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Consolidated Financial Statements
2.16 Recognising revenue
Revenue comprises the fair value of the sale of goods
and rendering of services, net of taxes and discounts
and after eliminating internal sales. Revenue is recog-
nised as follows:
a) Sale of goods - retail
The sale of goods is recognised when the product is sold
to the customer. Retail sales are normally made in cash
or through debit/credit cards. The revenue to be recog-
nised is the gross sale amount, including debit/credit
card transaction fees. Sales of goods to customers, as-
sociated to events or congresses, are recognised when
they occur.
b) Rendering of services
Rendering of services is recognised in the accounting
period in which the services are rendered, in reference
to the transaction end date on the consolidated state-
ment of financial position date.
c) Interest
Interest is recognised taking into account the propor-
tion of the time elapsed and the asset’s effective income.
When an account receivable is under impairment, the
group reduces its accounting value to the recoverable
value, which is equal to the current value of estimated
future cash flows discounted at the asset’s original ef-
fective interest rate. The discount remains recognised
as financial income.
d) Royalties
Royalties are recognised according to the accrual policy,
according to the content of the relevant agreements.
e) Dividends
Dividends are recognised when the shareholders’ right
to receive dividends is determined.
2.17 Leasing
Leasing is classified as an operating lease if a significant
part of the risks and benefits inherent to the posses-
sion remain the lessor’s responsibility. Payments in op-
erating leases (minus any incentives received from the
lessor) are included in the consolidated statement of
comprehensive income by the equal annual amounts
method during the leasing period.
Leasing of tangible assets where the group is substan-
tially responsible for all the property’s risks and ben-
efits are classified as a financial lease. Financial leas-
ing is capitalised at the start of the lease by the lowest
amount between the fair value of the leased asset and
the current value of the minimum leasing values. Leas-
ing obligations, net of financial charges, are included
in other non-current liabilities, except for the respec-
tive short-term component. The interest parcel is en-
tered in financial expenses during the leasing period,
thereby producing a constant periodic interest rate on
the remaining debt in each period. Tangible assets ac-
quired through financial leasing are depreciated by the
lowest amount between the asset’s lifetime and the
leasing period.
2.18 Dividend payment
Payment of dividends to shareholders is recognised as
a liability in the group’s financial statements when the
dividends are approved by the shareholders.
2.19 Profit per share
Basic
The basic profit per share is calculated by dividing the
profit payable to shareholders by the weighted mean
