Notes to the consolidated financial statements - Efacec

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(c) As at 31 December 2007, the Group owned 50% of Efacec Moçambique and consolidated using the equity method. In 2008 the proportional method was applied as it was considered that the line to line global consolidation of assets/liabilities and of profi t components refl ects in a better way the interests of Efacec in this joint-venture. 7. Financial investments in other companies The breakdown of this line is as follows: 31.12.2008 31.12.2007 Shareholding % Shareholding Shareholding % Shareholding Parts of share capital Portugal Space, S.A. (a) 325,000 16.25% 325,000 16.25% MARL Energia - Central Fotovoltáica, SA 163,158 10.00% 0 Others 19,416 19,416 507,574 344,416 Financing Loans 359,259 0 Total investment 866,833 344,416 Impairment (a) -331,898 -329,933 Net investment 534,934 14,483 (a) In view of the fi nancial situation of this holding, an impairment loss was booked in the year for the value of the shareholding (325,000 Euro), as well as for the loan granted in the line “Debtors and Deferred Costs” (156,271 Euro). 8. Derivatives In relation to fi nancial risk management described in Note 2, the evaluation of fi nancial instruments as at 31 December 2008 and 31 December 2007 was as follows: Exchange rate risk Exchange rate risk hedging is done through options, of which at the balance sheet date 67 million USD and 500 million GBP were active in the Group, on which an upward adjustment of -1,306,067 Euro was made to refl ect fair value. Interest rate risk As at 31 December 2008, EFACEC featured a portfolio of interest rate derivatives totalling 87 million Euro for BEI loans and Commercial paper (Note 15), whose market valuation was negative by 2,347,029 Euro. “Commodity” price (copper) At the end of the year, the Group had options for copper price hedging on 3,750 tons required for consumption in 2009 and 2010, the market valuation of which was negative by the sum of 7,925,481 Euro. The impact of these valuations as at 31 December 2008 and 2007 can be summarised as follows: 31.12.2008 31.12.2007 Assets Liabilities Assets Liabilities Exchange rate option - Cash fl ow hedging 0 1,306,067 1,062,540 0 Financing options - Cash fl ow hedging 0 2,347,029 345,574 0 Copper options - Cash fl ow hedging 0 7,925,481 0 117,426 Total 0 11,578,577 1,408,114 117,426 * Non-current 0 2,347,029 345,574 0 *Current 0 9,231,548 1,062,540 117,426 The hedging instruments are booked in equity or directly in profi t, as described in Note 2.2. The movement in the line Financial Instruments Reserves was the result of the change in fair value between the various reporting periods, less the related deferred tax assets/liabilities (note 16). 25 2008 Consolidated and Individual Financial Statments
9. Customers and accrued income The breakdown of this line as at 31 December 2008 and 31 December 2007 was as follows: 26 31.12.2008 31.12.2007 Customers - Current 176,939,488 150,185,865 Customers - Related parties (Note 27) 519,229 1,053,310 Customers - Bills Receivable 118,875 429,115 Customers - Doubtful Debts 10,036,035 8,351,376 Accrued income - multi-year contracts (Note 29 89,828,258 57,936,793 277,441,885 217,956,459 Provision for customer accounts impairment -9,203,255 -8,422,008 Accounts Receivable from Customers - Net 268,238,630 209,534,451 Accrued Income - not covered by IFRS 7 10,806,608 8,697,395 Total 279,045,239 218,231,846 * Non-current 0 0 *Current 279,045,239 218,231,846 The fair value of receivables is the same as its accounting value. There is no concentration of credit risk pertaining to the accounts receivable from customers and other debtors as the Group has a high number of world-wide customers. As at 31 December 2008 and 2007 the accounts receivable from customers, including Profi t Increase in multi-year contracts, presented the following seniority structure, bearing in mind the maturity of open balances: 31.12.2008 31.12.2007 Balances not due Balances due 170,872,447 151,884,915 Up to 90 days 62,564,236 25,617,407 From 90 to 360 days 28,229,627 20,438,745 Over 360 days 15,775,576 20,015,392 277,441,885 217,956,459 Impairment -9,203,255 -8,422,008 Net Debtors Balance 268,238,630 209,534,451 During 2008, the Group booked 802,171 Euro for impairment adjustments on customer receivables while reversal of provisions totalled 26,978 Euro in the same period. It is the company’s belief that the impairment losses estimated on accounts receivable are properly refl ected in the accounts and refl ect the real risk of loss. In spite of the fact that other sums exist with signifi cant delays in payment, provisions were not taken for these, since situations of impairment were not found to exist. The amounts in Income Accruals included in this line relate to income for ongoing projects and work in progress, for which the stage of completion is greater than that of invoicing (Note 1.10 and 29). 10. Other debtors and deferred costs The breakdown of this line as at 31 December 2008 and 31 December 2007 was as follows: 31.12.2008 31.12.2007 Other Debtors 19,868,948 12,534,520 - Impairment losses -405,670 -405,670 Accounts receivable from other Debtors - net 19,463,278 12,128,850 Accounts receivable from related parties 1,226,88 1,178,637 State and other public entities 7,966,776 14,247,200 Deferred costs 2,559,012 2,367,561 Total 31,215,954 29,922,248 *Non-current 27,000 27,000 *Current 31,188,954 29,895,248
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 and 24: 22 31.12.2008 31.12.2007 ATM - Assi
Page 25: 24 31.12.2008 31.12.2007 Opening ba
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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