Notes to the Financial Statements - Efacec
Notes to the Financial Statements - Efacec
Notes to the Financial Statements - Efacec
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The acquisition cost of shareholdings in companies in which impairment losses were recognised was as follows:<br />
54<br />
Acquisition Cost Impairment Loss Net Value<br />
Liaoyang EFACEC Elect. Equip. Corp. 2.459.554 -1.647.126 812.428<br />
EFACEC Moçambique 118.177 -118.177 0<br />
EFACEC Angola, Lda. 1.370.544 -101.379 1.269.165<br />
2.679.110 -1.866.862 2.081.593<br />
This line also includes loans and supplementary capital <strong>to</strong> <strong>the</strong> following subsidiaries and associated companies:<br />
5. Derivatives<br />
2007 2006<br />
Supplementary Capital<br />
<strong>Efacec</strong> Ambiente 4.000.000 4.000.000<br />
<strong>Efacec</strong> Energia, Máq. Equip. Elect. S.A. 14.000.000 14.000.000<br />
<strong>Efacec</strong> Engenharia, S.A. 1.000.000 1.000.000<br />
Gemp - Emprendim. Imobiliário 600.000 600.000<br />
Tech M5 Capital, SGPS 0 500.000<br />
<strong>Efacec</strong> RO, S.A. 600.000 600.000<br />
<strong>Efacec</strong> Sistemas de Electrónica, S.A. 3.900.000 3.900.000<br />
Financing Loans<br />
24.100.000 24.600.000<br />
<strong>Efacec</strong> Mo<strong>to</strong>res Electricos, S.A. 1.997.596 2.897.596<br />
<strong>Efacec</strong> Sistemas de Informação 0 1.070.000<br />
<strong>Efacec</strong> Marketing Internacional 0 860.706<br />
<strong>Efacec</strong> SMA, S.A. 8.038.315 10.391.300<br />
<strong>Efacec</strong> Angola 350.171 350.171<br />
<strong>Efacec</strong> Ro, S.A. 0 2.096.865<br />
<strong>Efacec</strong> Investim. e Concessões 1.319.420 1.319.420<br />
<strong>Efacec</strong> Moçambique 112.448 112.448<br />
11.817.950 19.098.506<br />
Total Loans 35.917.950 43.698.506<br />
In relation <strong>to</strong> fi nancial risk management described in Note 2, <strong>the</strong> status of fi nancial instruments as at 31 December 2007 and 31<br />
December 2006 was as follows:<br />
Interest rate risk<br />
As at 31 December 2007, EFACEC had interest rate options <strong>to</strong>talling 57 million dollars for BEI loans and Commercial paper (Note<br />
11) , whose market valuation was higher by 345,574 Euro.<br />
2007 2006<br />
Assets Liabilities Assets Liabilities<br />
Financing options - cash fl ow hedging 345.574 0 0 47.245<br />
Total 345.574 0 0 47.245<br />
Non current 345.574 0 0 47.245<br />
Current 0 0 0 0<br />
The hedging option contracts were booked in Shareholders’ Funds as described in Note 2.2. The movement in <strong>the</strong> line <strong>Financial</strong><br />
Instruments Reserves was <strong>the</strong> result of <strong>the</strong> change in fair value between <strong>the</strong> various reporting periods, less <strong>the</strong> related deferred<br />
tax assets/liabilities (note 12).
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