140
Consolidated Financial Statements
ANNEX TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDING ON 31
st
DECEMBER 2012
(Values in euros)
1. INTRODUCTION
IBERSOL, SGPS, SA (“Company” or “Ibersol”) has its head
office at Praça do Bom Sucesso, Edifício Península n.º 105
a 159 – 9º, 4150-146 Porto, Portugal. Ibersol’s subsidiaries
(jointly called the Group), operate a network of 402 units
in the restaurant segment through the brands Pizza Hut,
Pasta Caffé, Pans & Company, Kentucky Fried Chicken,
Burguer King, O’ Kilo, Bocatta, Café Sô, Quiosques, Pizza
Móvil, Flor d’Oliveira, Miit, Sol, Sugestões e Opções, José
Silva Carvalho, Catering and SEC Eventos e Catering. The
group has 382 units which it operates and 20 units under
a franchise contract. Of this universe, 92 are headquar-
tered in Spain and 2 in Angola, of which 75 are own estab-
lishments and 19 are franchised establishments.
Ibersol is a public limited company listed on the Eu-
ronext of Lisbon.
2. MAIN ACCOUNTING POLICIES
The main accounting policies applied in preparing these
consolidated financial statements are described below.
2.1 Presentation basis
These consolidated financial statements were pre-
pared according to the International Financial Reporting
Standards (IFRS), as applied in the European Union and
in force on 31 December 2012.
The accounting policies applied on 31 December 2012
are identical to those applied for preparing the financial
statements of 31 December 2011.
2.2 Consolidation
(a) Subsidiaries
Shareholdings in companies in which the group directly
or indirectly holds more than 50% of the voting rights or
has the power to control their financial and operational
activities (definition of control used by the group) were
included in these consolidated financial statements
through the full consolidation method. Equity and net
profit of these companies assigned to third-party share-
holdings are presented separately in the “non-control-
ling interests” item in the consolidated statement of
financial position and of comprehensive income. The
companies included in the financial statements are list-
ed in Note 5.
When losses impute to non-controlling interests exceed
the non-controlling interest in a subsidiary company’s
equity, the non-controlling interest absorb that differ-
ence and any additional losses.
The purchase method is used to account the acquisition
of subsidiaries that occurred before 2010. The acquisi-
tion cost corresponds to the fair value of the delivered
goods, capital issued instruments and liabilities incurred
or assumed on the acquisition date. The identifiable ac-
quired assets and the liabilities and contingent liabilities
taken into account in a corporate concentration will
initially correspond to the fair value on the acquisition
date, regardless of whether there are non-controlling
interests. The positive difference between the acquisi-
tion cost and the fair value of the group’s stake in the ac-
quired and identifiable net assets is recorded as a con-
solidation difference. If the acquisition cost is less than
the fair value of the acquired subsidiary’s net assets,
