Notes to the Financial Statements - Efacec

Denomination of Loans
The accounting value of Group loans is denominated in the following currencies:
31.12.2007 31.12.2006
Euro 105.532.281 81.053.463
US Dollar 3.906.325 506.575
New Metical 1.398.791 -
Argentinian Peso 322.679 -
29
111.160.075 81.560.038
Debt contracted by Group companies based in Portugal is wholly denominated in Euros. The other fi gures relate to fi nancing
contracted locally by international companies.
Unused Credit Lines
The Group also has the following credit lines that have not yet been used:
31.12.2007 31.12.2006
At variable rates
Due within one year 48.686.981 37.789.000
48.686.981 37.789.000
Those credit lines falling due within one year are automatically renewed for the consolidation of the fi nancial liabilities of the
Group.
The amount as at 31 December 2007, includes a Commercial Paper Programme to a total value of
12,500,000 Euro, contracted at the end of the year and not yet used.
16. Deferred taxes
The value of deferred tax assets and liabilities were as follows:
31.12.2007 31.12.2006
Deferred tax assets:
Deferred tax assets recoverable after 12 months 4.243.415 5.159.264
Deferred tax assets recoverable within 12 months 0 0
Deferred tax liabilities:
4.243.415 5.159.264
Defered tax liabilities recoverable after 12 months 6.342.351 6.968.478
Defered tax liabilities recoverable within 12 months 0 0
6.342.351 6.968.478
-2.098.936 -1.809.214
2007 Consolidated and
Individual Financial Statments