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CONSOLIDATED FINANCIAL STATEMENTS
c) Investments held until maturity
Investments held until maturity is non-derivative finan-
cial assets with fixed or determinable payments and
fixed maturities, which the group’s Board of Directors
has the intention and capacity to maintain until matu-
rity. These investments are included in non-current as-
sets, except those falling due within 12 months as of the
consolidated statement of financial position date, which
are classified as current assets.
d) Financial assets available for sale
Financial assets available for sale are non-derivative as-
sets which are designated in this category or are not clas-
sified in any of the other categories. They are included in
non-current assets, except when the Board of Directors
wishes to sell the investment within 12 months as of the
consolidated statement of financial position date.
2.8.2 Recognition and measurement
Purchases and sales of investments are recognised
on the transaction date – the date on which the group
promises to purchase or sell the asset. Investments are
initially recognised at the fair value, including transac-
tion costs, when the financial assets are not shown at
the fair value through results (in this case, they are also
recognised at the fair value, but the transaction costs
are recorded in costs in the year at the time they are
incurred). Financial investments are derecognised when
the rights to receive cash from them expire or have been
transferred and the group has substantially transferred
all the risks and benefits from its possession. Financial
assets available for sale and financial assets at the fair
value through results are subsequently valuated at the
fair value. Loans granted and accounts receivable and
investments held until maturity are valuated at the am-
ortised cost, using the effective rate method. Gains and
losses - either realised or not realised and arising from
alterations to the fair value of the category of the financial
assets at their fair value through results - are included in
the consolidated statement of comprehensive income in
the year in which they arise. Unrealised gains and losses,
resulting from alterations to the fair value of non-mon-
etary securities, classified as available for sale, are rec-
ognised in the equity. When the securities classified as
available for sale are sold or are under impairment, the
accumulated adjustments to the fair value are included
in the consolidated statement of comprehensive income
as gains or losses in securities investments.
The fair value of listed investments is based on current
market prices.
If there is no active market for a financial asset (and
for non-listed securities), the group determines the fair
value using evaluation techniques, which include using
recent transactions between independent parties, ref-
erence to other instruments that are substantially iden-
tical, an analysis of the discounted cash flow and refined
options price models that reflect the specific emission
circumstances.
2.8.3 Impairment
On each consolidated statement of financial posi-
tion, the group checks for objective evidence showing
whether any group of financial assets is subject to im-
pairment. In the event of equity securities classified as
available for sale, a significant or lasting decrease in the
fair value falling below the cost value is determinant for
knowing if there is impairment. If there is evidence of
impairment applicable to financial assets available for
sale, the accumulated loss – calculated by the difference
between the acquisition cost and the current fair value,
