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170
CONSOLIDATED FINANCIAL STATEMENTS
ANNEX TO THE CONSOLIDATED
FINANCIAL STATEMENTS FOR THE
YEAR ENDING ON 31 DECEMBER 2011
(Values in euros)
1. INTRODUCTION
IBERSOL, SGPS, SA (“Company” or “Ibersol”) has
its head office at Praça do Bom Sucesso, Edifício
Península n.º 105 a 159 – 9º, 4150-146 Porto,
Portugal. Ibersol’s subsidiaries (jointly called the
Group), operate a network of 419 units in the
restaurant segment through the brands Pizza Hut,
Pasta Caffé, Pans & Company, Kentucky Fried
Chicken, Burguer King, O’ Kilo, Bocatta, Café Sô,
Quiosques, PizzaMóvil, Flor d’Oliveira, Sol, Sugestões
e Opções, José Silva Carvalho, Catering and Solinca
Eventos e Catering. The group has 395 units which
it operates and 24 units under a franchise contract.
Of this universe, 102 are headquartered in Spain,
of which 79 are own establishments and 23 are
franchised establishments.
Ibersol is a public limited company listed on the
Euronext of Lisbon.
2. MAIN ACCOUNTING POLICIES
The main accounting policies applied in preparing
these consolidated financial statements aredescribed
next.
2.1. Presentation basis
These consolidated financial statements were
prepared according to the International Financial
Reporting Standards (IFRS), as applied in the
European Union and in force on 31 December
2011.
The accounting policies applied on 31 December
2011 are identical to those applied for preparing
the financial statements of 31 December 2010.
2.2. Consolidation
(a) Subsidiaries
Shareholdings in companies in which the group
directly or indirectly holds more than 50% of the
voting rightsor has thepower tocontrol their financial
and operational activities (definition of control used
by the group) were included in these consolidated
financial statements through the full consolidation
method. Equity and net profit of these companies
assigned to third-party shareholdings are presented
separately in the “non-controlling interests” item in
the consolidated statement of financial position and
of comprehensive income. The companies included
in the financial statements are listed in Note 5.
When losses attributable to non-controlling interests
exceed the non-controlling interest in a subsidiary
company’s equity, the group absorbs that difference