Annual Report 2010 - AdP

Consolidated Financial Statements
for the year ended 31 December 2010
Contents
Consolidated statement of financial position 172
Consolidated income statement by nature 173
Consolidated statement of comprehensive income 174
Consolidated statement of changes in total equity 175
Consolidated statement of cash flow 176
Notes to the consolidated financial statements 177
1. General information 177
1.1. Introduction 177
1.2. Economic activity 177
1.3 Strategy 178
1.4 Mission and future orientations 178
1.5 Organization 179
1.6 Approval of the financial statements 179
2. Accounting policies 179
2.1 Basis of presentation 179
2.2 Consolidation 181
2.3 Information according to business area 184
2.4 Foreign exchange conversion 185
2.5 Regulated activity - recognition of regulatory assets and liabilities 185
2.6 Concessioned activity - IFRIC 12 187
2.7 Tangible fixed assets 189
2.8 Intangible assets 190
2.9 Investment properties 190
2.10 Financial assets and liabilities 190
2.11 Derivatives and hedging 191
2.12 Fair value hierarchy 192
2.13 Customers and other accounts receivable 192
2.14 Inventory 192
2.15 Cash and cash equivalents 192
2.16 Impairment 192
2.17 Capital 193
2.18 Dividends payable 194
2.19 Investment grants 194
2.20 Provisions, assets and contingent liabilities 194
2.21 Employee benefits 194
2.22 Taxation 195
2.23 Yield 195
2.24 Own works 196
2.25 Costs and losses 196
2.26 Subsequent events 196
3. Financial risk management policy 197
3.1 Risk factors 197
3.2 Credit risk 197
3.3 Foreign exchange risk 198
3.4 Liquidity risk 198
3.5 Cash flow and fair value risk associated with interest rates 198
3.6 Capital risk 198
3.7 Regulatory risk 199
4. Estimates and judgements 199
4.1 Provisions and adjustments 199
4.2 Tangible and intangible assets 199
4.3 Impairment 200
4.4 Fair value of derivatives 200
5. First time adoption of the IFRS 200
6. Information according to business area 202
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