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CONSOLIDATED FINANCIAL STATEMENTS
The table below summarises the consolidation
differences broken down into segments:
On 31 December 2011 on the Spain segment
the consolidation differences refer mainly to the
purchase of the subsidiaries Lurca and Vidisco.
The main assumptions used in Impairment
tests are detailed as follow:
Thepresentedpre-taxdiscount ratewas calculated
on the bases of WACC (Weighted Average Cost of
Capital) methodology, considering the following
parameters:
Perpetuity growth rate
Portugal
3.00% (1% real + 2% inflation)
Spain
3.00% (1% real + 2% inflation)
Perpetuity discount rate
Portugal
7.40% (1% real + 2% inflation)
Spain
5.90% (1% real + 2% inflation)
Discount period rate
Portugal
9.30% (1% real + 2% inflation)
Spain
7.50% (1% real + 2% inflation)
Dec/11 Dec/10
Portugal
10,000,021 10,000,021
Spain
32,903,527 32,903,527
Angola
130,714
-
43,034,262 42,903,548
Concession Rights
No of
years
Termination
Date
Lusoponte Service Areas
33
2032
Expo Marina
28
2026
Repsol Service Area
- 2ª Circular
18
2017
Fogueteiro Service Area
16
2015
Portimão Marina
60
2061
A8 Torres Vedras
(motorway) Service Area
20
2021
Airport Service Area
20
2021
Pizza Hut Setúbal
14
2017
Pizza Hut Foz
10
2020
Pizza Hut and Pasta Caffé
Cais Gaia
20
2024
A5 Oeiras (motorway)
Service Area
12
2015
Modivas Service Area
28
2031
Barcelos Service Area
30
2036
Guimarães Service Area
30
2036
Fafe Service Area
30
2036
Alvão Service Area
30
2036
Lousada (Felgueiras)
Service Area
24
2030
Vagos Service Area
24
2030
Aveiro Service Area
24
2030
Ovar Service Area
24
2030
Gulpilhares Service Area
24
2030
Talhada (Vouzela) Service
Area
25
2031
Viseu Service Area
25
2031
Paredes Service Area
26
2032
Maia Service Area
26
2032