Notes to the Financial Statements - Efacec

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Foreign companies Company Name Head Office % Control Consol. Method Efacec Praha, s.r.o. Praga / Rep. Checa 100,0 INT Efacec Sistemas España, SL Madrid / Espanha 100,0 INT Efacec Angola, Lda. Luanda / Angola 100,0 INT Efacec Moçambique, Lda. (e) Maputo / Moçam- 100,0 INT Efacec Algérie, EURL Argel / Argélia 100,0 INT BAUEN Efacec, S.A. Córdoba / Argentina 76,7 INT Efacec do Brasil, Lda. S.Paulo / Brasil 100,0 INT Efacec Energy Service, Ltda. Recife / Brasil 66,7 INT Efacec Sistemas Venezuela, CA Caracas / Venezuela 65,0 INT Efacec Florida, Inc. Miami / EUA 100,0 INT Advanced Control Systems, Inc. Atlanta / EUA 99,6 INT Efacec Asia-Pacifi c, Ltd. Macau 100,0 INT Efacec Singapore Pte Ltd Singapura 100,0 INT Efacec Malaysia Sdn.Bhd. (f) Kuching / Malásia 61,0 INT SESCO Efacec Sdn.Bhd. (g) Kuching / Malásia 35,2 MEP GODREJ Efacec Automation and Robotics, Ltd. Mumbai / Índia 50,0 MEP LEEEC - Liaoyang Efacec Electrical Equipment Co. Ltd. Liaoyang / China 36,3 MEP Efacec Ikusi UTE Tenerife / Espanha 50,0 PRO Legend: INT – Integral Method of consolidation; MEP – Equity Method of consolidation; PRO – Proportional Method of consolidation; (a) This company was set up as a holding company but can also provide administrative and management services as defi ned by law, in particular for concessionary rights. The remaining 25% of this company is owned by Caixa Investimentos – Sociedade de Investimentos, S.A. (b) This company was set up in 1999 in a partnership between Efacec and IPE, whose goal was to manage certain shareholdings in the Far East. As at 31 December 2007, it held 60% of EFACEC Malaysia SDN. BHD which in turn owned 23% of Sesco EFACEC, a company also based in Malaysia. With the disappearance of IPE, the shareholding of this entity is currently split between AICEP Capital with 40% and the Portuguese General Treasury Department with 5%. (c) The share capital of EFACEC Marketing Internacional (previously known as Tec M5 GT) was acquired in July 2003 from its founder owners for 260.500. 49.7% of the share capital of Tech M5 Capital was acquired from PME Capital – Sociedade de Capital de Risco, SA and FRIE PME CAPITAL GLOBAL for 750,000 in exchange for shares in Efacec – Sistemas de Electrónica, SA (3.11%) and ENT – Empresa Nacional de Telecomunicações, SA (0.97%). In 2006, the remaining share capital of PME Capital and FRIE PME not already in the group’s hands was acquired, so that 100% of the share capital of these companies is now owned by the group. (d) This company’s purpose is to use concessionary rights to store, treat and distribute water for public consumption, as well as collection and disposal of effl uents in the Figueira da Foz municipality. (e) In January 2007, the Group acquired 51% of Efacec Moçambique, Lda, thus becoming the owner of the entire share capital of this company. Shareholdings with a nominal value of MZN 1,593,750 were acquired from various shareholders for the overall sum of 9,117 Euro. (f) This company is held by the group through EFACEC International Financing, S.G.P.S., S.A., which holds 60% and by EFACEC Capital, S.G.P.S., S.A., which holds 1%. Since EFACEC Capital, S.G.P.S., S.A. owns 55% of EFACEC International Financing, S.G.P.S., S.A., control is therefore exercised over EFACEC Malaysia; (g) 12.2% of this company is held directly by EFACEC Energia. The remaining shareholding is held indirectly through the direct shareholding in EFACEC International Financing SGPS, which has control of EFACEC Malaysia, which in its turn holds 23% of Sesco EFACEC. 31.2 Companies excluded from consolidation Company name Head Office % Control Reason for Exclusion Vestiparque, Lda. Oeiras 67,0 (A) BAUEN Efacec Chile, S.A. Santiago / Chile 96,9 (B) (A) This company was set up on 30 August 2007 in partnership with Mota – Engil as part of the winning consortium for the construction and operation of wind farms. Since it was in the start up phase at the end of the year, it had not yet done any business. It is booked in Investments at acquisition cost. 39 2007 Consolidated and Individual Financial Statments
(B) Excluded on the grounds of immateriality. 31.3 Changes to the consolidation perimeter With the acquisition of the entire share capital of Efacec Moçambique, Lda, this company ceased to be consolidated using the equity method and was consolidated using the integral method. During 2007, Efacec acquired majority shareholdings in two companies: in June, it bought 66.7% of the shares in Energy Service, Ltda, whose registered offi ce is in S.Paulo, Brazil, which carries out maintenance on energy equipment (transformers, motors, generators and alternators); at the beginning of the 4th quarter of the year, it acquired 99.56% of Advanced Control Systems, a company in the automation and systems engineering sector based in Atlanta, in the State of Georgia (USA). Both these companies were included in the consolidation perimeter using the integral method. Also in 2007, the Complementary Group of Companies (ACE) called “ASIP – Assistência e Serviços para Indústria de Pasta de Papel, ACE” was removed from the consolidation perimeter, since the contract which led to its set up, was terminated. These changes did not have any signifi cant impact on the accounts, which might affect their comparability with the previous year. Leça do Balio, 1 April 2008 Responsible for Consolidation José Carlos Oliveira The Board of Directors Francisco de La Fuente Sánchez - Chairman of the Board of Directors Luís Filipe da Conceição Pereira - Vice - Chairman Guilherme Ricca Gonçalves - Vice - Chairman Maria do Rosário Mayoral Robles Machado Simões Ventura - Board Director Alberto de Freitas Martins - Board Director Alberto Joaquim Milheiro Barbosa - Board Director Artur Fuchs - Board Director Daniel Bessa Fernandes Coelho - Board Director António do Prado Nogueira Leite - Board Director João Afonso Ramalho Sopas Pereira Bento - Board Director Luís Miguel Nogueira Freire Cortes Martins - Board Director 40
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 36 and 37: 27.4 Commitments and contingencies
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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