Notes to the Financial Statements - Efacec

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21. Net financial charges 22. Income Tax 31.12.2007 31.12.2006 Interest payable: Bank loans (Note 15) 4.291.270 2.856.517 33 4.291.270 2.856.517 Net foreign exchange gains /(losses) Gains/losses in fair value on derivatives: Transfer from Shareholders’ funds (Note 8): -57.834 686.581 Foreign exchange options: cash fl ow hedging 344.278 -632.887 Other 287.869 72.511 4.865.583 2.982.722 31.12.2007 31.12.2006 Current tax 3.540.141 2.863.876 Deferred tax (Note 16) 499.589 1.331.146 Tax estimate 4.039.730 4.195.022 Tax from previous years -102.658 -126.984 The reconciliation of consolidated corporation tax is as follows: 23. Profit per share 3.937.072 4.068.038 Profi ts before Tax 21.685.135 Tax Rate 26,50% Tax at rate of 26.5% 5.746.561 Tax Rate Difference Foreign Affi liates -32.127 Permanent Differences: Costs not accepted fi scally 462.051 Income not subject to tax 141.842 Consolidation adjustments -287.816 R&D Fiscal Credit Deducted Not Deferred in 2007 -1.924.250 Other -66.530 Income tax for the period 4.039.730 Effective tax rate 18,63% Basic The basic profi t per share is calculated by dividing shareholders’ profi t by the average weighted number of ordinary shares issued during the year, excluding possible own shares acquired by the company (Note 13). 31.12.2007 31.12.2006 Profi t attributable to shareholders 17.401.185 17.075.631 Average weighted number of ordinary shares issued 41.641.416 41.641.416 Basic profi t per share (euro per share) 0,42 0,41 Diluted The diluted profi t per share is calculated adjusting the average weighted number of shares in circulation by including the impact of the conversion of all potentially diluting ordinary shares. In view of the fact that neither options nor any convertible obligation exists on shares, the diluted profi t per share is equal to the basic profi t per share. 2007 Consolidated and Individual Financial Statments
24. Dividend per share The dividends paid by Efacec Capital, SGPS in 2007 were 19,753,096 Euro (0.474 Euro per share). Of this fi gure, 7,537,096 Euro relate to retained earnings of 2006 and 12,216,000 Euro are anticipated dividends for the year ending 31 December 2007. During the previous year, 22.745,607 Euro were paid (0.546 Euro per share). Dividends for minority interest were 163,674 Euro (79,304 Euro in 2006) and relate entirely to the subsidiary company EFACEC – Serviços de Manutenção e Assistência, S.A. F. Other notes 25. Contingencies The Group has contingent liabilities for bank guarantees and other contingencies related to its business. No signifi cant liabilities are thought to exist due to contingent liabilities. 31.12.2007 31.12.2006 Bills and other discounted securities 289.697 24.696 Guarantees and performance bonds 217.140.025 163.684.507 217.429.722 163.709.202 26. Commitments 26.1 Commitments for investments No materially relevant commitments made by the Group exist to acquire tangible or intangible fi xed assets. 26.2 Commitments for operational leases, where the Group is lessee The Group leases a number of vehicles through irrevocable leasing contracts. The contracts have various lease periods, readjustment clauses and renewal rights. At the date of the balance sheet, the Group continued to have Long Term Rental contracts (“Renting”) considered as operational leases, for which future rental payments due totalled 3,903,052 Euro, with the following maturity dates: 31.12.2007 31.12.2006 Within 1 year 1.580.054 1.405.185 Between 1 and 5 years 2.322.998 1.642.575 Over 5 years 0 0 27. Related party transactions/balances 34 3.903.052 3.047.760 The scope of this note concerns the disclosure of transactions that took place during the period under consideration, and debit and credit balances between the Efacec Group and entities which can be considered as related parties, taking into consideration the decision making infl uence involved. Related parties are understood as Associated companies, Shareholders and Board Directors. Transactions and balances between Group companies are not disclosed, which were eliminated on consolidation. Those entities which have a qualifi ed shareholding in excess of 20% in the group are: - Efacec Sistemas de Gestão, S.A 49,2% - Grupo José de Mello 25,4% - Grupo Têxtil Manuel Gonçalves 25,4%
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 30 and 31: 17. Provisions for risks and charge
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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