Notes to the Financial Statements - Efacec

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27.4 Commitments and contingencies No purchase commitments or contingent liabilities exist in relation to related parties. 27.5 Remuneration of the Board of Directors 31.12.2007 31.12.2006 Remunerations 1.906.063 1.465.004 Life insurance 88.060 180.000 Business expenses 25.838 13.820 28. Interests in joint ventures 37 2.019.961 1.658.824 The Group has various shareholdings in joint ventures, “ACE”s (Note 31), which mainly supply services to the Maintenance, Environment and Electronic business areas. The following amounts represent the shares of the Group of the assets and liabilities, sales and profi ts/losses of the joint ventures and are included in the fi nancial statements: 31.12.2007 31.12.2006 Assets Non current 74.747 44.085 Current 4.223.759 2.265.725 4.298.506 2.309.810 Liabilities Non current 120.356 94.843 Current 3.664.247 1.991.019 3.784.603 2.085.861 Shareholders’ funds 513.903 223.949 Income 7.894.728 5.184.130 Costs 7.737.153 4.948.314 Profi t after tax 157.575 235.816 No contingent liabilities exist for the shareholdings of the Group in ACEs (joint ventures), and in their turn, the joint ventures do not have contingent liabilities. 29. Multi-year contracts Amounts relating to multi-year contracts (un-consolidated) for the year ending 31 December 2007 were as follows: Note 31.12.2007 31.12.2006 Income recognised in the period (Closed and Open Contracts) 29.1 277.156.087 253.454.907 Multi-Year Contracts still open as at 31.12.2007 Costs incurred to date (a) 744.245.214 674.054.161 Margins recognised to date (a) 140.897.511 183.172.775 Inventory in progress 29.2 8.096.899 5.607.659 Income accruals 29.2 57.936.793 39.268.880 Deferred income 29.2 51.423.942 61.196.209 a) Non consolidated values, which include those for previous years for multi year contracts still open as at 31.12.2007. 29.1 The reconciliation of the amount shown in the line Income recognised in the year concerning multi year contracts closed or still open with the total of sales and services rendered, can be shown as follows: 31.12.2007 31.12.2006 Income recognised concerning Multi Year Contracts 277.156.087 253.454.907 Income relating to Standard Manufactured Products 46.340.012 28.433.884 Income relating to Maintenance and Assistance Services 70.673.766 58.357.299 Other Income 46.153.236 30.104.605 Total Consolidated Sales and Services 440.323.101 370.350.695 2007 Consolidated and Individual Financial Statments
29.2 Multi year contracts for stocks relate to costs incurred, for that inventory which has not yet been used in a construction work or installation, and thus the difference compared to the amounts actually invoiced has not yet been booked.The accrued income represents situations in which the stage of invoicing is less than the stage of completion of the project involved, with sales income being booked for the difference. This situation involves a booking of a debit to the customer and a credit to the project involved (note 9 – Accrued Income). When the opposite situation occurs, when the level of invoicing is greater than that of completion, there is deferred income, which represent a credit to the customer’s account for the project being worked on (Note 18 – Deferred Invoicing), the value of which will only be recognised in future years. 30. Subsequent events In February 2008, Efacec took the fi rst steps to invest in a power transformer plant in Effi ngham, in the State of Georgia (USA) by setting up a company to that end with an authorised share capital of up to 25,000,000 US dollars, wholly controlled by the Group. G. List of companies consolidated 31. Consolidation perimeter 31.1 Companies included in consolidation Companies included in the consolidation, their registered offi ces, the shareholding held by EFACEC Capital SGPS, directly or indirectly, and the method of consolidation are as follows: Portuguese companies Company Name Head Office % Control Consol. Method Efacec Capital, SGPS, S.A. Matosinhos H INT Efacec Investimentos e Concessões, SGPS, S.A. (a) Oeiras 75,0 INT Efacec International Financing, SGPS, S.A. (b) Matosinhos 55,0 INT TECH M5 Capital, SGPS, S.A. (c) Maia 100,0 INT Efacec Energia, Máquinas e Equipamentos Eléctricos, S.A. Matosinhos 100,0 INT Efacec DT, Transformadores de Distribuição de Energia, S.A. Matosinhos 100,0 INT Efacec AMT, Aparelhagem de Média Tensão, S.A. Matosinhos 100,0 INT Efacec Engenharia, S.A. Oeiras 100,0 INT Efacec Ambiente, S.A. Matosinhos 100,0 INT Efacec Serviços de Manutenção e Assistência, S.A. Matosinhos 80,1 INT ATM – Assistência Total em Manutenção, S.A. Barreiro 100,0 INT BCI – BRISA Conservação de Infra-estruturas, S.A. Oeiras 100,0 INT Efacec Sistemas de Electrónica, S.A. Maia 100,0 INT Efacec Automação e Robótica, S.A. Maia 100,0 INT TECH M5 Tecnologia para Operadores de Redes, S.A. (c) Maia 100,0 INT Efacec Marketing Internacional, S.A. (c) Maia 100,0 INT MAP Consultoria e Gestão, Lda. (c) Maia 100,0 INT GEMP – Empreendimentos Imobiliários, S.A. Matosinhos 100,0 INT Empovar, S.A. Matosinhos 100,0 INT SVEP – Segurança e Vigilância Electrónica de Pessoas, Lda. Oeiras 92,0 INT S2M – Sociedade de Manutenção de Metropolitanos (Instal. Fixas), S.A. Matosinhos 40,0 MEP O&M Serviços – Operação e Manutenção Industrial, S.A. Mortágua 40,0 MEP EID – Empresa de Investigação e Desenvolvimento de Electrónica, S.A. Lisboa 25,0 MEP Águas da Figueira, S.A. (d) Figueira da Foz 20,0 MEP SMA - Serv. Manut. Centrais Termoeléctricas, ACE Oeiras 100,0 PRO SPORTSER - Serv. Manut. Electromecânica, ACE Oeiras 90,0 PRO OMAP - Operação e Manut. do Sector de Adubos, ACE Oeiras 90,0 PRO SMIQ - Serv. Manut. da Indústria Química, ACE Oeiras 60,0 PRO ASIQUIM - Assist. e Serviços p/ Indústria Química, ACE Estarreja 50,0 PRO Etarlima - Tratamento de Efl uentes, ACE Viana do Castelo 50,0 PRO Ecobarcelos - Tratamento de Efl uentes, ACE Barcelos 49,0 PRO Siemens, Setal, Dégremont e Efacec - Serv. Manut., ACE Amadora 33,0 PRO Siemens e Efacec, ACE Amadora 5,0 PRO MCT - Manut. em Centrais Térmicas ACE Oeiras 90,0 PRO ASMI - Alverca Serv. Manut. Inst. Electromecânicas, ACE Oeiras 60,0 PRO 38
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 32 and 33: 21. Net financial charges 22. Incom
Page 34 and 35: 27.1 Transactions that took place i
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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