Notes to the Financial Statements - Efacec

Deferred tax booked in shareholders’ funds during the period concerns hedging operations for fi nancing (note 5).
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Revaluation Total
Deferred tax liabilities
As at 1 January 2006 3.649.971 3.649.971
Charge (credit) in the profi t and loss account -56.194 -56.194
Carried to equity -132.756 -132.756
As at 31 December 2006 3.461.021 3.461.021
Charge (credit) in the profi t and loss account -39.106 -39.106
Carried to equity 91.576 91.576
Exchange rate differences 0
As at 31 December 2007 3.513.491 3.513.491
The deferred tax liabilities booked in Shareholders’ Equity relate to the update of the tax base for land (year 2006) and its revaluation
to fair value (year 2005).
All deferred tax assets booked are based on a corporation tax rate of 26.5%.
13. Provisions for risks and charges
Pensions Shareholdings Total
As at 1 January 2007
Carried to profi t and loss:
103.515 1.534.297 1.637.812
Additional provisions 24.025 0 24.025
Reversal of provisions 0 0 0
As at 31 December 2007 127.540 1.534.297 1.661.837
As at 1 January 2006
Carried to profi t and loss:
117.219 1.534.297 1.651.516
Additional provisions 0 0 0
Reversal of provisions -13.704 0 -13.704
As at 31 December 2006 103.515 1.534.297 1.637.812
No provision exists for the costs of reversing possible environmental damage No environmental contingent liability exists.
Financial shareholdings
This provision relates to fi nancial shareholdings that have impairment losses (Efacec Angola and Efacec Moçambique), the investment
value of which is wholly provisioned.
D. Notes to the Profit and Loss Account for the year ending 31 December 2007 and 2006
14. Net financial costs
2007 2006
Interest on bank loans -3.587.829 -3.196.621
Other Costs/Financial Income -9.106 -2.092
Interest on loans granted 1.660.236 382.050
Gains in fair value on fi nancial instruments
-1.936.699 -2.816.664
Cash fl ow hedging, transfer to equity 0 0
-1.936.699 -2.816.664
2007 Consolidated and
Individual Financial Statments