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ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2013
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 recognised 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, associated
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 proportion
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 possession
remain the lessor’s responsibility. Payments in operating
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 substantial-
ly responsible for all the property’s risks and benefits are
classified as a financial lease. Financial leasing 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. Leasing obligations, net of finan-
cial charges, are included in other non-current liabilities,
except for the respective short-term component. The in-
terest parcel is entered in financial expenses during the
leasing period, thereby producing a constant periodic in-
terest rate on the remaining debt in each period. Tangible
assets acquired 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.
