GAMMON INDIA LIMITED

SAE POWER LINES S.R.L.
Profit and loss account 31/12/2008 31/12/2007
A) Revenues
1) From sales and services
2) Changes in stocks of work in process, semi-finished
and finished products
3) Work in progress on order
4) Capitalised internal work in progress
28.316.282 24.700.669
1.384.433 (543.390)
5) Other revenues:
- miscellaneous 29.072 2.195
- contribution on trading account
- contribution on capital account
29.072 2.195
Total revenues 29.729.787 24.159.474
B) Expenses
6) Raw materials, subsidiary materials, consumables
and goods
16.765.523 12.192.251
7) Services 7.039.646 5.403.168
8) Rent/lease 990.288 1.196.248
9) Personnel costs
a) salaries and wages 5.605.271 5.905.418
b) social contributions 1.272.629 1.194.936
c) employees’ leaving indemnity 311.912 303.289
d) accruals for pension and similar costs
e) other costs 165.737 119.404
7.355.549 7.523.047
10) Depreciation and value adjustments
a) depreciation of intangible assets 12.076 12.076
b) depreciation of tangible assets 360.313 370.117
c) other value adjustments
d) write down of accounts receivable recorded
among current assets and liquid assets
372.389 382.193
11) Changes in raw materials, subsidiary materials,
consumables and goods
12) Accruals to provisions for liabilities and charges
64.000
13) Other accruals
14) Miscellaneous running costs
241.390 226.539
Total expenses 32.828.785 26.923.446
Difference between revenues and expenses(A-B) (3.098.998) (2.763.972)
C) Financial income and costs
15) Income from shareholdings:
- in controlled undertakings
- in affiliated undertakings
- other income
16) Other financial income:
a) from accounts receivable recorded among fixed
assets
- from controlled undertakings
- from affiliated undertakings
- from controlling companies
F
Financial statements at. 31/12/2008.. 106
Page 5