Notes to the Financial Statements - Efacec

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2.3 Estimates of fair value The fair value of fi nancial instruments available on the open market (for example publicly negotiated derivatives, negotiable instruments available for sale) is determined on the basis of quoted market prices on the balance sheet date. The quoted market price used for fi nancial assets of the Group is the price received by shareholders on the open market; the quoted market price for fi nancial liabilities is the price paid on the open market. The fair value of fi nancial instruments not traded on the open market (for example unquoted derivatives) is determined using valuation techniques. The Group uses a variety of methods and reaches its conclusions based on market conditions at each balance sheet date. Quoted market prices or negotiation quotas for similar instruments are used for long term debts. Other techniques, such as estimates of discounted cash fl ows, are used to determine the fair value of other fi nancial instruments. The fair value of interest rate swaps is calculated based on the present value of estimated future cash fl ows. The fair value of exchange rate futures contracts is determined using market exchange rates at the balance sheet date. The nominal value of debtor and creditor balances less estimated credit adjustments is assumed to be close to their fair value. The fair value of fi nancial liabilities is estimated by updating future contractual cash fl ows at the current market interest rate available for similar fi nancial instruments. C. Segment Information 3. Reporting by activity segment Information by segments is presented for the geographical segments and businesses of the Group. The results, assets and liabilities of each segment correspond to those that are directly attributable to them as well as those that can be attributed on a reasonable basis. Business segment A business segment is a separately identifi able part of the Group, committed to supplying a specifi c product or service, and that is subject to different risks and opportunities than those of other business segments. As at 31 December 2007, the Group was organised on a worldwide basis into the following business segments: - SEN – Energy Solutions; - EES – Engineering, Environment and Services; - STL – Transport and Logistics; The information also includes a heading entitled “Various”, which groups together assets relating to corporate centres and investments in non core Group business activities. Geographical segment A geographical segment is an individual area of the Group committed to providing products or services within a specifi c economic zone, and that is subject to different risks and opportunities than those of other economic zones. In addition to Portugal, the relevant geographic segments are those in countries or regions which the company has chosen as EFACEC markets: 3.1 Information by business segment - Spain - Central Europe - Maghreb countries - Southern Africa - Latin America - United States of America 17 2007 Consolidated and Individual Financial Statments
3.1.1 Turnover The split of turnover between the main business and geographical areas for the years ending 31 December 2007 and 2006 was as follows: 31 December 2007 Energy Engineering, Environment and Services 18 Transport and Logistics Various Total Gross sales by segment 192.111.063 191.893.051 84.511.060 876.431 469.391.605 Sales between segments 7.732.517 6.313.672 15.022.315 0 29.068.504 Consolidated sales 184.378.546 185.579.380 69.488.745 876.431 440.323.101 31 December 2006 Gross sales by segment 156.442.644 158.741.869 101.923.272 931.025 418.038.809 Sales between segments 1.600.189 24.603.688 21.029.697 454.541 47.688.115 Consolidated sales 154.842.455 134.138.182 80.893.575 476.484 370.350.695 3.1.2 Profit/Loss Profi t and Losses by business segment for the years ended 31 December 2007 and 31 December 2006 were as follows: 31 December 2007 Energy Engineering, Environment and Services Transport and Logistics Various Total Operating profi ts 13.587.774 5.027.018 3.034.272 3.790.471 25.439.536 Net fi nancial charges (Note 21) -2.311.304 -367.764 -283.364 -1.903.152 -4.865.583 Losses/Gains on associates and other holdings 94.251 729.509 98.029 189.394 1.111.182 Profi t/(Loss) before tax 11.370.722 5.388.763 2.848.937 2.076.713 21.685.136 Income tax -2.411.462 -1.379.710 380.037 -525.936 -3.937.072 Minority Interests 0 0 0 -346.878 -346.878 Net profi t for the period 8.959.260 4.009.053 3.228.974 1.203.898 17.401.186 31 December 2006 Operating profi ts 10.378.142 4.721.918 5.558.427 776.173 21.434.660 Net fi nancial charges (Note 21) -810.216 685.507 -31.978 -2.826.035 -2.982.722 Losses/Gains on associates and other holdings 772.582 675.622 266.385 1.260.153 2.974.742 Profi t/(Loss) before tax 10.340.507 6.083.047 5.792.834 -789.709 21.426.680 Income tax -1.647.120 -1.801.549 970.577 -1.589.946 -4.068.038 Minority Interests 0 0 0 -283.011 -283.011 Net profi t for the period 8.693.387 4.281.498 6.763.411 -2.662.665 17.075.631 The transfers and transactions between segments take place under normal commercial terms and under conditions applicable to independent third parties. 3.1.3 Other Information 31 December 2007 Energy Engineering, Environment and Services Transport and Logistics Various Total Assets 155.696.138 147.954.859 71.441.982 43.533.788 418.626.766 Liabilities 106.760.696 119.161.029 47.547.070 65.664.054 339.132.848 Investments (Note 4) 14.362.545 11.879.651 1.326.734 3.691.191 31.260.120 31 December 2006 Assets 141.834.503 105.753.555 76.594.792 33.409.392 357.592.241 Liabilities 88.344.477 73.848.868 40.232.602 72.540.937 274.966.884 Investments (Note 4) 7.338.176 566.985 522.023 1.710.422 10.137.607 Segment assets mainly include tangible fi xed assets, stocks, derivatives for hedging of commercial transactions, debtors and cash. Segment liabilities correspond to operational liabilities (including derivatives for hedging commercial transactions). Investments include additions to tangible and intangible fi xed assets, including goodwill (Note 4).
Page 2 and 3: 1 2 Index Consolidated Financial St
Page 4 and 5: EFACEC Capital, SGPS, S.A. and Affi
Page 6 and 7: Attributable to shareholders Reserv
Page 8 and 9: A. General Information Notes to the
Page 10 and 11: 1.3 Reporting by segments A busines
Page 12 and 13: 1.7 Asset impairment Assets that do
Page 14 and 15: a) Sales The income recognised, in
Page 18 and 19: 3.2 Information by geographical seg
Page 20 and 21: 5.2 Goodwill The breakdown of goodw
Page 22 and 23: 8. Derivatives In relation to fi na
Page 24 and 25: 11. Stocks 31.12.2007 31.12.2006 Ra
Page 26 and 27: Commercial Paper On 8 July 2005, a
Page 28 and 29: Denomination of Loans The accountin
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Page 32 and 33: 21. Net financial charges 22. Incom
Page 34 and 35: 27.1 Transactions that took place i
Page 36 and 37: 27.4 Commitments and contingencies
Page 38 and 39: Foreign companies Company Name Head
Page 40 and 41: 41 2007 Consolidated and Individual
Page 42 and 43: EFACEC Capital, SGPS, S.A. Profit a
Page 44 and 45: Reserves Financial Instruments Merg
Page 46 and 47: A. General Information Notes to the
Page 48 and 49: 1.5 Investments Investments in grou
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Page 54 and 55: 6. Customers and Accrued Income 200
Page 56 and 57: On 30 November 2006, a second Comme
Page 58 and 59: Deferred tax booked in shareholders
Page 60 and 61: 17. Profit per share Basic The basi
Page 62 and 63: 21.4 Loans to related parties 2007
Page 64 and 65: To the Shareholders, Report and Opi
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Notes to the Financial Statements - Efacec

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