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ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2013
Goodwill is broken down into segments, as shown bellow:
Dec-13
Dec-12
Portugal
9,643,750 9,464,021
Spain
32,903,527 32,903,527
Angola
130,714
130,714
42,677,991 42,498,262
Goodwill on the Spain segment refers mainly to the pur-
chase of the subsidiaries Lurca and Vidisco.
The main assumptions used in Impairment tests are de-
tailed as follow:
Perpetuity growth rate
Portugal
3.00% (1% real + 2% inflation)
Spain
3.00% (1% real + 2% inflation)
Perpetuity discount rate
Portugal
6.78%
Spain
6.15%
Discount period rate
Portugal
8.87%
Spain
7.25%
The presented pre-tax discount rate was calculated on
the bases of WACC (Weighted Average Cost of Capital)
methodology.
Based on the impairment tests performed, there was no
need to make adjustments in Goodwill.
10. FINANCIAL INVESTMENTS
The details on financial investments on 31 December
2013 and 2012 are as follows:
Dec-13
Dec-12
Financial investments
Advances for financial
investments
(1)
-
555,000
Other financial
investments
354,700
371,600
354,700
926,600
Accumulated
impairment losses
-
-
354,700
926,600
(1) change in the year 2013 are due to the inclusion on the consoli-
dation perimeter of the subsidiary Gravos 2012, as described in
Note 5.
The other financial investments concern investments
(bellow 20%) in non listed companies.
