Notes to the consolidated financial statements - Efacec

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If tangible assets were shown at historical cost, the values in the balance sheet would be: 4.3 Leased tangible assets 31.12.2008 31.12.2007 Cost 170,11,810 132,499,495 Cumulative depreciation -92,607,923 -86,545,405 Net Value 77,503,887 45,954,090 The line Tangible Assets includes the following amounts for leased assets: 31.12.2008 31.12.2007 Financial leases 1,418,149 195,712 Cumulative depreciation -57,486 -44,944 Net value 1,360,663 150,768 The responsibilities relating to these contracts are refl ected in Liabilities in the line Suppliers and Other Creditors (Note 14). 4.4 Guarantees No pledges or guarantees exist on any assets. 5. Intangible assets and goodwill 5.1 Movements that took place in the period Financial Year 2008 Goodwill R&D Other Total Opening balance 22,110,396 659,124 4,179,740 26,985,260 Exchange rate differences -116,859 0 -159 -117,018 Entries to consolidation perimeter 0 0 23 23 Exits from the consolidation perimeter 0 0 0 0 Revaluation 0 0 0 0 Increases 3,720,744 418,682 426,030 4,565,455 Decreases 0 0 0 0 Depreciation of the period 0 -405,145 -646,489 -1,051,634 Adjustments 0 158,846 -611,929 -453,083 Closing balance 25,714,280 1,322,685 2,892,038 29,929,004 Financial Year 2007 Opening balance 9,730,101 992,933 3,229,273 13,952,307 Exchange rate differences 0 0 0 0 Entries to consolidation perimeter 0 0 0 0 Exits from the consolidation perimeter 0 0 0 0 Revaluation 0 0 0 0 Increases 12,380,295 82,786 1,828,438 14,291,519 Decreases 0 0 0 0 Depreciation of the period 0 -382,537 -833,887 -1,216,424 Adjustments 0 1,942 -44,084 -42,142 Closing balance 22,110,396 695,124 4,179,740 26,985,260 5.2 Goodwill The breakdown of goodwill by subsidiary/associate company is as follows: 21 2008 Consolidated and Individual Financial Statments
22 31.12.2008 31.12.2007 ATM - Assistência Total em Manutenção, SA 4,577,159 4,577,159 Grupo TECH M5 3,549,415 3,549,415 Engimais 1,971,508 1,971,508 O&M Serviços, S.A. 207,628 207,628 ENT - Empresa Nacional de Telecomunicações, SA (a) 204,736 204,736 BCI - BRISA Conservação de Infra-estruturas, SA 124,211 124,211 Águas da Figueira, SA 54,791 54,791 Bauen Efacec, SA 33,454 33,454 Efacec Moçambique, Lda. 697,116 697,116 Efacec Energy Service, Ltda. 585,579 585,579 Advanced Control Systems, Inc. 10,104,798 10,104,798 Aura de Guijo de Coria, SL 1,325,943 0 Aura de Agudo, SL 880,628 0 Efacec Power Transformers Inc. 635,832 0 Total 25,714,281 22,110,396 (a) In 2006, a merger of the net assets of this subsidiary into EFACEC – Sistemas Electrónicos S.A took place. The variation noted in 2008 in the goodwill of Advanced Control Systems, Inc., acquired at the end of 2007 was the result of the readjustment of the value of shareholder's funds at purchase date resulting from the recalculation of current assets. The impairment tests carried out prove that the increase in goodwill value is not prejudicial to its recovery through future cash-fl ows. The variation noted in Efacec Energy Service, Ltda. results from the interest rate update of the Brazilian Real, the currency in which goodwill was recognised. The other variations pertain to the acquisitions in 2008 of the total share capital of the Aura de Agudo, SL and Aura de Guijo de Coria, SL, both with headquarters in Spain. In each case, the values booked are equal to the difference between the cost of acquisition, already paid or payment to be expected in a short-term, compared to the accounting value of assets and liabilities. In the above cases, there were no corrections to the related accounting values. Efacec Power Transformers, Inc. is a new company in the United States where costs with the creation of the company were booked as consolidation difference. Impairment tests were carried out to most companies justifying the goodwill value, based on the projections of the discounted future cash-fl ows having occurred no sort of value loss. In said tests the following assumptions were taken into account Indicators WACC 9.30% OT 5 years 3.53% Spreads 2.43% OT 10 years 4.39% risk premium 5.00% In tests carried out to companies located in countries considered of risk, the risk premium registered an average of 3%-increase. 5.3 Corporate concentrations Aura de Agudo, SL and Aura de Guijo de Coria, SL Acquisition In July 2008, the Group acquired from private partners 2 companies with headquarters in Toledo, Spain, designated Aura de Agudo, SL and Aura de Guijo de Coria, SL. The acquired net assets and goodwill were as follows:
Page 2: 1 2 Index Consolidated Financial St
Page 5 and 6: Non-current assets EFACEC Capital,
Page 7 and 8: EFACEC Capital, S.G.P.S., S.A. and
Page 9 and 10: EFACEC Capital, S.G.P.S., S.A. and
Page 11 and 12: In view of the fact that applying t
Page 13 and 14: 1.5 Tangible Fixed Assets Land and
Page 15 and 16: 1.11 Accounts receivable from custo
Page 17 and 18: 2. Financial risk management 2.1 Fa
Page 19 and 20: C. Segment Information 3. Reporting
Page 21: D. Notes to the Balance Sheets as a
Page 25 and 26: 24 31.12.2008 31.12.2007 Opening ba
Page 27 and 28: 9. Customers and accrued income The
Page 29 and 30: 14. Suppliers, other creditors and
Page 31 and 32: Companies and has period of 5 years
Page 33 and 34: At variable rates 32 31.12.2008 31.
Page 35 and 36: The amount shown as a reduction in
Page 37 and 38: 24. Dividends per share The dividen
Page 39 and 40: 27.1 Transactions in 2008 and 2007
Page 41 and 42: 31.12.2008 31.12.2007 Associated co
Page 43 and 44: G. List of companies consolidated 3
Page 45 and 46: (f) This company is held by the gro
Page 47 and 48: 47 2008 Consolidated and Individual
Page 49 and 50: Efacec Capital, SGPS, S.A. Consolid
Page 51 and 52: Merger Reserve Other Reserves Retai
Page 53 and 54: A. General information Notes to the
Page 55 and 56: in the profi t and loss account of
Page 57 and 58: 1.16 Subsidies Subsidies received a
Page 59 and 60: C. Notes on the Balance Sheets as a
Page 61 and 62: a) The last accounts available were
Page 63 and 64: 9. Stocks The company features no s
Page 65 and 66: The fair value of current and non-c
Page 67 and 68: Revaluation Options Total As at 1 d
Page 69 and 70: 19. Income Tax The reconciliation o
Page 71 and 72: 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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