Consolidated Financial Statements
(c) Financial statements
Financial statements assets and liabilities of
foreign entities are converted to euro using the
exchange rates at the balance sheet date, profit
and loss as well as the cash flows statements
are translated into euro using the average ex-
change rate recorded during the period. The re-
sulting exchange difference is recorded in equity
under the heading of exchange rate differences.
“Goodwill” and fair value adjustments aris-
ing from the acquisition of foreign entities are
treated as assets and liabilities of that entity and
translated into euro according to the exchange
rate at the balance sheet date.
When a foreign entity is disposed, the accumu-
lated exchange rate difference is recognised in
the income statement as a gain or loss on dis-
posal.
Currency exchange rate used for conversion
of transactions and balances denominated in
Kwanzas in 31 December, 2015 and 2014 were
respectively:
Dec. 2015
Euro exchange rates
(x foreign currency per 1 Euro)
Rate on
December, 31 2015
Average interest
rate year 2015
Kwanza de Angola (AOA)
147,842
134,409
Dec. 2014
Euro exchange rates
(x foreign currency per 1 Euro)
Rate on
December, 31 2014
Average interest
rate year 2014
Kwanza de Angola (AOA)
124,984
131,044
2.5 TANGIBLE FIXED ASSETS
Buildings and other structures include own prop-
erties assigned to the restaurant activities and
expenses on works at third-party properties, in
particular those required for setting up restau-
rant shops.
Tangible fixed assets are shown at the acquisi-
tion cost, net of the respective amortisation and
accumulated impairment losses.
The historic cost includes all expenses attribut-
able directly to the acquisition of goods.
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