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Notes to the Consolidated Financial Statements at 31 st December 2008 25 - OTHER INVESTMENTS This item includes, essentially, investments in equity capital instruments, that do not have a market price listed in an asset market and which fair value cannot be reasonably measured. These investments are measured by their acquisition cost, deducted from any losses due to accumulated impairment. On the 31 st December 2008 and 2007, this item includes investments in the following entities: 2008 2007 LUSOPONTE - Concessionária para a Travessia do Tejo, S.A. 2,591 2,721 AUREON LABORATORIES 1,524 1,164 LONGAPAR - Sociedade Gestora de Participações Sociais, S.A. 1,006 1,006 JÚPITER - Indústria Hoteleira, S.A. 784 784 LONGAVIA, S.A. 670 670 MTS - Metro Transporte do Sul, S.A. 589 589 ISQ - Centro Incubação Empresas, S.A. 440 440 MATADOURO DE MACAU, S.A.R.L. 317 317 EIA - Ensino, Investigação e Administração, S.A. 300 300 VSL Sistemas Portugal - Pré-Esforço, Equipamento e Montagens, S.A. 258 258 ILTA - Urbanizadora da Ilha de Tavira, S.A. 256 250 CPM - Companhia de Parques de Macau, S.A.R.L. 205 205 ETERGEST - Sociedade Gestora de Participações Sociais, S.A. - 1,824 PETROSÓRIO - Combustíveis e Lubrificantes, Lda. - 1,165 PROMOTUR, LDA. - 607 Others 636 462 9,576 12,762 26 - DEFERRED TAXES All situations that may significantly affect future taxes are exempt through the application of the deferred taxes normative. The movement occurred in assets and liabilities due to deferred taxes in the financial years ended on the 31 st December 2008 and 2007, in accordance with the temporary differences that generated it, is the following: 2008 Composition Reversion Initial Net Result Equity Net Result Equity Final Balance (Note 15) capital (Note 15) capital Adjustment balance Assets due to deferred taxes: Stocks Adjustments 820 2,607 - - - - 3,427 Doubtful debts adjustment 1,074 34 - (387) - - 721 Financial assets available for sale 2,329 67,630 - - (1,056) - 68,903 Tax losses to be reported 36,248 19,395 - (4,638) (1,082) (20.199) 29,724 Investment properties 2,636 - - (77) - - 2,599 Others 1,469 3,639 7,277 (330) - - 12,055 44,576 93,305 7,277 (5,432) (2,138) (20.199) 117,389 Liabilities due to deferred taxes: Income taxed in future periods 3 - - - - - 3 Added Value Tax with suspended taxation 4,934 - - (8) - - 4,926 Financial assets available for sale 8,850 - - (8,850) - - - Investment properties 21,437 16,413 714 - - - 38,564 Revalorization of tangible fixed assets 9,520 - - (329) (345) - 8,846 Others 1,196 136 48 (630) (19) 731 45,940 16,549 762 (9,817) (345) (19) 53,070 210
Notes to the Consolidated Financial Statements at 31 st December 2008 2007 Composition Reversion Initial Net Result Equity Net Result Equity Final Balance (Note 15) capital (Note 15) capital Adjustment balance Assets due to deferred taxes: Stocks Adjustments 1,008 7 - (195) - - 820 Doubtful debts adjustment 1,153 177 - (255) (1) - 1,074 Financial assets available for sale - - 2,329 - - - 2,329 Tax losses to be reported 30,245 17,242 2 (7,459) - (3,782) 36,248 Investment properties 3,750 - - - (1,114) - 2,636 Others 138 1,391 - (60) - - 1,469 36,294 18,817 2,331 (7,969) (1,115) (3,782) 44,576 Liabilities due to deferred taxes: Income taxed in future periods 3 - - - - - 3 Added Value Tax with suspended taxation 4,963 - - (29) - - 4,934 Financial assets available for sale 7,577 - 1,273 - - - 8,850 Investment properties 20,682 2,840 - (265) (1,820) - 21,437 Revalorization of tangible fixed assets 5,428 - 4,500 (408) - - 9,520 Others 769 202 480 (232) - (23) 1,196 39,422 3,042 6,253 (934) (1,820) (23) 45,940 In accordance with tax statements of the companies that register assets due to deferred taxes as tax losses, on the 31 st December 2008 and 2007, the same were reported as follows: 2008 2007 Tax Assets due Limit Tax Assets due Limit Loss to deferred utilization Loss to deferred utilization taxes date taxes date Generated in 2002 - - 19,132 4,783 2008 Generated in 2003 213 53 2009 2,288 287 2009 Generated in 2004 8,253 2,063 2010 8,845 2,211 2010 Generated in 2005 16,598 4,150 2011 19,717 4,824 2011 Generated in 2006 42,327 10,115 2012 41,227 10,198 2012 Generated in 2007 46,760 11,851 2013 55,290 13,945 2013 Generated in 2008 6,696 1,492 2014 - - 2014 120,847 29,724 146,499 36,248 Additionally, on the 31 st December 2008 and 2007, losses and tax credits for which no assets for deferred taxes were registered as a prudent action, can be detailed as follows: 2008 2007 Tax Tax Limit Tax Tax Limit Loss Credit utilization Loss Credit utilization date date Generated in 2003 1,129 282 2009 86 21 2009 Generated in 2004 781 195 2010 603 151 2010 Generated in 2005 2,912 728 2011 3,099 775 2011 Generated in 2006 2,854 714 2012 2,973 743 2012 Generated in 2007 4,994 1,249 2013 3,562 891 2013 Generated in 2008 3,624 906 2014 - - 2014 16,294 4,074 10,323 2,581 In relation to assets due to deferred taxes, the same were only registered as it is considered probable that there will be taxable profits in the future that may be used to recover tax losses or deductible tax differences. This evaluation was based on the business plans of the Group’s companies, which are periodically reviewed and updated, and in the available and identified tax planning opportunities. 211
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ANNUAL REPORT AND ACCOUNTS 2 0 0 8
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