Notes to the consolidated financial statements - Efacec

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Aura de Agudo Aura de Guijo de Coria, SL Acquisition value 800,000 1,200,00 Direct costs pertaining to acquisition 84,628 129,943 Total acquisition value 884,628 1,326,943 Fair value of acquired assets 4,000 4,000 Goodwill 880,628 1,325,943 The goodwill is attributed to the profi tability expected from the acquired business. In both companies the business falls into the area of Power Generation, on photovoltaic plants where no value loss is expected. Acquired assets and liabilities were as follows: Aura de Agudo Aura de Guijo de Coria, SL Cash and cash equivalents 2,828 3,007 Intangible assets 1,172 993 Acquired net assets 4,000 4,000 As at 31 December 2008, the amounts yet to be paid pertaining to the acquisitions were 125,000 Euro for Aura de Agudo and 187,500 Euro for Aura de Guijo de Coria, values included in the line Other Creditors (Note 14). Effects of entry into consolidation perimeter in the Net Profit and Balance Sheet Following the acquisition by Efacec, these companies carried out important investments in the construction of photovoltaic plants whose effects will come into action as of 2009 through the sale of energy to a distributor. The acquisition effects of Aura de Agudo and of Aura de Guijo de Coria in the consolidated accounts are as follows: 23 Aura de Agudo Aura de Guijo de Coria, SL Investments 6,593,024 9,886,596 Total income 0 0 Net profi t Assets and liabilities -3,211 -4,349 Assets of the subsidiary as at 31.12.2008 7,659,103 12,804,278 Goodwill 880,628 1,325,943 Effect on consolidated Assets as at 31.12.2008 8,539,731 12,804,278 Liabilities of the subsidiary as at 31.12.2008 1,647,244 2,469,753 Effect on the consolidated net Assets 6,892,487 10,334,524 6. Investments in group and associated companies This line refl ects the value of investments made in associated companies, adjusted at the balance sheet date using the equity method. It includes the value of subsidiary companies, when for justifi able reasons; they are excluded from the consolidation (Note 31.2), in which case they are valued at acquisition cost. The line shows the value of shareholdings at the date of the Balance Sheet and the value of supplementary capital and loans granted to the entities concerned (Note 27). The movements during the year were as follows: 2008 Consolidated and Individual Financial Statments
24 31.12.2008 31.12.2007 Opening balance 7,560,600 7,290,641 Increase in shareholding 50,000 75,222 Decrease in shareholdings 0 0 Quota in Associate Profi t 629,591 1,086,098 Other Movements in Equity of Associates -889,627 -725,389 Exchange Rate Differences 15,321 -89,395 Impairment Losses in Associates 0 0 Loans granted 0 -76,577 Closing Balance 7,365,885 7,560,600 The amount booked in Increase in shareholdings refers to the participation in Efacec Maroc, a subsidiary set up at the end of 2008 and not included in the consolidation for this fi nancial year (Note 31.2). The quota in profi t of associated companies refers mainly to S2M – Sociedade de Manutenção de Metropolitanos, SA (442.876 Euro) and to EID – Empresa de Investigação e Desenvolvimento de Electrónica, SA (268.546 Euro). The line “Other movements in equity” includes 689.300 Euro for dividends distributed by the associate company S2M. On the other hand, as mentioned ahead, the integration method of Godrej Efacec (India) was changed in this same Note, so the shareholding value in said company totalling 269.920 Euro in December 2007, is no longer included in this line. Acquisition differences concerning shareholdings in O&M Services and in Águas da Figueira are shown in the line Goodwill (Note 5.2). The shareholdings of the Group in the main associated companies, none of which are quoted on stock exchanges, are as follows: 31.12.2008 Shareholding Investment Headquarters Assets Shareholders’ Funds Total Income Net Profit % Amount EID - Emp. Invest. e Desenv. Electrónica, S.A. Lisbon 24,923,419 10,903,557 21,017,306 1,074,186 25,0 2,725,889 Águas da Figueira, S.A. Fig. da Foz 69,231,059 2,404,814 11,478,554 -934,418 20.0 480,963 S2M - Soc. de Manut. de Metropolitanos, S.A. Matosinhos 4,531,300 1,730,942 8.080.485 1.107.190 40.0 692,377 O&M Serviços S.A. Mortágua 7,028,925 997,035 12,249,073 136,667 40.0 398,814 SESCO EFACEC Sdn. Bhd. Malaysia 5,925,641 3,789,241 2,754,112 143,139 35.2 1,333,813 Liaoyang EFACEC Electrical Equip. Co (a) (b) China 28,043,444 2,146,955 n.a. n.a. 36.3 778,915 31 December 2007 Shareholding Investment Headquarters Assets Shareholders’ Funds Total Income Net Profit % Amount EID - Emp. Invest. e Desenv. Electrónica, S.A. Lisbon 31,279,177 9,825,135 20,515,621 844,837 25.0 2,456,284 Águas da Figueira, S.A. Fig. da Foz 71,313,031 2,805,354 11,650,341 -136,223 20.0 561,071 S2M - Soc. de Manut. de Metropolitanos, S.A. Matosinhos 5,414,111 2,347,001 7,919,534 1,723,249 40.0 938,800 O&M Serviços S.A. Mortágua 7,731,346 899,199 10,278,148 64,109 40.0 359,680 Godrej EFACEC Automation & Robotics, Ltd. India 954,406 539,840 2,607,130 185,426 50.0 269,920 SESCO EFACEC Sdn. Bhd. Malaysia 5,824,264 3,569,776 3,758,229 268,400 35.2 1,256,561 Liaoyang EFACEC Electrical Equip. Co (a) (b) China 28,130,554 2,153,624 n.a. n.a. 36.3 781,335 (a) Up to 31 December 2004, the equity method was not considered for use for this associate company given the low probability of transfer of funds, and for which an impairment loss of 2,259,554 Euro was booked, given that future cash fl ow projections indicate an overall loss. In 2004, 13.7% of the share capital of the company was acquired, so that the group held a total of around 36.28%, and the Equity Method was used. This acquisition generated goodwill of 200,000 Euro, which was entirely depreciated in 2004. (b) Since up to date accounts were not available, the numbers for this company refer to those as at 30 November 2006, with exchange rates being updated as at date of fi nancial statements.
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 and 22: D. Notes to the Balance Sheets as a
Page 23: 22 31.12.2008 31.12.2007 ATM - Assi
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
Page 73 and 74: To the Shareholders, Report and Opi

Notes to the consolidated financial statements - Efacec

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