Notes to the Financial Statements - Efacec

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17. Provisions for risks and charges Pensions Shareholdings 31 Other risks and charges As at 1 January 2006 Carried to profi t and loss: 1.857.698 563.171 5.035.914 7.456.783 - additional provisions 0 97.847 1.594.728 1.692.575 - reversal of provisions -1.323.695 0 -711.069 -2.034.764 Changes in the consolidation perimeter 0 0 -81.226 -81.226 Exchange rate differences 0 0 0 0 As at 31 December 2006 534.003 661.018 5.838.348 7.033.369 Carried to profi t and loss: - additional provisions 123.581 0 3.045.028 3.168.608 - reversal of provisions -59.324 0 -2.469.668 -2.528.991 Changes in the consolidation perimeter 0 -661.018 0 -661.018 Exchange rate differences 0 0 -7.871 -7.871 As at 31 December 2007 598.260 0 6.405.837 7.004.097 No environmental contingent liability exists. Other shareholdings This provision existing at the beginning of the period concerns the use of the Equity Method for the shareholding in Efacec – Mozambique and corresponds to the share of the Group in the accumulated losses of this associate. The provision ceased to be applicable as from 2007 when the Group acquired the entire share capital, at which time it was thus fully consolidated in the accounts (Note 6). Other risks and charges This line includes mainly provisions for amounts to receive from insurance companies (1,683,335 Euro), penalties, repairs and and negative variances on works in progress. The additional provisions of the period mainly relate to variances on work projects in the subsidiary Efacec Energia. These amounts relate to situations which are being constantly analysed by the management of the various companies as to EFACEC’s responsibility to customers, and where an unfavourable outcome seems likely during the accounting period. Over the last few fi nancial years, the Group has incurred costs of after sales service and maintenance. These costs have been analysed, and if they are signifi cant, have been subject to provisions being set up for future losses. In this way the future potential commitments of the Group are appropriately presented. The amount shown as a reduction in provisions corresponds to the amount reversed out of the provision account as the related costs are recognised, or when the situation for which the provisions was set up, no longer exists. Total 2007 Consolidated and Individual Financial Statments
18. Deferred Income 32 31.12.2007 31.12.2006 Investment subsidies 1.722.010 1.582.493 Deferred invoicing 91.199.315 84.176.321 Other 1.571.711 647.654 94.493.036 86.406.468 The timetable of invoicing to customers is not strictly tied to the degree of completion of the related orders. The line Deferred Income thus includes invoices issued but not yet recognized in terms of the stage of completion of the orders (Notes 1.10 and 29). 19. Minority Interests As at 31 December 2007 and 31 December 2006, the breakdown of minority interests was as follows: Min. Int.% 31.12.2007 31.12.2006 Efacec Serviços de Mnutenção e Assistência, S.A. 19,9 1.732.184 1.577.154 Efacec Investimentos e Concessões SGPS, S.A. 25,0 75.301 305.774 Efacec International Financing SGPS, S.A. 45,0 571.874 511.350 Bauen Efacec, S.A. 23,3 279.311 288.168 Efacec Energy Service, Lda. 33,3 238.409 0 Other 39.857 -56.065 2.936.936 2.626.381 E. Notes to the Profit and Loss Account by nature for the years ending 31 December 2007 and 31 December 2006 20. Third party supplies and services During the years ended 31 December 2007 and 2006, the main third party supplies and services were as follows: 31.12.2007 31.12.2006 Subcontractors 64.376.875 41.519.353 Specialised work 25.291.042 25.764.073 Travel expenses 8.698.572 6.744.786 Goods transport 8.065.182 7.672.171 Leasing and rentals 4.912.026 5.095.349 Repairs and maintenance 3.841.323 3.513.940 Insurance 2.498.360 2.591.844 Fuel 2.457.174 2.481.761 Electricity 1.964.027 1.347.184 Communications 1.769.132 1.711.461 Tools and utensils 1.435.690 1.064.958 Fees 1.223.658 1.600.416 Advertising and publicity 1.058.324 546.106 Other supplies and services 7.420.906 6.939.434 135.012.292 108.592.837 Given the business activity of the group, there are no variances that merit special comment. The major variance occurred in the line “Subcontracts”. This is a normal cost of group projects, and the level of this cost can vary according to the type of projects on hand.
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 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 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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