Improvements to balance sheet presentation prompt restatements Portuguese bank Banco Comercial Portugues improves presentation of its investments arising from recovered loans in the balance sheet and restates prior year comparatives accordingly.
Management compensation disclosures in disarray Portuguese motorway concession-holder Brisa – Auto Estradas de Portugal gives no explanation for restatements of its disclosures of directors’ pay and publishes mutually inconsistent figures for the current year in its annual report.
Reversal of €49.6 million tax provisions increases profit by 27%
Following a favourable Court ruling, Portuguese cement manufacturer CIMPOR - Cimentos de Portugal reverses €49.6 million of tax provisions that increases profit for the year by some 27%.
Realisation of accumulated gain accounts for 20.8% of pre-tax profit Portuguese motorway operator Brisa - Auto-Estrades de Portugal recognises a €38.3 million gain on disposal of an available-for-sale investment whose value built up over several years.
Reclassifications of financial assets have limited impact
Portuguese bank Banco Espírito Santo changes to measure €767 million financial assets at amortised cost rather than fair value, with little impact on profit or equity.
Move to revaluation method contributes 65.9% to closing equity
Portuguese telecoms company Portugal Telecom moves to the revaluation method for real estate property and duct infrastructure and recognises €1.1 billion gains that represent 65.9% of equity, after taking account of deferred tax.