Consolidated Financial Statements
2.18 DISTRIBUIÇÃO DE DIVIDENDOS
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 divid-
ing the profit payable to shareholders by the
weightedmean number of ordinary shares issued
during the period, excluding ordinary shares ac-
quired by the company and held as own shares
(Note 16).
Diluted
The profit diluted per share is calculated by divid-
ing the profit payable to shareholders – adjusted
by the dividends of convertible preference shares,
convertible debt interest and gains and expenses
resulting from the conversion – by the average
number of ordinary shares issued during the pe-
riod plus the average number of ordinary shares
that may be issued in the conversion of ordinary
shares thatmay be potentially used in the dilution.
2.20 DERIVATIVES FINANCIAL INSTRUMENTS
The Group uses derivatives financial instru-
ments, such as exchange forwards and inter-
est rate swaps, only to cover the financial
risk witch the Group is exposed to. The Group
doesn’t use derivatives financial instruments
for speculation. For the carrying amount of de-
rivatives financial instruments, the Group uses
hedge accounting policies under the terms of
the legislation in force. Derivatives financial
instruments negotiation is carried out by the
Group, on behalf of their subsidiaries, by the
financial department under the policies ap-
proved by the Board of directors. Derivative
financial instruments are initially measured at
the transaction date fair value, being subse-
quently measured at each reporting date fair
value. Gains or losses of fair value changes are
recognised as follows:
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