Notes to the Financial Statements - Efacec
Notes to the Financial Statements - Efacec
Notes to the Financial Statements - Efacec
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
27.4 Commitments and contingencies<br />
No purchase commitments or contingent liabilities exist in relation <strong>to</strong> related parties.<br />
27.5 Remuneration of <strong>the</strong> Board of Direc<strong>to</strong>rs<br />
31.12.2007 31.12.2006<br />
Remunerations 1.906.063 1.465.004<br />
Life insurance 88.060 180.000<br />
Business expenses 25.838 13.820<br />
28. Interests in joint ventures<br />
37<br />
2.019.961 1.658.824<br />
The Group has various shareholdings in joint ventures, “ACE”s (Note 31), which mainly supply services <strong>to</strong> <strong>the</strong> Maintenance,<br />
Environment and Electronic business areas. The following amounts represent <strong>the</strong> shares of <strong>the</strong> Group of <strong>the</strong> assets and liabilities,<br />
sales and profi ts/losses of <strong>the</strong> joint ventures and are included in <strong>the</strong> fi nancial statements:<br />
31.12.2007 31.12.2006<br />
Assets<br />
Non current 74.747 44.085<br />
Current 4.223.759 2.265.725<br />
4.298.506 2.309.810<br />
Liabilities<br />
Non current 120.356 94.843<br />
Current 3.664.247 1.991.019<br />
3.784.603 2.085.861<br />
Shareholders’ funds 513.903 223.949<br />
Income 7.894.728 5.184.130<br />
Costs 7.737.153 4.948.314<br />
Profi t after tax 157.575 235.816<br />
No contingent liabilities exist for <strong>the</strong> shareholdings of <strong>the</strong> Group in ACEs (joint ventures), and in <strong>the</strong>ir turn, <strong>the</strong> joint ventures do<br />
not have contingent liabilities.<br />
29. Multi-year contracts<br />
Amounts relating <strong>to</strong> multi-year contracts (un-consolidated) for <strong>the</strong> year ending 31 December 2007 were as follows:<br />
Note 31.12.2007 31.12.2006<br />
Income recognised in <strong>the</strong> period (Closed and Open Contracts) 29.1 277.156.087 253.454.907<br />
Multi-Year Contracts still open as at 31.12.2007<br />
Costs incurred <strong>to</strong> date (a) 744.245.214 674.054.161<br />
Margins recognised <strong>to</strong> date (a) 140.897.511 183.172.775<br />
Inven<strong>to</strong>ry in progress 29.2 8.096.899 5.607.659<br />
Income accruals 29.2 57.936.793 39.268.880<br />
Deferred income 29.2 51.423.942 61.196.209<br />
a) Non consolidated values, which include those for previous years for multi year contracts still open as at 31.12.2007.<br />
29.1 The reconciliation of <strong>the</strong> amount shown in <strong>the</strong> line Income recognised in <strong>the</strong> year concerning multi year contracts closed or<br />
still open with <strong>the</strong> <strong>to</strong>tal of sales and services rendered, can be shown as follows:<br />
31.12.2007 31.12.2006<br />
Income recognised concerning Multi Year Contracts 277.156.087 253.454.907<br />
Income relating <strong>to</strong> Standard Manufactured Products 46.340.012 28.433.884<br />
Income relating <strong>to</strong> Maintenance and Assistance Services 70.673.766 58.357.299<br />
O<strong>the</strong>r Income 46.153.236 30.104.605<br />
Total Consolidated Sales and Services 440.323.101 370.350.695<br />
2007 Consolidated and<br />
Individual <strong>Financial</strong> Statments