Notes to the consolidated financial statements - Efacec

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) Cash fl ow hedging The effective part of the change in fair value of derivatives that are arranged and qualifi ed for cash fl ow hedging is recognised in shareholders’ funds. The gain or loss related to the ineffective part is immediately recognised in the profi t and loss account. As pertains cover strategies that use options, in accordance with IAS 39 and complying with the effi ciency test, the strategy value is split into the intrinsic value and the time value. The cumulative amounts in shareholders’ funds are reclassifi ed to profi t and loss in the same period in which the item covered generates gains and losses (for instance, when the covered sales forecast occurs). However, when the covered forecast transaction results in the recognition of a non-fi nancial asset (for example, stocks) or non-fi nancial liability, the previously deferred gains and losses in shareholders’ funds are transferred and included in the initial measurement of that asset or liability. When a hedge instrument expires or is sold, or when a hedging does not comply with the accounting and qualifi cation criteria, any cumulative gain or loss existing at that moment in shareholders’ funds, remains in shareholders’ funds and is recognised when the forecast transaction is fi nally refl ected in the profi t and loss account. When the expected occurrence of a forecast transaction is no longer highly probable, the cumulative gains or losses refl ected in shareholders’ funds are immediately transferred to profi t and loss. c) Non-qualifi ed derivatives for hedging purposes Certain derivatives do not comply with hedging accounting and qualifi cation criteria. Changes in fair value of these derivatives are immediately recognised in the profi t and loss account. 2.3 Estimates of fair value The fair value of fi nancial instruments available on the current market (for instance publicly negotiated derivatives, negotiable instruments available for sale) is determined on the basis of quoted market prices at balance sheet date. The quoted market price used for fi nancial assets of the Group is the price received by shareholders on the current market; the quoted market price for fi nancial liabilities is the price paid on the current market. The fair value of fi nancial instruments not traded on the current market (for instance unquoted derivatives) is determined using enhancement techniques. The Group uses a variety of methods and reaches its conclusions based on market conditions at each balance sheet date. Quoted market prices or negotiation quotas for similar instruments are used for long-term debts. Other techniques, such as estimates of discounted cash fl ows, are used to determine the fair value of other fi nancial instruments. The fair value of interest rate swaps is calculated based on the present value of estimated future cash fl ows. The fair value of interest rate futures contracts is determined using market exchange rates at the balance sheet date. The nominal value less estimated credit adjustments of receivable and payable accounts is assumed to be close to their fair value. The fair value of fi nancial liabilities is estimated by updating future contractual cash fl ows at the current market interest rate available for similar fi nancial instruments. 17 2008 Consolidated and Individual Financial Statments
C. Segment Information 3. Reporting by activity segment Information by segments is presented for the geographical segments and businesses of the Group. The income, assets and liabilities of each segment correspond to those that are directly attributable to them as well as those that can be attributed on a reasonable basis. Business segment A business segment is a separately identifi able part of the Group, committed to supplying a specifi c product or service, and that is subject to different risks and opportunities than those of other business segments. As at 31 December 2008, the Group was organized on a worldwide basis into the following business segments: - SEN – Energy Solutions; - EES – Engineering, Environment and Services; - STL – Transport and Logistics; The information also includes a heading entitled “Various”, which groups together assets relating to corporate centres and investments in non-core Group business activities. Geographical segment A geographical segment is an individual area of the Group committed to providing products or services within a specifi c economic zone, and that is subject to different risks and opportunities than those of other economic zones. In addition to Portugal, the relevant geographic segments are those in countries or regions which the company has chosen as Efacec markets: - Spain - Latin America - Central Europe - United States - Maghreb - India - Southern Africa 3.1 Information by business segment 3.1.1 Turnover The split of turnover amongst the main activity areas on 31 December 2008 and 2007 was as follows: 31.12.2008 Energy Engineering, Environment and Services 18 Transport and Logistics Various Total Gross sales by segment 256,961,526 271,727,908 109,635,637 1,301,926 639,626,997 Sales between segments 8,346,645 7,965,033 17,098,815 0 33,410,492 Consolidated sales 248,614,881 263,762,875 92,536,822 1,301,926 606,216,504 31 December 2007 Gross sales by segment 192,111,063 191,893,051 84,511,060 876,431 469,391,605 Sales between segments 7,732,517 6,313,672 15,022,315 0 29,068,504 Consolidated sales 184,378,546 185,579,380 69,488,745 876,431 440,323,101 3.1.2 Profit/Loss Profi t and Losses by business segment for the years ended 31 December 2008 and 31 December 2007 were as follows:
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Page 5 and 6: Non-current assets EFACEC Capital,
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Page 11 and 12: In view of the fact that applying t
Page 13 and 14: 1.5 Tangible Fixed Assets Land and
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19. Income Tax The reconciliation o
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2008 2007 Current transactions Grou
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To the Shareholders, Report and Opi
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Notes to the consolidated financial statements - Efacec

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