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a) Sales of Goods
Revenue from the sales of goods is recognised in the income statement when the significant risks and
rewards of ownership have been transferred to the buyer.
b) Sales of Services
Revenue from services rendered is recognised in the income statement when delivery of the services takes
place. No revenue is recognised if there are significant uncertainties regarding recovery of the consideration
due or associated. Refer to note 4.1 for recognition of income from airport charges and IT & T services.
c) Rental Income
Rental income from operating leases entered into by the Company as a lessor is recognised on a straight-
line basis over the lease term.
d) Interest Income
Interest income is recognised on a time-proportion basis using the effective interest method. When a
receivable is impaired, the Company reduces the carrying amount to its recoverable amount, being the
estimated future cash flow discounted at the original effective interest rate of the instrument, and continues
unwinding the discount as interest income. Interest income on impaired loans and receivables is recognised
using the original effective interest rate.
2.19 Leases
Leases are classified as finance leases provided their conditions substantially transfer the risks and rewards
of ownership to the Company and the lease offers the option of acquiring the asset at the end of the
lease in accordance with the terms agreed when the contract is concluded. All other leases are classified
as operating leases.
Financial leases are presented at the lower amount, of the fair value and the present value of the minimum
future leased payments at the beginning of the lease, and decreased by the accumulated depreciation and
any accumulated impairment losses.
The depreciable amount of a leased asset is allocated to each accounting period during the period of
expected use, on a systematic basis, consistent with the depreciation policy the lessee adopts for similar
assets that are owned. Should the useful life of any asset or its components exceed the concession period,
then its economic life is revised accordingly that is, over the concession period.
2.20 Dividend Distribution
Dividend distribution to the Company’s shareholders is recognised as a liability in the Company’s financial
statements in the period in which the dividends are approved by the Company’s shareholders.
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Revenue from the sales of goods is recognised in the income statement when the significant risks and
rewards of ownership have been transferred to the buyer.
b) Sales of Services
Revenue from services rendered is recognised in the income statement when delivery of the services takes
place. No revenue is recognised if there are significant uncertainties regarding recovery of the consideration
due or associated. Refer to note 4.1 for recognition of income from airport charges and IT & T services.
c) Rental Income
Rental income from operating leases entered into by the Company as a lessor is recognised on a straight-
line basis over the lease term.
d) Interest Income
Interest income is recognised on a time-proportion basis using the effective interest method. When a
receivable is impaired, the Company reduces the carrying amount to its recoverable amount, being the
estimated future cash flow discounted at the original effective interest rate of the instrument, and continues
unwinding the discount as interest income. Interest income on impaired loans and receivables is recognised
using the original effective interest rate.
2.19 Leases
Leases are classified as finance leases provided their conditions substantially transfer the risks and rewards
of ownership to the Company and the lease offers the option of acquiring the asset at the end of the
lease in accordance with the terms agreed when the contract is concluded. All other leases are classified
as operating leases.
Financial leases are presented at the lower amount, of the fair value and the present value of the minimum
future leased payments at the beginning of the lease, and decreased by the accumulated depreciation and
any accumulated impairment losses.
The depreciable amount of a leased asset is allocated to each accounting period during the period of
expected use, on a systematic basis, consistent with the depreciation policy the lessee adopts for similar
assets that are owned. Should the useful life of any asset or its components exceed the concession period,
then its economic life is revised accordingly that is, over the concession period.
2.20 Dividend Distribution
Dividend distribution to the Company’s shareholders is recognised as a liability in the Company’s financial
statements in the period in which the dividends are approved by the Company’s shareholders.
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