Notes to the Financial Statements - Efacec

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4. Investments in group and associated companies This line includes the value of the shareholdings involved and loans granted. The movements during the year were as follows: 31.12.2007 31.12.2006 Opening balance 129.965.394 110.751.666 Acquisition of investments 1.269.165 2.336.410 Merger 0 16.521.298 Disposal of investment 0 -1.170.196 Change in borrowings -7.280.555 712.676 Repayment of supplementary capital -500.000 0 Reversal of impairment 0 813.540 Other 992.801 0 Closing balance 124.446.805 129.965.394 The acquisition of fi nancial investments relate to the increase in the share capital of Efacec Angola made by conversion of debts outstanding. The line “Others” includes the last deferred payment for purchase of the shares of the subsidiary company Tech M5, in accordance with the share purchase and sale contract. The shareholdings of the company in the main group and associate companies, none of which are quoted on stock exchanges, were as follows: 31.12.2007 31.12.2006 Value % Holding Equity Value % Holding Equity Group companies Efacec RO, S.A. 6.572.918 100,0% 4.336.310 6.572.918 100,0% 4.363.720 Efacec SMA, S.A. 2.849.772 38,0% 7.498.994 2.849.772 38,0% 7.160.384 Efacec Sistemas de Electrónica, S.A. 8.203.618 100,0% 20.970.724 8.203.618 100,0% 31.684.743 Efacec Angola, Lda. 1.269.165 80,0% 539.540 0 80,0% -785.952 Efacec Energia, Máq. Quip. Elect. S.A 34.882.194 100,0% 41.652.659 34.882.194 100,0% 38.025.586 Efacec Engenharia, S.A. 7.481.968 100,0% 11.817.985 7.481.968 100,0% 13.117.299 Efacec Sist. Venezuela, C.A. 88.721 65,0% 2.583 88.721 65,0% 4.047 Efacec International Financing, SGPS 419.738 55,0% 736.335 419.738 55,0% 738.741 Efacec Investimentos & Cons. 1.350.000 75,0% 849.152 1.350.000 75,0% 833.493 Efacec Malasya SDN. BHD. (a) 12.097 1,0% 658.736 12.097 1,0% 688.893 Gemp - Emprendim. Imobiliário 142.157 100,0% 810.859 142.157 100,0% 821.833 Efacec Brasil 521.813 3,9% 3.089.311 521.813 3,9% 2.808.491 Bauen, S.A. 679.796 76,6% 1.197.045 679.796 76,6% 1.235.184 Empovar, S.A. 15.844.886 100,0% 4.695.752 15.844.886 100,0% 7.402.402 Tech M5 Capital, SGPS 250.000 49,7% 1.438.875 250.000 49,7% 2.093.916 Efacec Marketing Internacional 3.307.628 100,0% 1.827.662 2.314.827 100,0% -1.984 Efacec Ambiente 1.246.996 100,0% 7.830.747 1.246.995 100,0% 9.838.067 Efacec Praga 263.223 100,0% 979.817 263.223 100,0% 763.358 Efacec Moçambique (c) 0 49,0% -1.697.601 - - - Associate companies 85.386.690 83.124.723 EFACEC Moçambique 0 49,0% -1.349.017 O&M Serviços (Sefl or) 10.000 2,0% 899.199 10.000 2,0% 972.197 Liaoyang EFACEC Elect. Equip. Corp. (b) 812.428 36,3% 2.153.624 812.428 36,3% 2.239.928 E.I.D. - Emp. Invest. Desenvolv. 2.319.737 25,0% 9.825.135 2.319.737 25,0% 8.980.298 3.142.165 3.142.165 Total Inv. in Group and Assoc. companies 88.528.855 86.266.888 a) The last accounts available were as at December 2003 b) The last accounts available were as at November 2006 c) Additional shareholding of 51% acquired in 2007, with the Efacec Group holding the entire share capital at the end of the year. The value shown is that of the cost of acquisition of the holdings, except in those cases where an impairment loss had been recorded. 53 2007 Consolidated and Individual Financial Statments
The acquisition cost of shareholdings in companies in which impairment losses were recognised was as follows: 54 Acquisition Cost Impairment Loss Net Value Liaoyang EFACEC Elect. Equip. Corp. 2.459.554 -1.647.126 812.428 EFACEC Moçambique 118.177 -118.177 0 EFACEC Angola, Lda. 1.370.544 -101.379 1.269.165 2.679.110 -1.866.862 2.081.593 This line also includes loans and supplementary capital to the following subsidiaries and associated companies: 5. Derivatives 2007 2006 Supplementary Capital Efacec Ambiente 4.000.000 4.000.000 Efacec Energia, Máq. Equip. Elect. S.A. 14.000.000 14.000.000 Efacec Engenharia, S.A. 1.000.000 1.000.000 Gemp - Emprendim. Imobiliário 600.000 600.000 Tech M5 Capital, SGPS 0 500.000 Efacec RO, S.A. 600.000 600.000 Efacec Sistemas de Electrónica, S.A. 3.900.000 3.900.000 Financing Loans 24.100.000 24.600.000 Efacec Motores Electricos, S.A. 1.997.596 2.897.596 Efacec Sistemas de Informação 0 1.070.000 Efacec Marketing Internacional 0 860.706 Efacec SMA, S.A. 8.038.315 10.391.300 Efacec Angola 350.171 350.171 Efacec Ro, S.A. 0 2.096.865 Efacec Investim. e Concessões 1.319.420 1.319.420 Efacec Moçambique 112.448 112.448 11.817.950 19.098.506 Total Loans 35.917.950 43.698.506 In relation to fi nancial risk management described in Note 2, the status of fi nancial instruments as at 31 December 2007 and 31 December 2006 was as follows: Interest rate risk As at 31 December 2007, EFACEC had interest rate options totalling 57 million dollars for BEI loans and Commercial paper (Note 11) , whose market valuation was higher by 345,574 Euro. 2007 2006 Assets Liabilities Assets Liabilities Financing options - cash fl ow hedging 345.574 0 0 47.245 Total 345.574 0 0 47.245 Non current 345.574 0 0 47.245 Current 0 0 0 0 The hedging option contracts were booked in Shareholders’ Funds as described in Note 2.2. The movement in the line Financial Instruments Reserves was the result of the change in fair value between the various reporting periods, less the related deferred tax assets/liabilities (note 12).
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 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 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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