Notes to the Financial Statements - Efacec

Deferred Tax Assets
Deferred tax assets were split as follows:
Impairment
Losses
Investments
Impairment
Losses
Works
Impairment
Losses
Receivables/
Other Debtors
30
Tax
Losses
Options
Adjust.
IFRS
Other Total
As at 1 January 2006 676.377 389.220 3.491.641 143.002 427.918 103.884 2.497.244 7.729.286
Carried to profi t and loss -112.352 130.714 -1.195.061 -100.395 -30.456 -53.299 -490.543 -1.851.392
Disposal of subsidiary 0 0 0 0 0 -2.461 -22.337 -24.798
Exchange rate differences 0 0 0 0 0 0 0 0
Carried to shareholders’ funds 0 0 0 0 -343.499 - -2.458 -345.957
Other movements 0 0 0 0 0 - -347.875 -347.875
As at 31 December 2006 564.025 519.934 2.296.580 42.607 53.963 48.124 1.634.031 5.159.264
Carried to profi t and loss -295 -90.852 189.111 -40.608 144.534 5.728 -1.067.994 -860.376
Entries to consolidation perimeter 0 0 0 0 0 125.086 0 125.086
Exchange rate differences 0 0 0 0 0 -13.179 0 -13.179
Carried to shareholders’ funds 0 0 0 0 -167.379 0 0 -167.379
Exits from the consol. perimeter 0 0 0 0 0 0 0 0
Other movements -41.411 -130.175 171.389 0 0 -13.452 13.649 0
As at 31 December 2007 522.319 298.907 2.657.080 1.999 31.118 152.307 579.686 4.243.416
The deferred tax assets for impairment losses will be carried to profi t and loss proportionately to the use of the related
provisions.
The deferred tax assets concerning impairment losses for investments are for shareholdings in Liaoyang EFACEC Electric Equipment
Co Ltd (Note 6) and in Portugal Space (Note 7).
The deferred tax asset for tax losses refers to the rest of the Tech M5 Group acquired in 2003. Deferred tax assets on tax losses
are recognised depending on the probability of taking advantage of the related tax benefi t through future taxable profi ts.
The line Others also includes deferred tax assets for a tax credit on research and development expenses to carry forward for future
periods totalling 361,602 Euro.
Deferred Tax Liabilities
The line Deferred Tax Liabilities is made up as follows:
Revaluation (Note 1.5) Options (Note 8) Other Total
As at 1 January 2006 6.040.663 467.414 349.313 6.857.390
Carried to profi t and loss -278.589 19.646 -261.304 -520.247
Carried to Shareholders’ Funds -203.600 91.926 0 -111.673
Acquisition of subsidiary 0 0 743.008 743.008
As at 31 December 2006 5.558.475 578.987 831.016 6.968.478
Carried to profi t and loss -204.693 59.673 -215.767 -360.786
Entries to consolidation perimeter 0 0 0 0
Exchange rate differences 0 0 0 0
Carried to shareholders’ funds 0 -265.340 0 -265.340
Exits from the consolidation perimeter 0 0 0 0
Other movements 0 0 0 0
As at 31 December 2007 5.353.781 373.320 615.249 6.342.351
The amount for revaluation of tangible assets refers to a free revaluation done in 2005, and is carried to profi t and loss through
annual depreciation; the amount booked to shareholders’ funds refers to the line “Land” and is based on an update of the value
using indices published by the tax authorities.
The line Others relates mainly to deferred tax assets concerning ATM and BCI maintenance contracts totalling 610,613 Euro.