised at the fair
value, including incurred transaction costs. Medium
and long term loans are subsequently presented
at cost minus any amortisation; any difference
between receipts (net of transaction costs) and the
amortised value is recognised in the consolidated
statement of comprehensive income during the
loan period, using the effective rate method.
Loans obtained are classified in current
liabilities, except when the group is entitled to