Notes to the consolidated financial statements - Efacec

D. Notes to the Balance Sheets as at 31 December 2008 and 31 December 2007
4. Tangible fixed assets
4.1 Movements that took place in the period
Financial Year 2008
Land and buildings
Vehicles and equipment
20
Office equipment Other Total
Opening balance 40,309,919 15,326,608 1,662,787 12,753,227 70,052,540
Exchange rate differences -20,209 -161,088 -14,199 860,079 664,583
Entries to consolidation perimeter 0 262 5,868 0 6,130
Exits from the consolidation perimeter 0 0 0 0 0
Revaluation 463,392 -163,017 -735 -175 299,464
Increases 3,727,908 23,311,703 1,109,082 17,440,460 45,589,154
Decreases 0 -169,507 -112 -89,685 -259,304
Depreciation charges -2,297,711 -4,338,805 -807,786 -212,781 -7,657,083
Adjustments 3,859,321 6,466,085 280,883 -10,831,395 -225,106
Closing balance 46,042,621 40,272,241 2,235,787 19,919,729 108,470,378
Cost or fair value 108,650,571 109,747,491 24,702,109 26,484,033 269,584,205
Cumulative depreciation -62,607,950 -69,475,250 -22,466,323 -6,564,304 -161,113,827
Net value 46,042,621 40,272,241 2,235,787 19,919,729 108,470,378
Financial Year 2007
Opening balance 41,244,338 14,229,064 2,140,615 3,146,464 60,760,481
Exchange rate differences -100,730 20,953 -6,499 -167,419 -253,695
Entries to consolidation perimeter 5,569 832,161 34,838 0 872,568
Exits from the consolidation perimeter 0 0 0 0 0
Revaluation -46,262 -5,473 -62 -528 -52,325
Increases 1,412,018 3,787,236 676,391 11,092,956 16,968,601
Decreases -239,230 -155,009 -11,723 -42,320 -448,282
Depreciation charges -2,285,793 -3,973,102 -1,276,205 -312,352 -7,847,452
Adjustments 320,009 590,777 105,430 -963,574 52,642
Closing balance 40,309,919 15,326,608 1,662,787 12,753,227 70,052,540
Cost or fair value 101,182,843 91,022,921 24,554,481 19,521,500 236,281,746
Cumulative depreciation -60,872,925 -75,696,314 -22,891,694 -6,768,273 -166,229,206
Net value 40,309,919 15,326,608 1,662,787 12,753,227 70,052,540
From the increase in tangible fi xed assets highlight goes to the investments in Spain that amounted to 17.558 thousand euro,
of which 16.480 pertain to the implementation of 2 photovoltaic stations. Investments in the United States represented 12.880
thousand euro, pertaining mainly to the start of the construction of a transformer factory. In Portugal, the power transformer production
line started in 2006 was concluded still with an investment of approximately 6.000 thousand Euro.
Depreciations are net of recognised investment subsidies within the period, totalling 336.610 Euro.
4.2 Revaluations
Buildings and other tangible fi xed assets of the Group were re-valued on 1 January 2004, using the monetary revaluation coeffi
cients as part of the transition to IFRS (IFRS 1).
The land included in the company assets is booked as fair value. The value of the lands was subject to update on 31 December
2008 based on an evaluation carried out by independent external consultants resulting in an enhancement of around 488 thousand
Euro whose compensation was recognised in shareholder's fund following the deduction of the respective deferred tax.