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203
ANNUAL REPORT 2011
The other financial investments concern
investments (bellow 20%) in non listed
companies.
11. OTHER NON-CURRENT ASSETS
The details on other non-current assets on 31
December 2011 and 2010 are as follows:
12. STOCKS
On 31 December 2011 and 2010, stocks were
broken down as follows:
Dec/11 Dec/10
Raw, secondary and
consumption materials
3,560,475 4,119,300
Merchandise
104,610 124,815
3,665,085 4,244,115
Accumulated
impairment losses
74,981
74,981
Net stocks
3,590,104 4,169,134
Dec/11 Dec/10
Clients and other
debtors
(1)
1,710,740 1,740,203
Other non-current
assets
1,710,740 1,740,203
Accumulated
impairment losses
-
-
1,710,740 1,740,203
(1) Spain subsidiaries deposits and bails and also franchising debts concerning
fixed assets lent in subsidiary Vidisco, with a payment agreement. At the end of
the year 2011 the amount in debt is of 152 monthly instalments of 5.896 euros
each, which bear interest of 6.25%, the last payment is on 31st August, 2024.
10. FINANCIAL INVESTMENTS
The details on financial investments on 31
December 2011 and 2010 are as follows:
(1) Change in the year 2011, due to the inclusion in the consolidation of the
subsidiary Ibersol Angola, as described in Note 5.
(2) 100% owned by subsidiary Iberusa, SA, acquired on December 14, 2011, having
been excluded by immateriality of this consolidated statements
Perpetuity
5 Years period
Portugal
Spain Portugal
Spain
No-risk interest rate
3.00%
3.00%
3.00%
3.00%
Country risk prize
1.00%
0.50%
3.60%
1.75%
Equity risk prize
6.00%
5.00%
6.00%
6.00%
Beta
0,9
0,9
0,9
0,9
Debt risk prize
4.00%
4.00%
5.00%
5.25%
Income tax rate
26.50%
30.00%
26.50%
30.00%
Equity/Remunerated debt
70%/30% 60%/40% 70%/30% 60%/40%
Dec/11 Dec/10
Financial investments -
Ibersol Angola, S.A.
Investment
-
350,050
Loans
-
118,182
Parque Central Maia 200,000 -
Advances for finan-
cial investments
172,085 172,085
Other financial investments 361,600 364,100
733,685 1,004,417
Accumulated impairment
losses
-
-
733,685 1,004,417
(1)
(1)
(2)