Annual Report 2010 - AdP

1.3 Shareholders
The following are AdP SGPS, S.A. shareholders:
Shareholders % Capital Subscribed Amount N.º of Shares Type of Shares
Parpública, SGPS, S.A. 72.18% 313,613,590 62,722,718 Nominal
Parcaixa, SGPS, S.A. 19.00% 82,555,000 16,511,000 Nominal
Direcção Geral do Tesouro (National Treasury) 8.82% 38,331,410 7,666,282 Nominal
100.00% 434,500,000 86,900,000
1.4 Approval of the financial statements
These financial statements were approved by the Board of Directors on 15 March 2011. The Board of Directors is of the opinion
that they accurately reflect the operations of AdP, in addition to its financial position and performance and its cash flow.
2. Accounting policies
The present financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) issued by
the International Accounting Standards Board (IASB) and interpretations issued by the International Financial Reporting Interpretations
Committee (IFRIC) or by the previous Standing Interpretations Committee (SIC), adopted by the EU and in force for financial years
beginning 1 January 2010.
During the year ended 31 December 2009, AdP also published, for the last time, financial statements made in accordance with
accounting principles generally accepted in Portugal (see note 5).
The most significant accounting policies used to prepare these financial statements are described below. These policies were applied
consistently within the comparative periods, except when stated to the contrary.
2.1 Basis of accounting
The amounts stated, except when indicated to the contrary, are expressed in euros (EUR). AdP’s financial statements were prepared on
a historical cost basis, except with regard to derivatives, financial investments held for negotiation and recorded at the respective fair value.
(market value). The preparation of financial statements in accordance with IAS/IFRS requires use of estimates and assumptions that affect
the reported amounts of assets and liabilities, along with the amounts of income and costs reported during the reporting period. Although
these estimates are based on a better understanding of management in relation to events and current actions, the results may ultimately
differ from these estimates. However, management believes that the estimates and assumptions adopted do not incorporate the significant
risks that may cause material adjustments in the amounts of the assets and liabilities during the course of the next financial year.
2.1.1 New norms and policy changes
The most significant changes resulting from first application of the IFRS/IAS are mentioned in note 5.
As a result of European Union (EU) endorsement, the following standards and interpretations were adopted to come into force as
of 1 January 2010:
• IFRS 1 (Amendment) - First adoption of the IFRS. Establishes additional exceptions when adopting the IFRS for the first time, see note 5.
• IFRS 2 (Amendment) - Recording of payments based on shares, paid in cash in intragroup transactions. This amendment clarifies that
the recording of situations in which an entity receives services or products from its employees in exchange for financial considerations
paid by the parent company or another group company is processed in accordance with this standard. As a result of this amendment,
IFRIC 8 - “IFRS 2 Scope” and IFRIC 11- “IFRS 2 - Transactions of group shares and equity” were removed.
• IFRS 3 (Revised) - Concentrations of business activities. This revision brought significant changes in terms of measuring and recognizing
concentrations of business activities conducted during financial years that begin on or after 1 July 2009, namely with regard to:
(a) measurement of non-controlled interests (previously referred to as minority interest);