Notes to the Financial Statements - Efacec

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11. Stocks 31.12.2007 31.12.2006 Raw materials 12.850.082 13.364.702 Merchandise 1.484.131 1.148.995 Work in progress 26.281.915 17.153.379 Finished goods 6.609.368 2.158.184 25 47.225.497 33.825.261 The line Work in Progress includes work relating to multi-year contracts (Note 1.10 and 29). Buildings held for sale by the real estate company Gemp for the amount of 1,242,908 Euro (924,881 Euro at the end of 2006) were shown in the line “Assets Held for Sale”. 12. Cash and cash equivalents 31.12.2007 31.12.2006 Cash and cash equivalents 10.213.594 7.106.645 Short term treasury applications 1.526.260 556.814 11.739.854 7.663.459 The treasury deposits relate mainly to deposits of the subsidiary, Efacec – Sistemas de Electrónica, S.A. (954,710 Euro), in particular at their branch offi ces in Spain, Algeria and Morocco. 13. Share Capital The total authorised share capital is for 41,641,416 ordinary registered shares, each with a par value of 1 Euro and is fully paid up. The company does not hold any own shares. 14. Suppliers, Other Creditors and Accruals The breakdown of this line is as follows: 31.12.2007 31.12.2006 Suppliers - Current account 72.418.135 35.332.672 Suppliers - related parties (Note 27) 2.101.381 1.066.934 Suppliers - Bills payable 0 19.396 Suppliers - Invoices received and being checked 5.269.094 25.864.494 79.788.610 62.283.496 Fixed asset suppliers - Current account 2.598.015 1.478.240 Total 82.386.625 63.761.736 Non Current 2.598.015 58.701 Current 79.788.610 63.703.035 31.12.2007 31.12.2006 State and Other Public Entities 6.700.951 10.201.954 Other Creditors - related parties 590.697 482.669 Other Creditors - various 11.187.112 3.028.739 Accruals: 12.050.478 15.476.188 Accruals - costs for work in progress 524.837 3.809.394 Accruals - remuneration to pay 8.542.833 8.473.617 Accruals - interest to pay 1.029.176 669.653 Accruals - insurance to pay 320.852 401.946 Accruals - royalties to pay 119.776 119.776 Accruals - other 1.513.004 2.001.802 Total 30.529.238 29.189.550 *Non Current 3.477.160 289.121 *Current 27.052.078 28.900.430 2007 Consolidated and Individual Financial Statments
The non current portion mainly relates to the discounted value of future payments to be made as part of the acquisition of Advanced Control Systems, Inc. The current amount due to Suppliers, whether for raw materials, subcontracting and other services or fi xed assets, is almost entirely due within 90 days, which refl ects the normal conditions negotiated with the company’s suppliers. Suppliers 26 31.12.2007 31.12.2006 Suppliers to pay - Current To be paid within 90 days 79.778.480 62.283.496 To be paid in over 90 days 10.130 0 Suppliers balance 79.788.610 62.283.496 31.12.2007 31.12.2006 Fixed Assets Suppliers Suppliers to pay - Current To be paid within 90 days 2.598.015 1.419.539 To be paid in over 90 days 0 0 Suppliers balance 2.598.015 1.419.539 The credit balances with State and Other Public Entities as at 31 December 2007 and 31 December 2006 were made up as follows: 15. Bank Debt 31.12.2007 31.12.2006 Income tax 0 0 Value added tax to pay 2.931.111 5.259.172 Social security contributions 2.249.188 3.219.556 Personal income tax 1.167.584 1.462.124 Others 353.068 261.102 6.700.951 10.201.954 As at 31December 2007 and 31 December 2006, borrowings and bank overdrafts, their average annual interest rates and other conditions were as follows: 31.12.2007 31.12.2006 Non Current Bank loans 22.500.000 27.000.000 Commercial paper 40.000.000 40.000.000 Reimbursable subsidies 1.840.649 1.709.626 Other borrowings 0 247.208 Current 64.340.649 68.956.834 Bank overdrafts 15.533.256 5.603.204 Bank loans 7.594.589 0 Commercial paper 20.000.000 7.000.000 Reimbursable subsidies 389.280 0 Other borrowings 3.302.301 0 46.819.426 12.603.204 Total borrowings 111.160.075 81.560.038 Bank finance At the end of 2007, the Group had a loan of 27,000,000 Euro from the European Investment Bank, contracted on 16 November 2004. Interest is payable every six months at the Euribor rate plus a maximum spread of 0.13%. The fi rst capital repayment will be made on 15 June 2008 (4,500,000 Euro is already registered in current liabilities), with the remaining payments to be made each year up to 15 June 2013.
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 20 and 21: 5.2 Goodwill The breakdown of goodw
Page 22 and 23: 8. Derivatives In relation to fi na
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
Page 66: ��

Notes to the Financial Statements - Efacec

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