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ANNUAL REPORT 2011
The cash flows of the joint venture were as follows:
34. TRANSACTIONS WITH RELATED PARTIES
The following entities have a qualifying
shareholding, with over 10% of voting rights in
the group:
- António Carlos Vaz Pinto de Sousa – 1,400 shares
- António Alberto Guerra Leal Teixeira – 1,400 shares
- ATPS, SGPS, S.A. – 425,182 shares
- IES, SGPS, S.A. – 9,998,000 shares
After deducting own shares, there are still 39%
of shares dispersed among other shareholders.
The balances and transactions with related
entities are nor materially relevant, except
when related to what is stated next.
Remuneration and benefits assigned to
directors:
The company shareholder ATPS-S.G.P.S., S.A.,
which signed a service-rendering contract with
the subsidiary Ibersol Restauração, SA, in the
amount of 756,034 euros (737,594 euros in
2010), provided services of administration and
management to the group. ATPS-S.G.P.S.,
S.A. under contract with Ibersol Restauração,
S.A. has the obligation to ensure that its
administrators, António Carlos Vaz Pinto de
Sousa and Antonio Alberto Guerra Leal Teixeira,
exercise their positions without incur in any
additional charge. The company does not pay
directly to its administrators any remuneration.
Since ATPS-S.G.P.S. S.A. is owned equally by
administrators António Carlos Vaz Pinto de
Sousa and António Alberto Guerra Leal Teixeira,
the importance of 756,034 euros in the year
2011 (737,594 euros in 2010), will match each
of administrators the value of 378,017 euros
(368,797 euros in 2010).
2011
Flows from operating activities
223,234
Flows from investment activities
-413,790
Flows from financing activities
-17,242
Change in cash & cash equivalents
-207,798