141
ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2012
the difference is recognised directly in the consolidated
statement of comprehensive income (see Note 2.5).
For the acquisition of subsidiaries that occurred after 1
January 2010 the Group has applied reviewed IFRS 3. Ac-
cordingly to witch the purchase method continues to be
applied in acquisitions, with some significant changes:
(i) All amounts which comprise the purchase price are
valued at fair value, with the option of measuring,
transaction by transaction, the “non-controlled inter-
ests” by the proportion of the value of net assets of
the acquired entity or the fair value of assets and li-
abilities acquired.
(ii) All costs associated with acquisition are recorded as
expenses.
Also has been applied since 1 January 2010 the revised
IAS 27, which requires that all transactions with the
“non- controlling interest” are recorded in equity, when
there is no change in control of the entity, there is no
place to record goodwill or gains or losses. When there
is a loss of control exercised over the entity, any remain-
ing interest on the principal is remeasured at fair value,
and a gain or loss is recognized in the results of the ex-
ercise.
Balances and gains arising from transactions between
group companies are eliminated. Losses not realised
are also eliminated, except when the transaction re-
veals that a transferred asset is subject to impairment.
The subsidiaries’ accounting policies are altered when-
ever necessary to ensure consistence with the group’s
policies.
(b) Jointly controlled companies
The financial statements of jointly controlled compa-
nies were included in these consolidated financial state-
ments by the proportional consolidation method, as of
the date on which the joint control is acquired. Accord-
ing to this method, these companies’ assets, liabilities,
income and costs were included in the annexed consoli-
dated financial statements, item by item, in the propor-
tion of the control assigned to the group. The Group ac-
knowledges 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 trans-
actions 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 acquisi-
tion 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 dif-
ference.
Jointly controlled companies are listed in Note 5.
2.3 Report per segment
An operating segment is a component of an enti-
ty 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 operat-
ing 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 in-
formation is available
The group’s head office – which also hosts the largest
operating company, is in Portugal. Its business activity is
in the restaurant segment.
The Group operates in three main geographic areas
