Consolidated Financial Statements
ard is still subject to endorsement by Euro-
pean Union. This new standard, applies only to
contracts with customers to provide goods or
services, and requires an entity to recognise
revenue when the contractual obligation to
deliver the goods or services is satisfied and
by the amount that reflects the consideration
the entity is expected to be entitled to, fol-
lowing a five step approach. It is not expected
that its application has significant impacts.
37. SUBSEQUENT EVENTS
There were no subsequent events as of 31 De-
cember 2015 that may have a material impact
on these financial statements, besides having
negotiated the extension of the Pans franchise
agreement to 2021 and have completed Ascendi
compensation agreement, concerning the intro-
duction of tolls on former Scuts, which will re-
sult in an annual financial contribution linked to
the development of traffic.
38. APPROVAL OF THE FINANCIAL STATEMENTS
The financial statements were approved by the Board of Directors and authorised for emission on
5
th
April 2016.
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