IBERSOL Annual Report 2018

ANNUAL REPORT 2018 dec. 2018 Euro exchange rates (x foreign currency per 1 Euro) Rate on December, 31 2018 Average interest rate year 2018 Kwanza de Angola (AOA) 352,983 305,810 dec. 2017 Euro exchange rates (x foreign currency per 1 Euro) Rate on December, 31 2017 Average interest rate year 2017 Kwanza de Angola (AOA) 185,391 187,441 2.6 TANGIBLE FIXED ASSETS Buildings and other structures include own properties assigned to the restaurant ac- tivities and expenses on works at third-party properties, in particular those required for setting up restaurant shops. Tangible fixed assets are shown at the acquisition cost, net of the respective amor- tisation and accumulated impairment losses. The historic cost includes all expenses attributable directly to the acquisition of goods. Costs with loans incurred and with loans obtained for the construction of fixed tan- gible assets are recognized as part of the construction cost of the asset. Subsequent costs are added to the amounts for which the good is recorded or recognised as separate assets, as appropriate, only when it is probable that the company will obtain the underlying economic benefits and the cost may be reli- ably measured. Other expenses on repairs and maintenance are recognised as an expense in the period in which they are incurred. Depreciation of assets is calculated by the equal annual amounts method in order to allocate its cost at its residual value, according to its estimated lifetime, as follows: 219