Annual Report and Consolidated Accounts 2015
a) Sale of goods - retail
The sale of goods is recognised when the prod-
uct is sold to the customer. Retail sales are
normally made in cash or through debit/credit
cards. The revenue to be recognised is the gross
sale amount, including debit/credit card trans-
action fees. Sales of goods to customers, asso-
ciated to events or congresses, are recognised
when they occur.
b) Rendering of services
Rendering of services is recognised in the ac-
counting period in which the services are ren-
dered, in reference to the transaction end date
on the consolidated statement of financial posi-
tion 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 ac-
counting 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 rec-
ognised as financial income.
d) Royalties
Royalties are recognised according to the ac-
crual policy, according to the content of the rel-
evant 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 sig-
nificant part of the risks and benefits inherent to
the possession remain the lessor’s responsibility.
Payments in operating leases (minus any incen-
tives 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
substantially 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 ob-
ligations, net of financial charges, are included
in other non-current liabilities, except for the
respective short-term component. The interest
parcel is entered in financial expenses during
the leasing period, thereby producing a constant
periodic 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.
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