Notes to the Financial Statements - Efacec

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5.2 Goodwill The breakdown of goodwill by affi liate/associate company is as follows: 31.12.2007 31.12.2006 ATM - Assistência Total em Manutenção, SA 4.577.159 4.577.159 Grupo TECH M5 3.549.415 2.556.615 Engimais 1.971.508 1.971.508 O&M Serviços, S.A. 207.628 207.628 ENT - Empresa Nacional de Telecomunicações, SA (a) 204.736 204.736 BCI - BRISA Conservação de Infra-estruturas, SA 124.211 124.211 Águas da Figueira, SA 54.791 54.791 Bauen Efacec, SA 33.454 33.454 Efacec Moçambique, Lda. 697.116 0 Efacec Energy Service, Ltda. 585.579 0 Advanced Control Systems, Inc. 10.104.798 0 Total 22.110.396 9.730.102 (a) In 2006, a merger of the net assets of this affi liate into EFACEC – Sistemas Electrónicos S.A took place. The change in Goodwill in the Tech M5 Group in 2007 totalling 992,800 Euro, was due to the last deferred payments made in accordance with the share sale and purchase contract. The remaining changes relate to acquisitions of shareholdings that took place during the year, in particular 51% of the share capital of EFACEC Moçambique, Lda, at the beginning of 2007, 66.7% of Energy Service, Ltda (Brazil) and 99.56% of ACS-Advanced Control Systems, Inc. (USA). In each case, the values booked are equal to the difference between the cost of acquisition, already paid or payment to be expected on future dates, compared to the accounting value of assets and liabilities. In the above cases, there were no corrections to the related accounting values An impairment test was carried out based on discounted future cash fl ow projections, which revealed no loss in value. 6. Investments in group and associate companies This line refl ects the value of investments made in associated companies, adjusted at the balance sheet date using the equity method. It includes the value of subsidiary companies, when for justifi able reasons; they are excluded from the consolidation (Note 31.2), in which case they are valued at acquisition cost. The line shows the value of shareholdings at the date of the balance sheet and the value of supplementary capital and borrowings granted to the entities concerned (Note 27). The movements that occurred during the period were as follows: 31.12.2007 31.12.2006 Opening balance 7.290.641 5.459.505 Increases in shareholdings 75.222 0 Decreases in shareholdings 0 0 Share in profi ts/losses of Associates 1.086.098 1.446.576 Other movements in equity of Associates -725.389 246.896 Exchange rate differences -89.395 55.604 Closing balance 0 0 Borrowings granted -76.577 82.088 Closing balance 7.560.600 7.290.641 The amount shown in increases in shareholdings includes 71,871 Euro concerning supplementary capital in Águas da Figueira. The remaining 3,350 Euro concern the Efacec’s shareholding in Vestiparque, a subsidiary which was recently set up but excluded from consolidation in this fi nancial year (Note 31.2). The share of associated company results relates mainly to S2M – Sociedade de Manutenção de Metropoli, S.A (689,300 Euro). The line “Other movements in equity” includes 818,686 Euro for dividends distributed by the associate company S2M. Acquisition differences concerning shareholdings in O&M Services and in Águas da Figueira are shown in the line Goodwill (Note 5). 21 2007 Consolidated and Individual Financial Statments
The shareholdings of the Group in the main associate companies, none of which are quoted on stock exchanges, are as follows: 31 December 2007 Investment Head Office Assets Equity 22 Total Income Net Prof./ Loss Shareholding % Amount EID - Emp. Invest. e Desenv. Electrónica, S.A. Lisboa 31.279.177 9.825.135 20.515.621 844.837 25,0 2.456.284 Águas da Figueira, S.A. Fig. da Foz 71.313.031 2.805.354 11.650.341 -136.223 20,0 561.071 S2M - Soc. de Manut. de Metropolitanos, S.A. Matosinhos 5.414.111 2.347.001 7.919.534 1.723.249 40,0 938.800 O&M Serviços S.A. Mortágua 7.731.346 899.199 10.278.148 64.109 40,0 359.680 Godrej EFACEC Automation & Robotics, Ltd. Índia 954.406 539.840 2.607.130 185.426 50,0 269.920 SESCO EFACEC Sdn. Bhd. Malásia 5.824.264 3.569.776 3.758.229 268.400 35,2 1.256.561 Liaoyang EFACEC Electrical Equip. Co (a) (b) China 28.130.554 2.153.624 n.a. n.a. 36,3 781.335 31 December 2006 Shareholding Investment Head Office Assets Equity Total Income Net Prof./ Loss % Amount EID - Emp. Invest. e Desenv. Electrónica, S.A. Lisboa 20.663.587 8.980.298 10.577.833 1.828.967 25,0 2.245.075 Águas da Figueira, S.A. Fig. da Foz 67.286.861 1.656.234 8.829.912 -1.583.394 20,0 331.247 S2M - Soc. de Manut. de Metropolitanos, S.A. Matosinhos 5.421.425 2.670.466 7.316.683 2.046.714 40,0 1.068.186 O&M Serviços S.A. Mortágua 4.032.490 972.197 9.565.605 43.540 40,0 388.879 Efacec Moçambique, Lda. (c) Moçambique 2.823.903 -1.349.017 1.985.839 -384.790 49,0 -661.018 Godrej EFACEC Automation & Robotics, Ltd. Índia 837.873 347.419 688.744 45.952 50,0 173.710 SESCO EFACEC Sdn. Bhd. Malásia 5.998.436 3.530.884 4.090.796 292.407 35,2 1.242.871 Liaoyang EFACEC Electrical Equip. Co (a) (b) China 29.250.023 2.239.328 15.354.311 1.467.900 36,3 812.428 (a) Up to 31 December 2004, the equity method was not considered for use for this associate company given the low probability of transfer of funds, and for which an impairment loss of 2,259,554 Euro was booked, given that future cash fl ow projections indicate a loss overall. In 2004, 13.7% of the share capital of the company was acquired, so that the group held a total of around 36.38%, and the Equity Method was used. This acquisition generated goodwill of 200,000 Euro, which was entirely depreciated in 2004. (b) Since up to date accounts were not available, the numbers for this company refer to those as at 30 November 2006, with exchange rates being updated as at 31 December 2007 (c) As at 31 December 2006, the Group owned 49% of Efacec Moçambique and consolidated using the equity method. In 2007, after the acquisition of the entire share capital of the company, the company was fully consolidated. 7. Investments in Other Companies This is broken down as follow: 31.12.2007 31.12.2006 Shareholding % Shareholding Shareholding % Shareholding Portugal Space, S.A. (a) 325.000 16,25% 325.000 16,25% Other 19.416 - 28.394 - 344.416 353.394 Impairment (a) -329.933 -329.933 14.483 23.461 (a) In view of the fi nancial situation of this investment and its probable liquidation, an impairment loss was booked in the year for the value of the investment (325,000 Euro), as well as for the loan granted in the line “Debtors and Prepayments” (156,271 Euro).
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 16 and 17: 2.3 Estimates of fair value The fai
Page 18 and 19: 3.2 Information by geographical seg
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
Page 30 and 31: 17. Provisions for risks and charge
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
Page 50 and 51: 2.2 Accounting for financial instru
Page 52 and 53: 4. Investments in group and associa
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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