The determination of 2013 provided for the definition a priori of the methodology for calculating the cost-of-capital rate, to be applied as from 2012, the update of the rate taking place every year, by the end of the 1st half of the year concerned, according to the availability of data required for the calculation, in compliance with the definition of the methodology.
Nevertheless, in case it was found that a criterion and/or source of information could not be updated, there would be grounds for replacement - which could be triggered by either party, by the end of the first third of the concerned year - and subsequent submission to a prior hearing. Otherwise, the calculation would simply be updated, on an annual basis.
After a thorough analysis of this procedure, and taking into account situations identified in the scope of the calculation of the rate for 2015, it is deemed that the lack of some data may not necessarily constrain the calculation of the rate for the respective year. In fact, consultants concluded as much when determining the rate for 2015. In this sense, the calculation methodology defined in the determination of 2013 is to be maintained. However, it is important to introduce an addition to the paragraph concerning the review of data, as it is deemed relevant to replace/change databases that allow the calculation of parameters, in case it is not possible to perform the referred calculation guaranteeing the availability of 80% of observations (for example, for the risk-free interest rate) or sources of information (for example, for the risk-free interest rate). Moreover, in order to guarantee that data are fully published in the period under analysis, there are grounds also for replacing the 30 April deadline for 31 May, for triggering the data review.
In the light of the above, ANACOM deems that it is relevant to add to the methodology defined in the determination of 2013, replacing the paragraph: “Nevertheless, in case it is found that a criterion and/or source of information may not be updated, there are grounds for replacement - which may be triggered by either party, by the end of the first third of the concerned year - and subsequent submission to a prior hearing. Otherwise, the calculation will simply be updated, on an annual basis” with the following paragraph: “Notwithstanding, where it is found that databases that enable the calculation of parameters show limitations, and that the application of the defined methodology is not possible, there are grounds for its alteration/replacement - only where it is not possible to guarantee the inclusion in the calculation of at least 80% of observations or of sources of information required for the determination of parameters, considering that all comparable companies continue to comply with selection criteria - which may be triggered by either party, by 31 May of the year concerned and subsequent submission to a prior hearing. Otherwise, the calculation will simply be updated”.
