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d) Royalties
Royalties are recognised according to the accrual
policy, according to the content of the relevant agree-
ments.
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 sig-
nificant 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 con-
solidated statement of comprehensive income by
the equal annual amounts method during the leas-
ing period.
Leasing of tangible assets where the group is sub-
stantially 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 financial charges,
are included in other non-current liabilities, except
for the respective short-term component. The inter-
est parcel is entered in financial expenses during the
leasing period, thereby producing a constant period-
ic interest 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.
2.19 PROFIT PER SHARE
Basic
The basic profit per share is calculated by dividing the
profit payable to shareholders by the weighted mean
number of ordinary shares issued during the period, ex-
cluding ordinary shares acquired by the company and
held as own shares (Note 15).
Diluted
The profit diluted per share is calculated by dividing
the profit payable to shareholders – adjusted by the
dividends of convertible preference shares, convert-
ible debt interest and gains and expenses resulting
from the conversion – by the average number of ordi-
nary shares issued during the period plus the average
number of ordinary shares that may be issued in the
conversion of ordinary shares that may be potentially
used in the dilution.
2.20 DERIVATIVES FINANCIAL INSTRUMENTS
The Group uses derivatives financial instruments,
such as exchange forwards and interest rate swaps,
only to cover the financial risk witch the Group is ex-
posed to. The Group doesn’t use derivatives financial
instruments for speculation. For the carrying amount
of derivatives financial instruments, the Group uses
hedge accounting policies under the terms of the
