Page 66 - Annual Report 2015 EN
P. 66
Financial Statements
IAS 19 “Employee bene ts”
(IFRS improvements 2014, effective for annual periods beginning on or after 1 January 2016)
The amendment clarifies that, when determining the discount rate for post-employment benefit
obligations, it is the currency that the liabilities are denominated in that is important, and not the
country where they arise.
2.2 Foreign currency translation
2.2.1 Functional and presentation currency
Items included in the financial statements of the Company are measured using the currency of the
primary economic environment in which the Company operates (‘the functional currency’). The
Company’s financial statements are presented in EURO (€), which is the Company’s functional and
presentation currency.
2.2.2 Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at year-end exchange rates of monetary assets
and liabilities denominated in foreign currencies are recognised in the income statement.
2.3 Property, plant and equipment
Property, plant and equipment mainly comprise movable assets, such as vehicles and furniture &
fixtures which do not form part of the service concession intangible asset.
The items included under the heading “Property, plant & equipment” in the accompanying statement
of financial position are stated at historical cost less accumulated depreciation and impairment losses.
Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will
flow to the Company and the cost of the item can be measured reliably. The carrying amount of the
replaced part is derecognised. All other repairs and maintenance are charged to the income statement
during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to allocate the cost of the various categories
of property, plant and equipment to their residual values over their estimated useful lives, as follows:
Mechanical Equipment 10 years
Vehicles 6-10 years
Fixtures & Equipment
Hardware 10 years
5 years
Land, buildings, installations, fencing, aircraft ground power system, runways, taxiways, aircraft
bridges and aprons held under the Service Concession Arrangement constitutes the total
infrastructure that has been recognised as an intangible asset (refer to accounting policy 2.4).
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance
sheet date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised within other (losses)/gains – net, in the income statement.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
23 of 56
IAS 19 “Employee bene ts”
(IFRS improvements 2014, effective for annual periods beginning on or after 1 January 2016)
The amendment clarifies that, when determining the discount rate for post-employment benefit
obligations, it is the currency that the liabilities are denominated in that is important, and not the
country where they arise.
2.2 Foreign currency translation
2.2.1 Functional and presentation currency
Items included in the financial statements of the Company are measured using the currency of the
primary economic environment in which the Company operates (‘the functional currency’). The
Company’s financial statements are presented in EURO (€), which is the Company’s functional and
presentation currency.
2.2.2 Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at year-end exchange rates of monetary assets
and liabilities denominated in foreign currencies are recognised in the income statement.
2.3 Property, plant and equipment
Property, plant and equipment mainly comprise movable assets, such as vehicles and furniture &
fixtures which do not form part of the service concession intangible asset.
The items included under the heading “Property, plant & equipment” in the accompanying statement
of financial position are stated at historical cost less accumulated depreciation and impairment losses.
Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will
flow to the Company and the cost of the item can be measured reliably. The carrying amount of the
replaced part is derecognised. All other repairs and maintenance are charged to the income statement
during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to allocate the cost of the various categories
of property, plant and equipment to their residual values over their estimated useful lives, as follows:
Mechanical Equipment 10 years
Vehicles 6-10 years
Fixtures & Equipment
Hardware 10 years
5 years
Land, buildings, installations, fencing, aircraft ground power system, runways, taxiways, aircraft
bridges and aprons held under the Service Concession Arrangement constitutes the total
infrastructure that has been recognised as an intangible asset (refer to accounting policy 2.4).
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance
sheet date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised within other (losses)/gains – net, in the income statement.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
23 of 56
